The Azores is an archipelago that lies in the Macaronesia region of the North Atlantic Ocean, west of Lisbon, northwest of Morocco, and southeast of Newfoundland of Canada. Along with Madeira, the nation is an autonomous region of Portugal. The group of islands consists of nine volcanic islands divided into three major regions: Sao Miguel, Santa Maria, and the Formigas Reef in the eastern region; Faial, Sao Jorge, Graciosa, Terceira, Flores, Corvo, Graciosa, Terceira, and Pico in the central; and Flores and Corvo in the northwest. Aside from its volcanic craters, the Azores takes pride in its glowing green lakes, endemic fauna and wildlife, and fertile savanna.
The state’s economy depends on agriculture, fishing, and tourism while most of its population is employed in the service and tertiary sectors. Its staple crops include pineapples, potatoes, tea, grapes, and tobacco. Cattle-raising also plays a significant role in the economy. Meanwhile, its industry relies on the production of dairy products such as milk and cheese. It also processes fisheries products.
The Azorean real, which is also popularly known as the Azorean Moeda Insulana or Insular Currency, was the official monetary unit in the Azores until 1931. In general, Azorean real banknotes are identical to the Portuguese real, only that the Azorean currency is discounted by 25% as compared to the Portuguese real.
The first Azorean real banknotes were introduced by the Banco de Portugal between 1895 and 1910 in denominations of 5,000, 10,000, 20,000, and 50,000 reis. The production of these notes used the same plates as those circulating notes in mainland Portugal. They were printed by the Bank of Portugal Printer with technical assistance from well-known printers such as Perkins Bacon, Bradbury Wilkinson, and Giesecke & Devrient.
In 1905, Azorean real banknotes were redesigned to enhance security features. Finally, between 1909 and 1910, the bank issued notes produced using the same plates and color schemes as those banknotes circulating in mainland Portugal. These notes bear an ACORES overprint on the corners, indicating that they are intended for use in the region.