Old portuguese escudos

The Portuguese escudo was the official currency of Portugal from 1911 to 2002, when it was replaced by the euro. Explore its history and curiosities.

About this subject

The Portuguese escudo was the official currency of Portugal for most of the 20th century, from the establishment of the Republic in 1911 until the adoption of the euro in 2002. It replaced the Portuguese real at a rate of 1 escudo = 1000 réis. The name "escudo" refers to the national coat of arms, which often appears on banknotes and coins. The currency was subdivided into 100 centavos, though centavos were gradually withdrawn due to inflation.

Throughout its history, the escudo underwent several monetary reforms. In 1990, a new series of banknotes was introduced featuring portraits of historical figures, such as navigator Prince Henry the Navigator (5000 escudos) and poet Fernando Pessoa (100 escudos). Coins included denominations of 1, 5, 10, 20, 50, 100, and 200 escudos, with designs mixing heraldic symbols, monuments, and personalities.

Inflation in the second half of the 20th century eroded the escudo's value. In 1960, a 100-escudo note was worth considerably more than in 1999, when the euro was launched as book money. The final fixed exchange rate was 200.482 escudos per euro. Today, old escudo notes and coins can be exchanged for euros at the Bank of Portugal, though they have no legal tender status.

The escudo is a tangible reminder of Portugal's economic history, from the Estado Novo to European integration. Collectors and numismatists value rare pieces, such as the first issues of 1911 or notes with printing errors. An isometric flat lay image of old escudos evokes vintage aesthetics and the country's monetary past.

Frequently Asked Questions

When did the Portuguese escudo stop being used?

The escudo circulated until February 28, 2002, when it was completely replaced by the euro. Notes and coins could be exchanged at banks until 2022, and can still be exchanged at the Bank of Portugal indefinitely.

What was the relationship between the escudo and the Portuguese real?

1 escudo equaled 1000 réis (plural of real). The change occurred in 1911 after the Proclamation of the Republic, simplifying the monetary system that had used réis since the 15th century.

Do escudo notes and coins have collector value?

Yes, especially first issues, error series, or pieces in uncirculated condition. Some rare banknotes can be worth hundreds of euros in the numismatic market.