Old portuguese escudos

The Portuguese escudo was the official currency of Portugal from 1911 to 2002, replacing the real and later replaced by the euro.

About this subject

The Portuguese escudo was introduced in 1911, following the establishment of the First Portuguese Republic, replacing the real which had been in use since medieval times. The name escudo harks back to gold and silver coins used in Portugal since the 15th century, such as the gold escudo of King John II. The first republican coin series were struck in silver (100, 50, and 20 centavos) and bronze (10, 5, and 2 centavos), featuring the bust of the Republic and the national coat of arms.

Throughout the 20th century, the escudo underwent several reforms and devaluations. Banknotes issued by the Bank of Portugal depicted historical figures such as Prince Henry the Navigator, poet Luís de Camões, and explorer Vasco da Gama. In 1968, a new banknote series introduced portraits of Portuguese cultural personalities. During the Estado Novo regime, coin designs remained conservative, but after the Carnation Revolution (1974), new democratic themes emerged.

With Portugal's accession to the European Union, the escudo was replaced by the euro on January 1, 1999, as book money, and physical coins and notes circulated until February 28, 2002. Since then, the escudo has lost legal tender status, but old banknotes and coins can still be exchanged at the Bank of Portugal indefinitely. Notably, the escudo was subdivided into 100 centavos, and its symbol was the cifrão ($) or the abbreviation Esc., with ISO code PTE.

Frequently Asked Questions

When did the Portuguese escudo stop being used?

The escudo was replaced by the euro in 2002, but old coins and notes can still be exchanged at the Bank of Portugal.

What was the symbol of the escudo?

The symbol was the cifrão ($) or the abbreviation Esc., and its ISO code was PTE.

Were there gold escudo coins?

No; the last gold coins were minted in the 19th century. The escudo used silver, cupronickel, and bronze.