Old portuguese escudos

The old Portuguese escudos circulated for centuries, from the Age of Discovery to the adoption of the euro, marking Portugal's economic and cultural history.

About this subject

The Portuguese escudo was the official currency of Portugal from 1911 until 2002, when it was replaced by the euro. Before that, the term "escudo" had been used since the 15th century for gold and silver coins, such as the gold escudo of King John I. These old coins bore royal symbols and coats of arms, reflecting monarchic power and the wealth of the overseas empire.

The first escudo coins were minted in gold, weighing about 3.5 grams, and displayed the royal coat of arms. During the reign of King Afonso V, the escudo became a key coin for trade with the colonies. In the 19th century, after the republican revolution, the escudo was reintroduced as the national currency in 1911, replacing the real. The new banknotes and coins featured historical figures like Prince Henry the Navigator and the Republic, as well as architectural and maritime motifs.

Interestingly, the word "escudo" comes from the Latin "scutum," meaning shield, and the early coins displayed a heraldic shield on the obverse. Portugal was one of the last European countries to abandon its traditional currency, holding out until the turn of the millennium. Collectors particularly value escudos from the 15th and 16th centuries, minted in Lisbon and Porto, which show variations in gold purity and crown designs.

Frequently Asked Questions

What was the last year the Portuguese escudo was in circulation?

The Portuguese escudo circulated until February 28, 2002, when it was replaced by the euro. Coins and banknotes could be exchanged at banks for an additional period.

Do old gold escudos still have value today?

Yes, gold escudos from the 15th and 16th centuries are highly prized by numismatists, potentially worth thousands of euros depending on condition and rarity.

Why was the Portuguese currency called 'escudo'?

The name 'escudo' comes from the shape of the early coins, which displayed a heraldic shield on the obverse, symbolizing the protection of the kingdom. The word derives from Latin scutum.