The 50 centavos banknote issued by the Bank of Portugal is the smallest denomination of the escudo system, representing half an escudo. Printed as Chapa 1, it features on the obverse a female figure holding a boat symbolising Navigation, while the reverse presents an allegory of Justice. Two dated issues exist, 5 July 1918 and 25 June 1920, with more than fifty million notes produced. The 1918 issue includes several serial number variants highly sought after by collectors, including two line series, single line letter only series and single line alphanumeric series. Internationally catalogued as Pick 112, this note was withdrawn from circulation on 5 February 1930 and remains an essential piece of Portuguese paper money collecting.