Old portuguese escudos

Discover the history of Portuguese escudos, the official currency of Portugal before the adoption of the Euro, with details on denominations and design.

About this subject

The Portuguese escudo was the official currency of Portugal from 1911 until 2002, when it was replaced by the Euro. Its creation followed the establishment of the Republic in 1910, replacing the real (réis) at a rate of 1 escudo for 1000 réis. For over 90 years, the escudo was a symbol of Portugal's economic identity, circulating in coins and banknotes that underwent several reforms and design updates.

Escudo coins came in denominations such as 1, 2, 5, 10, 20, 50, 100, and 200 escudos, featuring designs honoring historical figures like Prince Henry the Navigator and cultural symbols like the wind rose and armillary sphere. Banknotes had higher denominations, including 500, 1000, 2000, 5000, and 10,000 escudos, depicting portraits of personalities such as poet Luís de Camões and navigator Vasco da Gama.

The last series of banknotes, issued in the 1990s, was known for its high security features and artistic beauty, notably the 10,000 escudo note featuring the face of writer Eça de Queirós. The escudo was also used in Portuguese colonies until their independence, such as Angola, Mozambique, and Cape Verde, which later created their own currencies. The transition to the Euro in 2002 marked the end of an era, but escudo coins are still remembered with nostalgia by many Portuguese and numismatic collectors.

Frequently Asked Questions

What was the value of the Portuguese escudo relative to the Euro?

The fixed exchange rate was set at 1 Euro = 200.482 escudos. Escudo coins and notes could be exchanged at Portuguese banks until the end of 2002.

Do escudo coins still have value today?

No, they are no longer accepted as legal tender. However, they may have numismatic value for collectors, depending on rarity and condition.

How many series of escudo banknotes existed?

Several series were issued over the decades. The main ones include the 1920s, 1940s, 1960s, and the final 1990s series, which circulated until the adoption of the Euro.