This is the Key Date of the entire Portuguese alpaca series (1927–1968). With a minuscule original mintage of only 54,300 pieces, this coin is incredibly difficult to find in any condition and is missing from most world coin collections. In 1935, Portugal was entering the early years of the Estado Novo , a nationalist, authoritarian regime led by Prime Minister António de Oliveira Salazar. To fix a broken economy and curb hyperinflation, Salazar implemented strict fiscal controls and tightly limited the money supply. This drastic throttling of currency production is why the Lisbon Mint struck a minuscule 54,300 pieces in 1935, creating the ultimate modern "Key Date" rarity for Portugal. Most of these few thousand coins were heavily circulated and worn down by a struggling public, making surviving examples highly treasured today.