Portuguese escudo
Encyclopedia
The escudo was the currency
of Portugal
prior to the introduction of the Euro
on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavo
s.
Amounts in escudos were written as escudos centavos with the cifrão as the decimal separator (e.g. 25$00 means 25, 100$50 means 100 and 50 centavos). Because of the conversion rate of 1000 réis = 1, three decimal places were initially used (1 = 1$000).
, to replace the real
at the rate of 1,000 réis to 1 escudo. The term mil réis (thousand réis) remained a colloquial synonym of escudo up to the 1990s. One million réis was called one conto de réis, or simply one conto. This expression passed on to the escudo, meaning 1,000.
The escudo's value was initially set at 675$00 = 1 kg of gold. After 1914, the value of the escudo fell, being fixed in 1928 at 108$25 to the pound. This was altered to 110$00 to the pound in 1931. A new rate of 27$50 escudos to the U.S. dollar was established in 1940, changing to 25$00 in 1940 and 28$75 in 1949.
Inflation
throughout the 20th century made centavos essentially worthless by its end, with fractional value coins with values such as $50 or 2$50 eventually withdrawn from circulation in the 1990s. With the entry of Portugal in the Eurozone
, the conversion rate to the euro
was set at 200$482 to €1.
and Madeira
, with no distinction of coins or banknotes. In Portugal's African colonies, the escudo was generally used up to independence, with Portuguese and sometime local coins circulating alongside banknotes of the Banco Nacional Ultramarino
, rather than those of the Bank of Portugal used on the mainland. For more details, see the escudos of Angola
, Cape Verde, Mozambique
, Portuguese Guinea
and São Tomé and Príncipe
. Only Cape Verde
continues use the escudo. In Macau
, the currency during the colonial period was, as it is today, the pataca
. Timor-Leste adopted the escudo whilst still a Portuguese colony, having earlier used the pataca. Portuguese India
adopted the escudo
before it was annexed by India
.
In 1920, bronze 5 centavos and cupro-nickel 10 and 20 centavos were introduced, followed, in 1924, by bronze 10 and 20 centavos and aluminium bronze 50 centavos and 1 escudo. Aluminium bronze was replaced with cupro-nickel in 1927.
In 1932, silver coins were introduced for 2½, 5 and 10 escudos. The 2½ and 5 escudos were minted until 1951, with the 10 escudos minted until 1955 with a reduced silver content. In 1963, cupro-nickel 2½ and 5 escudos were introduced, followed by aluminium 10 centavos, bronze 20 and 50 centavos and 1 escudo in 1969. Cupro-nickel 10 and 25 escudos were introduced in 1971 and 1977, respectively. In 1986, a new coinage was introduced which circulated until replacement by the euro. It consisted of nickel-brass 1, 5 and 10 escudos, cupro-nickel 20 and 50 escudos, with bimetallic 100 and 200 escudos introduced in 1989 and 1991.
Coin
s in circulation at the time of the changeover to the euro were:
Coins ceased to be exchangeable for euro on December 31, 2002.
Another name for the 50 centavos coin was coroa (crown). Long after the 50 centavos coins disappeared, people still called the 2$50 coins cinco coroas (five crowns).
Also, people still referred to escudos at the time of the changeover in multiples of the older currency real (plural reis). Many people called the 2$50 coins dois e quinhentos (two and five-hundreds), referring to the correspondence 2$50 = 2500 reis. Tostão (plural tostões) is yet another multiple of real, with 1 tostão = 10 reis.
introduced notes for 50 centavos, 1, 2½, 5, 10, 20, 50, 100, 500 and 1000 escudos. 50 centavos and 1 escudo notes ceased production in 1920, followed by 2½, 5 and 10 escudos in 1925 and 1926. 5000 escudos notes were introduced in 1942.
The last 20 and 50 escudos notes were printed dated 1978 and 1980, respectively, with 100 escudos notes being replaced by coins in 1989, the same year that 10,000 escudos notes were introduced
Banknote
s in circulation at the time of the changeover to the euro were:
Banknotes can still be returned to the central bank Banco de Portugal
and converted to euros until 28 February 2022.
Escudo banknotes celebrated notable figures from the History of Portugal
. The final banknote series featured the Age of Discovery
, with João de Barros
, Pedro Álvares Cabral
, Bartolomeu Dias
, Vasco da Gama
, and Henry the Navigator.
The last 100-escudo Banknote represented Fernando Pessoa
, the famous Portuguese writer.
The original expression was "conto de réis", which meant "one million réis". Since the escudo was worth 1000 réis (the older currency), therefore one "conto" was the same as a thousand escudos.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
prior to the introduction of the Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavo
Centavo
Centavo is a Spanish and Portuguese word, derived from the Latin centum, meaning "one hundred", and the suffix -avo, meaning "portion" or "fraction"...
s.
Amounts in escudos were written as escudos centavos with the cifrão as the decimal separator (e.g. 25$00 means 25, 100$50 means 100 and 50 centavos). Because of the conversion rate of 1000 réis = 1, three decimal places were initially used (1 = 1$000).
History
The escudo was introduced on 22 May 1911, after the 1910 Republican revolution5 October 1910 revolution
The revolution of 1910 was a republican coup d'état that occurred in Portugal on 5 October 1910, which deposed King Manuel II and established the Portuguese First Republic....
, to replace the real
Portuguese real
The real was the unit of currency of Portugal from around 1430 until 1911. It replaced the dinheiro at the rate of 1 real = 840 dinheiros and was itself replaced by the escudo at a rate of 1 escudo = 1000 réis...
at the rate of 1,000 réis to 1 escudo. The term mil réis (thousand réis) remained a colloquial synonym of escudo up to the 1990s. One million réis was called one conto de réis, or simply one conto. This expression passed on to the escudo, meaning 1,000.
The escudo's value was initially set at 675$00 = 1 kg of gold. After 1914, the value of the escudo fell, being fixed in 1928 at 108$25 to the pound. This was altered to 110$00 to the pound in 1931. A new rate of 27$50 escudos to the U.S. dollar was established in 1940, changing to 25$00 in 1940 and 28$75 in 1949.
Inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
throughout the 20th century made centavos essentially worthless by its end, with fractional value coins with values such as $50 or 2$50 eventually withdrawn from circulation in the 1990s. With the entry of Portugal in the Eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
, the conversion rate to the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
was set at 200$482 to €1.
Territorial usage
The escudo was used in the Portuguese mainland, the AzoresAzores
The Archipelago of the Azores is composed of nine volcanic islands situated in the middle of the North Atlantic Ocean, and is located about west from Lisbon and about east from the east coast of North America. The islands, and their economic exclusion zone, form the Autonomous Region of the...
and Madeira
Madeira
Madeira is a Portuguese archipelago that lies between and , just under 400 km north of Tenerife, Canary Islands, in the north Atlantic Ocean and an outermost region of the European Union...
, with no distinction of coins or banknotes. In Portugal's African colonies, the escudo was generally used up to independence, with Portuguese and sometime local coins circulating alongside banknotes of the Banco Nacional Ultramarino
Banco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
, rather than those of the Bank of Portugal used on the mainland. For more details, see the escudos of Angola
Angolan escudo
The escudo was the currency of Angola between 1914 and 1928 and again between 1958 and 1977. It was subdivided into 100 centavos with the macuta worth 5 centavos and was equivalent to the Portuguese escudo.-History:...
, Cape Verde, Mozambique
Mozambican escudo
The escudo was the currency of Mozambique from 1914 until 1980. It was subdivided into 100 centavos.-History:The escudo replaced the real at a rate of 1 escudo = 1000 réis. It was equal in value to the Portuguese escudo until 1977. Initially, Mozambique had its own paper money but used Portuguese...
, Portuguese Guinea
Portuguese Guinean escudo
The escudo was the currency of Portuguese Guinea between 1914 and 1975. It was equal to the Portuguese escudo and replaced the real at a rate of 1000 réis = 1 escudo. The escudo was subdivided into 100 centavos. Portugal issued banknotes and coins for use in Portuguese Guinea...
and São Tomé and Príncipe
São Tomé and Príncipe escudo
The escudo was the currency of São Tomé and Príncipe between 1914 and 1977. It was equivalent to the Portuguese escudo and subdivided into 100 centavos.-History:...
. Only Cape Verde
Cape Verde
The Republic of Cape Verde is an island country, spanning an archipelago of 10 islands located in the central Atlantic Ocean, 570 kilometres off the coast of Western Africa...
continues use the escudo. In Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, the currency during the colonial period was, as it is today, the pataca
Macanese pataca
The pataca is the currency of Macau. It is subdivided into 100 avos , with 10 avos called ho in Cantonese. The abbreviation MOP$ is commonly used....
. Timor-Leste adopted the escudo whilst still a Portuguese colony, having earlier used the pataca. Portuguese India
Portuguese India
The Portuguese Viceroyalty of India , later the Portuguese State of India , was the aggregate of Portugal's colonial holdings in India.The government started in 1505, six years after the discovery of a sea route to India by Vasco da Gama, with the nomination of the first Viceroy Francisco de...
adopted the escudo
Portuguese Indian escudo
The escudo was the currency of Portuguese India between 1958 and 1961. It was divisible into 100 centavos and was equal in value to the Portuguese escudo.-History:The escudo replaced the rúpia at the rate of 1 rúpia = 6 escudos...
before it was annexed by India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
Coins
Between 1912 and 1916, silver 10, 20 and 50 centavos and 1 escudo coins were issued. Bronze 1 and 2 centavos and cupro-nickel 4 centavos were issued between 1917 and 1922.In 1920, bronze 5 centavos and cupro-nickel 10 and 20 centavos were introduced, followed, in 1924, by bronze 10 and 20 centavos and aluminium bronze 50 centavos and 1 escudo. Aluminium bronze was replaced with cupro-nickel in 1927.
In 1932, silver coins were introduced for 2½, 5 and 10 escudos. The 2½ and 5 escudos were minted until 1951, with the 10 escudos minted until 1955 with a reduced silver content. In 1963, cupro-nickel 2½ and 5 escudos were introduced, followed by aluminium 10 centavos, bronze 20 and 50 centavos and 1 escudo in 1969. Cupro-nickel 10 and 25 escudos were introduced in 1971 and 1977, respectively. In 1986, a new coinage was introduced which circulated until replacement by the euro. It consisted of nickel-brass 1, 5 and 10 escudos, cupro-nickel 20 and 50 escudos, with bimetallic 100 and 200 escudos introduced in 1989 and 1991.
Coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s in circulation at the time of the changeover to the euro were:
- 1 escudo (.50 cent)
- 5 escudos (2.49 cent)
- 10 escudos (4.99 cent)
- 20 escudos (9.98 cent)
- 50 escudos (24.94 cent)
- 100 escudos (49.88 cent)
- 200 escudos (99.76 cent)
Coins ceased to be exchangeable for euro on December 31, 2002.
Another name for the 50 centavos coin was coroa (crown). Long after the 50 centavos coins disappeared, people still called the 2$50 coins cinco coroas (five crowns).
Also, people still referred to escudos at the time of the changeover in multiples of the older currency real (plural reis). Many people called the 2$50 coins dois e quinhentos (two and five-hundreds), referring to the correspondence 2$50 = 2500 reis. Tostão (plural tostões) is yet another multiple of real, with 1 tostão = 10 reis.
Banknotes
The Casa da Moeda issued notes for 5, 10 and 20 centavos between 1917 and 1925 whilst, between 1913 and 1922, the Banco de PortugalBanco de Portugal
The Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company...
introduced notes for 50 centavos, 1, 2½, 5, 10, 20, 50, 100, 500 and 1000 escudos. 50 centavos and 1 escudo notes ceased production in 1920, followed by 2½, 5 and 10 escudos in 1925 and 1926. 5000 escudos notes were introduced in 1942.
The last 20 and 50 escudos notes were printed dated 1978 and 1980, respectively, with 100 escudos notes being replaced by coins in 1989, the same year that 10,000 escudos notes were introduced
Banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s in circulation at the time of the changeover to the euro were:
- 500 escudos (€2.49)
- 1000 escudos (€4.99)
- 2000 escudos (€9.98)
- 5000 escudos (€24.94)
- 10,000 escudos (€49.88)
Banknotes can still be returned to the central bank Banco de Portugal
Banco de Portugal
The Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company...
and converted to euros until 28 February 2022.
Escudo banknotes celebrated notable figures from the History of Portugal
History of Portugal
The history of Portugal, a European and an Atlantic nation, dates back to the Early Middle Ages. In the 15th and 16th centuries, it ascended to the status of a world power during Europe's "Age of Discovery" as it built up a vast empire including possessions in South America, Africa, Asia and...
. The final banknote series featured the Age of Discovery
Portugal in the Age of Discovery
During the history of Portugal between 1415 and 1578, Portugal discovered an eastern route to India that rounded the Cape of Good Hope, discovered Brazil, established trading routes throughout most of southern Asia, colonized selected areas of Africa, and sent the first direct European maritime...
, with João de Barros
João de Barros
João de Barros , called the Portuguese Livy, is one of the first great Portuguese historians, most famous for his Décadas da Ásia , a history of the Portuguese in India and Asia.-Early years:...
, Pedro Álvares Cabral
Pedro Álvares Cabral
Pedro Álvares Cabral was a Portuguese noble, military commander, navigator and explorer regarded as the discoverer of Brazil. Cabral conducted the first substantial exploration of the northeast coast of South America and claimed it for Portugal. While details of Cabral's early life are sketchy, it...
, Bartolomeu Dias
Bartolomeu Dias
Bartolomeu Dias , a nobleman of the Portuguese royal household, was a Portuguese explorer who sailed around the southernmost tip of Africa in 1488, the first European known to have done so.-Purposes of the Dias expedition:...
, Vasco da Gama
Vasco da Gama
Vasco da Gama, 1st Count of Vidigueira was a Portuguese explorer, one of the most successful in the Age of Discovery and the commander of the first ships to sail directly from Europe to India...
, and Henry the Navigator.
The last 100-escudo Banknote represented Fernando Pessoa
Fernando Pessoa
Fernando Pessoa, born Fernando António Nogueira de Seabra Pessoa , was a Portuguese poet, writer, literary critic and translator described as one of the most significant literary figures of the 20th century and one of the greatest poets in the Portuguese language.-Early years in Durban:On 13 July...
, the famous Portuguese writer.
Colloquial expressions
"Conto" was the unofficial multiple of the escudo: 1 conto meant 1000$00, 2 contos meant 2000$00 and so on).The original expression was "conto de réis", which meant "one million réis". Since the escudo was worth 1000 réis (the older currency), therefore one "conto" was the same as a thousand escudos.
External links
- 1999 by law, 2002 de facto.