Episode 14: Forging a Nation: Banknotes, Betrayal and the Greatest Financial Fraud in Portugal

Episode 14: Forging a Nation: Banknotes, Betrayal and the Greatest Financial Fraud in Portugal

February 13, 2026 · 1h 15m · Season 1 · Episode 14

About this episode

This episode explores one of the most extraordinary financial frauds in the twentieth century involving Artur Alves dos Reis and the near collapse of Portugal's banking system.

The Spink Insider returns with a story of ambition, audacity and one of the most extraordinary financial frauds of the twentieth century. In this episode, Arnas Savickas is joined by long-time friend of Spink, author and banknote specialist Jonathan Calloway to unravel the infamous case of Artur Alves dos Reis - the mastermind whose forget banknotes came perilously close to collapsing Portugal's banking system. Jonathan takes us deep into Reis's elaborate schemes: from assemblin...

People in this episode

Host: Arnas Savickas

Guest: Jonathan Calloway

Topics covered

Mentioned in this episode

Organizations: Spink, Portugal

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