The richly decorated foral charter attributed by D. Manuel I of Portugal, in 1515, to the village of Setubal, was studied using Energy Dispersive X-ray Fluorescence spectrometry and Raman micro-spectroscopy. An in situ characterization of the pigments used in the production of this masterpiece showed a very different pigment palette choice when compared to other similar Manueline charters. The red and green pigments are particularly puzzling, as the widely used mercury- and copper-based pigments, vermillion and malachite, respectively, were not found in the illuminated frontispiece. Instead, the cheaper lead-based pigment minium was used in the King's flag, while a mixture of copper sulfates was found for the green color, identified by means of micro-Raman spectroscopy. This result led to a new look at the conception that only one Royal workshop existed for the elaboration of Manueline foral charters.