Cabinet of Curiosities: Royal Treasury’s Policy

This month’s piece is a Royal Treasury Policy. It was issued by the Royal Treasury on 5 October 1805, and is housed in our Numismatics and Notaphilia Conservation Unit.
The policies worked as bond lending on the Portuguese Treasury which, due to the characteristics they acquired during their 40 years of existence, became paper money. They were discontinued in the Decree of 23 July 1834, which was promulgated by King Pedro IV and, until 31 August of that same year, they could be exchanged for Treasury bonds, which were equivalent to legal tender.