The Portuguese Escudo: A Comprehensive Guide

The Portuguese escudo was the official currency of Portugal from 1911 to 2002.

It was divided into 100 centavos, with coins ranging from 1 to 50 centavos and banknotes ranging from 50 to 1000 escudos.

The escudo was introduced after the abolition of the Portuguese real in 1911 and was used until the introduction of the euro in 2002.

The currency was widely used in Portugal and its overseas territories until its replacement by the euro.

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The escudo has a rich history, and understanding its past is essential to appreciating its value today. Introduced on May 22, 1911, the escudo replaced the real at the rate of 1,000 réis to 1 escudo.

Initially, the escudo's value was set at 675$00 = 1 kg of gold, a significant benchmark that would shape its future worth. After 1914, the escudo's value began to decline.

The term "mil réis" (thousand réis) remained a colloquial synonym for escudo up to the 1990s, a testament to the currency's enduring legacy. One million réis was called one conto de réis, or simply one conto, which later passed on to the escudo, meaning 1,000 escudos.

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The escudo's value was fixed at 108$25 to the pound in 1928, a rate that was later altered to 110$00 in 1931. A new rate of 27$50 escudos to the U.S. dollar was established in 1940, changing to 25$00 in 1940 and 28$75 in 1949.

Inflation throughout the 20th century made centavos essentially worthless by its end, with fractional value coins like 50 centavos and 2+1⁄2 eventually withdrawn from circulation in the 1990s. With the entry of Portugal in the Eurozone, the conversion rate to the euro was set at 200$482 to €1.

Here's a brief timeline of the escudo's value changes:

Coins ceased to be exchangeable for euros on December 31, 2002, marking the end of an era for the escudo.

The escudo was used in the Portuguese mainland, the Azores and Madeira, with no distinction of coins or banknotes. This means that the same currency was used across these territories with no variations in circulation.

In Portugal's African colonies, the escudo was generally used up to independence, but with some local variations. Local banknotes, such as the Banco Nacional Ultramarino and Banco de Angola banknotes, were used alongside Portuguese coins.

The escudo was used in several African colonies, including Angola, Cape Verde, Mozambique, Portuguese Guinea, and São Tomé and Príncipe. Only Cape Verde continues to use the escudo today.

Here are the different escudo denominations used in these colonies:

The escudo was eventually replaced by the euro in 1999/2002, marking the end of an era for this currency.

Around 1980, the Imprensa Nacional-Casa da Moeda decided to redesign the escudo piece, and several designs were drafted for the new coin.

Several designs, including a handful of rejected submissions, were minted on nickel-brass planchets identical in size to the 1981 escudo.

One rejected obverse design features the five quinas from the Portuguese coat of arms at the top center.

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The Portuguese name of the Portuguese Republic, "REPUBLICA PORTUGUESA", appears on two horizontal lines below, above the Gregorian date of minting, "1980".

This design was paired with at least three reverse designs.

One reverse design features an illustration of a flower accompanied by the face value "1 ESCUDO", with the numeral displayed to the left in large print and the word featured below.

A small amount of each of these types are currently known to exist.

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Portugal was a major player in the Escudo's early days, with the country's currency, the Portuguese escudo, being pegged to the US dollar at a fixed exchange rate of 20 escudos to 1 dollar in 1945.

In 1961, Portugal's economy was still heavily reliant on agriculture, with the country's main exports including coffee, cotton, and tobacco.

The Portuguese government introduced a new currency, the new Portuguese escudo, in 1964, replacing the old escudo at a rate of 1:1.

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The new escudo was pegged to the US dollar at a fixed exchange rate of 23.70 escudos to 1 dollar in 1964.

Portugal's economy continued to grow, with the country's GDP increasing by 10% in 1967.

In 1975, Portugal's currency was revalued, with the exchange rate being adjusted to 65.5 escudos to 1 dollar.

The Portuguese government introduced a new, more flexible exchange rate regime in 1986, allowing the escudo to float on the foreign exchange market.

The escudo was eventually replaced by the euro in 1999, with Portugal adopting the new currency as part of the European Monetary Union.

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The escudo was used in the Portuguese mainland, the Azores and Madeira, with no distinction of coins or banknotes.

In Portugal's African colonies, the escudo was generally used up to independence, with Portuguese and sometime local coins circulating alongside banknotes of the Banco Nacional Ultramarino, rather than those of the Bank of Portugal used on the mainland.

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The escudo was used in various colonies, including Angola, Cape Verde, Mozambique, Portuguese Guinea, and São Tomé and Príncipe, each with their own local currency. Only Cape Verde continues to use the escudo.

Here's a list of some of the local escudos used in these colonies:

Timor-Leste adopted the Portuguese Timorese escudo whilst still a Portuguese colony, having earlier used the Portuguese Timor pataca.

The Portuguese escudo has had a variety of denominations over the years. The gold escudo, introduced in 1722, had different minting periods for its various denominations.

The silver escudo coins, introduced in 1932, were minted until 1955 with a reduced silver content.

Here are the coin denominations that were in circulation at the time of the changeover to the euro:

Coins played a significant role in the Portuguese escudo. Between 1912 and 1916, silver 10, 20, and 50 centavos and 1 escudo coins were issued.

The 50 centavos coin also had another name, coroa, or crown. People still referred to the 2½ coins as cinco coroas, or five crowns.

In 1920, bronze 5 centavos and cupro-nickel 10 and 20 centavos were introduced, followed by bronze 10 and 20 centavos and aluminium bronze 50 centavos and 1 escudo in 1924. Aluminium bronze was replaced with cupro-nickel in 1927.

The 1 escudo coin had a diameter of 16 mm and weighed 1.69 grams. It was made of nickel-brass and featured the coat of arms of Portugal and a knot on the obverse side.

A list of coins in circulation at the time of the changeover to the euro includes:

People still referred to escudos at the time of the changeover in multiples of the older currency real. Many people called the 2½ coins dois e quinhentos, or two and five-hundreds, referring to the correspondence 2½ = 2500 réis.

The Portuguese escudo had a wide range of denominations over the years. The Casa da Moeda issued notes for 5, 10, and 20 centavos between 1917 and 1925.

The Banco de Portugal introduced notes for 50 centavos, 1, 2½, 5, 10, 20, 50, 100, 500, and 1000 escudos between 1913 and 1922. 50 centavos and 1 escudo notes ceased production in 1920, followed by 2½, 5, and 10 escudos in 1925 and 1926.

5000 escudos notes were introduced in 1942. The last 20 and 50 escudos notes were printed dated 1978 and 1980, respectively. 100 escudos notes were replaced by coins in 1989, the same year that 10,000 escudos notes were introduced.

The last series of escudo banknotes featured notable figures from the history of Portugal, including João de Barros, Pedro Álvares Cabral, Bartolomeu Dias, Vasco da Gama, and Henry the Navigator.

Here's a list of the banknotes in circulation at the time of the changeover to the euro: