Reis forged a contract with the Bank of Portugal that authorized him to print a new set of banknotes and approached the company that previously printed Bank of Portugal notes, Waterlow and Sons, to make all the new cash.
As the printers used legit, original plates to print the banknotes, the forgeries were perfect.
Reis had 200,000 bank notes printed, worth almost 1% of Portugal’s entire GDP, comparable to publishing about 2 billion USD in currency today. At one point, nearly half of the 500 escudos notes were fake.
In fact, Reis had so much money, the businesses, real estate, and luxury goods he bought created a boom in the economy.

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