20 escudos 1949
Market Prices
41 salesAbout This Note
This is an exceptional UNC example of the Portuguese 20 Escudos from 1949 (Pick P-153a), featuring the portrait of D. António Luiz de Menezes on the obverse and an allegorical female figure on the reverse. The note displays pristine condition with no visible wear, creases, or damage, showcasing the intricate fine-line engraving and vibrant multicolor printing in pink, green, and purple tones. This denomination and year represent a key issue in Portuguese numismatics, with the note's uncirculated state making it a desirable example for collectors.
Common. This denomination and date represent a regular issue with substantial circulation during the 1941-1954 printing window. eBay market data demonstrates consistent availability at modest prices, with UNC examples selling in the $150-160 range historically and most circulated examples trading between $4-22. The 2016 catalogue value for EF grade was $30, reinforcing that this is a widely available note. Only exceptional grading by PMG or PCGS commands premium prices (such as the $485 sale for a PMG 67 in 2025).
Issued on June 28, 1949, this banknote was produced during the Estado Novo period under the Banco de Portugal's authority, a time when Portugal maintained strict currency controls and gold-backed escudo policies. The portrait of D. António Luiz de Menezes, a 17th-century Portuguese nobleman, reflects the regime's emphasis on historical Portuguese figures and national heritage. The classical allegorical female figure on the reverse, surrounded by elaborate geometric patterns, exemplifies the artistic and security design standards employed by Portuguese authorities during the mid-20th century.
The obverse features a bearded portrait of D. António Luiz de Menezes in period 17th-18th century costume positioned in the right circular medallion, with a classical female profile rendered in green engraving in the upper left corner. The center displays an ornate shield or coat of arms with decorative patterns. The reverse is dominated by a central oval frame containing a classical allegorical female figure (likely representing Justice, Commerce, or similar virtue) in draped classical style, surrounded by elaborate radiating geometric and multicolored ornamental patterns. Large shield-shaped panels with '20' denominators flank the central design, with denomination text 'VINTE ESCUDOS' integrated throughout. The overall design employs a sophisticated color palette of pink, green, purple, cream, and yellow with intricate fine-line background patterns providing security depth.
Front: 'BANCO DE PORTUGAL' (Bank of Portugal), 'VINTE ESCUDOS' (Twenty Escudos), 'OURO' (Gold), 'CH.6' (Chapa/Plate 6), 'LISBOA' (Lisbon), '28 DE JUNHO DE 1949' (June 28, 1949), 'LGK 10814' (serial number reference), 'O VICE-GOVERNADOR' (The Vice-Governor), 'O ADMINISTRADOR' (The Administrator). Reverse: '20' and 'VINTE ESCUDOS' (Twenty Escudos) appearing multiple times as denomination markers.
Intaglio engraving (recess printing) on multicolor underprint, executed by BWC (Bradbury Wilkinson & Company), a renowned British security printer. The note exhibits characteristic intaglio qualities including fine-line detail work, complex background pattern elements, and precise registry of the multicolor printings. The absence of an imprint on this variant (P-153a) is noted in the catalog references.
This note is identified as Pick P-153a, the BWC-printed variant issued between 1941-1954. The visual analysis confirms Chapa 6 (Plate 6) with the date 28 DE JUNHO DE 1949. The catalog indicates three variants exist (P-153a, P-153b, P-153cts), all bearing the BWC printer mark. Serial number LGK 10814 is visible on this specific specimen. The signature titles 'O VICE-GOVERNADOR' (left) and 'O ADMINISTRADOR' (right) are consistent with the standard signature configuration for this issue series.
