Old portuguese escudos

The Portuguese escudo was the official currency of Portugal for nearly a century, until the adoption of the euro in 2002.

About this subject

The Portuguese escudo was the official currency of Portugal from 1911 to 2002, replacing the real after the establishment of the Republic. Its name comes from the national coat of arms, featuring the armillary sphere and the heraldic shield, elements often minted on coins. Throughout its history, the escudo underwent several reforms and devaluations, reflecting economic and political crises such as World War I and the Carnation Revolution of 1974.

Escudo coins featured a variety of designs: effigies of kings like Afonso Henriques and John II, the national shield, the Cross of the Order of Christ, and the caravel, symbolizing the Age of Discoveries. Common denominations included 1, 5, 10, 20, and 50 escudos, as well as banknotes for 100, 500, and 1000 escudos. The 20-escudo coin from 1986, for instance, bore the face of Gil Vicente, a Portuguese playwright.

Interestingly, the escudo was one of the oldest currencies in Europe to be replaced by the euro. The conversion rate was fixed at 200.482 escudos to 1 euro. Today, escudo coins and notes are collectible items, especially those in good condition or with minting errors. The Banco de Portugal still allows exchange of escudos for euros at its facilities with no deadline.

Frequently Asked Questions

What are the Portuguese escudos?

The Portuguese escudo was the official currency of Portugal from 1911 to 2002. It was subdivided into 100 centavos and featured designs with national symbols and effigies of historical figures.

When did the escudo cease to be legal tender?

The escudo was replaced by the euro on January 1, 2002, after a transition period. Escudo coins and notes remained legal tender until February 28, 2002.

Do escudos still have any value?

Yes, escudo coins and notes can be exchanged for euros at the Banco de Portugal with no deadline. Additionally, many pieces have collector value, especially rare ones or those in good condition.