Scarce Dates from the Republic of Portugal: - 2 Centavos - 1921 - Republic of Portugal (Scarce) This 1921 2 Centavos bronze coin represents the crowning rarity of the Winged Liberty Head series issued during Portugal’s First Republic. Struck at the Lisbon Mint (Casa da Moeda), this specific year is widely recognized by collectors as the elusive "key date" for the denomination. While the 1918 and 1920 issues saw massive mintages into the millions, the 1921 production was drastically curtailed to just 679,000 pieces. This was a direct result of the extreme economic instability and rampant inflation that plagued the young Republic, which eventually led to the cessation of this series in 1924 and its total withdrawal from circulation by 1927. In the current market, the 1921 date carries a substantial premium compared to its more common counterparts. While heavily circulated examples may start around $40 (€35), specimens in "Soberba" (AU) or "Bela" (XF) condition frequently fetch between $70 and $110 at specialist auctions. True Mint State (FDC) examples are genuine numismatic prizes, occasionally reaching values near $150 to $200 when they retain their original luster. For any collector aiming to complete a high-grade set of First Republic coinage, this 1921 issue is an essential and historically significant acquisition. - 10 Centavos - 1938 - Republic of Portugal (Scarce) The 1938 10 Centavos is a key representative of the late-era bronze coinage issued under the monetary system established during the Portuguese First Republic. While the political landscape of Portugal had shifted toward the Estado Novo by 1938, this coin maintains the artistic legacy of the earlier period, featuring the elegant "Liberty Head" designed by Francisco dos Santos on the reverse and the classic denomination layout by Alves do Rego on the obverse. With a mintage of exactly 2,000,000 pieces, this date is significantly scarcer than the high-volume strikes of the mid-1920s, such as the 1926 issue which saw over 26 million units produced. The historical context of the 1938 issue is particularly interesting, as it was one of the final dates produced before the series was largely phased out. By the early 1940s, the pressures of World War II and domestic economic changes led to the cessation of this specific bronze type, with the 10 Centavos eventually transitioning to different metals and designs. This coin was officially withdrawn from circulation in 1949, and because it served as a workhorse of daily commerce for over a decade, the vast majority of surviving specimens are found in heavily worn condition. From a market perspective, the 1938 10 Centavos is considered a moderately scarce date that commands a respectable premium in the numismatic trade. While common "Fine" (BC) or "Very Fine" (MBC) examples typically trade in the $15 to $25 range, the value escalates rapidly as the grade improves. High-grade specimens in "Extra Fine" (Bela) or "About Uncirculated" (Soberba) condition are frequently valued between $60 and $110. For the discerning investor, a "Mint State" (FDC) example with original red-orange bronze luster is a rare find that can easily exceed $150 at auction, making this an essential piece for any specialized collection of 20th-century Portuguese coinage.