Everything about Portuguese Escudo totally explained
The
escudo was the
currency of
Portugal prior to the introduction of the
euro on
1 January 1999 and was removed from circulation on
28 February 2002. The
ISO 4217 code of the escudo was PTE. The escudo was subdivided into 100
centavos. Its symbol was the
cifrão (
000). "Escudo" is
Portuguese for "shield".
History
The escudo was introduced in 1911, after the
1910 Republican revolution, to replace the
real at the rate of 1000 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 1000 escudos, and is still in use today, meaning €5 (1000 escudos = €4.99 = 1
conto).
The escudo's value was initially set at 4.5 escudos = 1
pound sterling. After 1914, the value of the escudo fell, being fixed in 1928 at 108.25 to the pound. This was altered to 110 escudos to the pound in 1931. A new rate of 27.5 escudos to the
U.S. dollar was established in 1940, changing to 25 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made centavos essentially worthless by its end, with fractional value coins with values such as $50 or 2$50 eventually withdrawn from circulation in the 1990s.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 escudos to €1.
Territorial usage
The escudo was used in the Portuguese mainland, the
Azores 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's 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.
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 bimetalic 100 and 200 escudos introduced in 1989 and 1991.
Coins 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).
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 Portugal 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
Banknotes 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 central bank Banco de Portugal and converted to euro 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.
Slang usage
Several names were given to the currencies:
10 tostões to the 1$00 coin
25 tostões to the 2$50 coin
1 pintor (one painter) to a 100$ coinFurther Information
Get more info on 'Portuguese Escudo'.
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