Old portuguese escudos

The Portuguese escudo was the official currency of Portugal from 1911 until 2002, when it was replaced by the euro. Discover its history and features.

About this subject

The Portuguese escudo was introduced in 1911 after the establishment of the Republic, replacing the real at a rate of 1 escudo for 1000 réis. Its symbol was the cifrão ($) and it was subdivided into 100 centavos. Early coins featured republican designs, such as the figure of the Republic and the national coat of arms. Throughout the 20th century, the escudo underwent several devaluations and reforms, particularly during the Estado Novo regime and after the Carnation Revolution.

Banknotes of the escudo portrayed important figures from Portuguese history and culture, such as the poet Fernando Pessoa (500 escudos note), the explorer Vasco da Gama (1000 escudos note), and Prince Henry the Navigator (2000 escudos note). Metallic coins displayed national symbols like the armillary sphere, the Cross of the Order of Christ, and the national coat of arms. Commemorative coins were issued for events like the Olympic Games and the Age of Discoveries.

The escudo was also used in Portuguese colonies until their independence, with local denominations such as the Angolan escudo or Mozambican escudo. In 1999, the escudo was pegged to the euro as part of the European Union, and on January 1, 2002, euro banknotes and coins entered circulation, ending the escudo era. The fixed conversion rate was 200.482 escudos per euro. Today, many people keep escudos as souvenirs or collectibles, especially old notes and silver coins.

Frequently Asked Questions

What were Portuguese escudos?

Portuguese escudos were the official currency of Portugal from 1911 to 2002, replaced by the euro. They were divided into 100 centavos and used the $ symbol.

Who appeared on Portuguese escudo banknotes?

Notable figures such as poet Fernando Pessoa (500 escudos), explorer Vasco da Gama (1000 escudos), and Prince Henry the Navigator (2000 escudos) were featured on the notes.

When was the escudo replaced by the euro?

The escudo ceased circulation on January 1, 2002, when the euro was introduced. The fixed exchange rate was 200.482 escudos per euro.