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Uncovering the history of the Portuguese escudo

- Published on 29th January 2025

Portugese escudos banknotes scattered

The Portuguese escudo has a rich and fascinating story. It was the heartbeat of Portugal’s economy and everyday life for decades.

In this blog, we’ll explore the history of the escudo, from its beginnings to its transition to the euro. Let’s dive in and discover its legacy!

Origins of the escudo

The Portuguese escudo was introduced in 1911 after Portugal became a republic and replaced the real, marking a fresh start for the country’s economy. The name “escudo” means “shield” in Portuguese, symbolising the strength and pride of the nation.

Portugal’s currency weathered many changes during its time. Wars, inflation, and global events shaped its value, but despite challenges, it remained the heart of Portugal’s economy for nearly a century.

the transition to the euro

Portugal adopted the euro in 1999, replacing the escudo.

The euro was first introduced for electronic use. People continued using escudo notes and coins until 2002. Then, in January 2002, euro notes and coins became available; shops and banks exchanged escudos for euros during this time.

5 facts about the Portugese escudos:

  1. Gold escudos were minted early on: Escudos started as gold coins in the 18th century. These coins were used between 1722 and 1800 and were valued as a denomination of the real.
  2. Paper money began with the real: Portugal issued its first paper banknotes in 1847, long before the escudo was introduced. These notes were denominated in reals and issued by Banco de Portugal, the country’s central bank.
  3. Centavos disappeared before the euro: Centavos, worth 1/100 of an escudo, lost much of their value in the late 20th century. Portugal withdrew centavos coins in the 1990s before transitioning to the euro in 1999, with euro coins and notes entering circulation in 2002.
  4. Famous faces on banknotes: Portuguese escudo banknotes featured iconic historical figures like Vasco da Gama and Luís de Camões. Each note celebrated Portugal’s explorers, poets, and cultural heroes.
  5. Denominations of coins: Escudo coins ranged from tiny 1 escudo pieces to larger denominations like 50 and 100 escudos. Older coins included smaller centavo units (1 escudo = 100 centavos).

Exchanging your obsolete currency

Escudo banknotes are now obsolete. However, at Leftover Currency, we specialise in exchanging obsolete currencies, like the Portuguese Escudo. Our online exchange service is quick, easy, secure, and free of charge.

We are able to exchange both Portuguese Escudo coins, as well as Escudo banknotes, both those from the last PTE series prior to the Euro introduction, as well as PTE notes from the older demonetised series.

Portugese escudo banknote series

Takeaways

Whether you’re a collector or simply curious, the escudo offers a glimpse into Portugal’s rich cultural and economic past. If you still have old escudos tucked away, consider exchanging them and giving them a new chapter in their story. The escudo may be gone, but it will remain part of Portugal’s heritage.

Author

Serena