Portuguese escudo facts for kids

Quick facts for kids Portuguese escudo
1 escudo (1993)
ISO 4217 Code	PTE
User(s)	None, previously:  Portugal
Inflation	2.8% (2000)
Source	worldpress.org
ERM
Since	19 June 1989
Fixed rate since	31 December 1998
Replaced by €, non cash	1 January 1999
Replaced by €, cash	1 January 2002
€ =	200482
Subunit
1⁄100	centavo
Symbol
Plural	escudos
centavo	centavos
Coins
Freq. used	100, 500, 1000, 20, 50, 100, 20000 (2001)
Banknotes
Freq. used	50000, 1,00000, 2,00000, 5,00000, 10,00000 (2001)

The Portuguese escudo was the official money of Portugal. It was used from May 22, 1911, until the euro was introduced on January 1, 2002. One escudo was divided into 100 smaller units called centavos. The word escudo comes from a Latin word meaning "shield".

When writing amounts, people used a special symbol called the cifrão (symbol). For example, 2500 meant 25 escudos and no centavos. 10050 meant 100 escudos and 50 centavos.

The Escudo's Journey Through Time

The escudo replaced an older currency called the real in 1911. Before that, people used milréis, which was worth 1,000 réis. The change happened after the 1910 Republican revolution in Portugal. One escudo was equal to 1,000 réis.

People often used the old term mil réis as a nickname for the escudo. They also used conto to mean 1,000 escudos. This was because one conto de réis meant one million réis, and since one escudo was 1,000 réis, one conto became 1,000 escudos.

The value of the escudo changed over the years. For example, in 1928, about 108 escudos were worth one British pound. Later, in 1940, about 27 escudos were worth one U.S. dollar.

Over time, prices went up, which is called inflation. This made the small centavo coins almost worthless. Coins like 050 and 250 were eventually taken out of use in the 1990s. When Portugal joined the Eurozone, 1 euro was worth 200482 escudos.

Where the Escudo Was Used

The escudo was mainly used in mainland Portugal, the Azores islands, and Madeira island. The same coins and banknotes were used in all these places.

The escudo was also used in some of Portugal's former colonies in Africa until they became independent. These included:

• Angolan escudo
• Cape Verdean escudo
• Mozambican escudo
• Portuguese Guinean escudo
• São Tomé and Príncipe escudo

Today, only Cape Verde still uses a currency called the escudo. Other places like Macau and Timor-Leste had their own currencies during the colonial period. Portuguese India also used the Portuguese Indian escudo for a short time.

Coins of the Portuguese Escudo

Portuguese 8 gold escudos (1729)

Portuguese 004, 1917

050 of 1926

20000 of 1991

Many different coins were made for the escudo over its history. Early gold escudos were minted from 1722. In the early 20th century, coins like 010, 020, 050, and 100 were made from silver. Smaller values like 001 and 002 were made from bronze.

By 1986, a new set of coins was introduced. These coins were used until the euro arrived. The coins in use at that time were:

• 100 (worth about 0.50 euro cents)
• 500 (worth about 2.49 euro cents)
• 1000 (worth about 4.99 euro cents)
• 2000 (worth about 9.98 euro cents)
• 5000 (worth about 24.94 euro cents)
• 10000 (worth about 49.88 euro cents)
• 20000 (worth about 99.76 euro cents)

You could exchange these coins for euros until December 31, 2002.

Coins of the Portuguese escudo
Image	Value	Equivalent in euros	Diameter	Weight	Thickness	Material	Obverse	Reverse	Dates of issue
	100	0.50 cent	16  mm	1.69 g	1.2 mm	Nickel-brass	Coat of arms of Portugal and knot	Stained glass window pattern	1986-2001
	500	2.49 cents	21.1  mm	5.25 g	2 mm	Nickel-brass	Coat of arms of Portugal and knot	Stained glass window pattern	1986-2001
	1000	4.99 cents	23.5  mm	7.5 g	2.3 mm	Nickel-brass	Coat of arms of Portugal and knot	Stained glass window pattern	1986-2001
	2000	9.98 cents	26.5  mm	6.9 g	1.64 mm	Copper-nickel	Coat of arms of Portugal	Nautical compass and the cross of the Order of Christ	1986-2001
	5000	24.94 cents	31  mm	9.41 g	1.65 mm	Copper-nickel	Coat of arms of Portugal	Stylized ship and four fishes below	1986-2001
	10000	49.88 cents	25.5  mm	8.3 g	2.5 mm	Bi-metallic coin (Aluminium-bronze center plug with a Copper-nickel outer ring)	Coat of arms of Portugal	Pedro Nunes; text "EUROPA"	1989-2001
	20000	99.76 cents	28  mm	9.8 g	2.2 mm	Bi-metallic coin (Copper-nickel center plug with an Aluminium-bronze outer ring)	Coat of arms of Portugal	Garcia de Orta	1991-2001

People sometimes used old names for the coins. For example, the 050 coin was called a coroa (crown). Even after the coroa disappeared, people still called the 250 coin cinco coroas (five crowns).

Another old way to talk about money was using the real. So, 250 was sometimes called dois e quinhentos (two and five-hundreds). This was because 250 was equal to 2,500 réis. A tostão was another old term, meaning 100 réis.

Banknotes of the Portuguese Escudo

A fake 50000 note (top) and a real one (bottom) from 1922. Both have the same serial number.

The Bank of Portugal printed banknotes for various amounts. Early notes included 050, 100, 250, and up to 1,00000. Over time, smaller value notes were replaced by coins.

The last series of banknotes in circulation when the euro was introduced were:

• 50000 (worth €2.49)
• 1,00000 (worth €4.99)
• 2,00000 (worth €9.98)
• 5,00000 (worth €24.94)
• 10,00000 (worth €49.88)

You could exchange these banknotes for euros at the central bank, Banco de Portugal, until February 28, 2022.

The escudo banknotes often featured important people from Portuguese history. The last series of notes celebrated the Age of Discovery. They showed famous explorers and figures like João de Barros, Pedro Álvares Cabral, Bartolomeu Dias, Vasco da Gama, and Henry the Navigator. The last 10000 banknote featured Fernando Pessoa, a well-known Portuguese writer and poet.

Banknotes of the Portuguese escudo (1995–2000 "Portuguese seafarers & explorers" Issue)
Image	Value	Equivalent in Euros (€)	Main color	Obverse	Reverse	Watermark
[1]	50000	€2.49	Olive and Violet	João de Barros	Allegory of the Age of Discovery	João de Barros
[2]	1,00000	€4.99	Brown and Purple	Pedro Álvares Cabral	Sailing ship, animals of Brazil	Pedro Álvares Cabral
[3]	2,00000	€9.98	Blue and deep blue-green	Bartolomeu Dias; Cruzado coin of Dom João II	Sailing ship, compass card, map	Bartolomeu Dias
[4]	5,00000	€24.94	Green and brown-violet	Vasco da Gama	Sailing ship, Vasco da Gama with authorities in Calicut	Vasco de Gama
[5]	10,00000	€49.88	Red and dark brown	Henry the Navigator (Infante Dom Henrique)	Sailing ship	Henry the Navigator (Infante Dom Henrique)

Fun Ways People Talked About Money

People in Portugal had special words for amounts of money.

• Conto: This word was used for 1,000 escudos. For example, if someone said "2 contos", they meant 2,000 escudos. This word came from the older currency, where one conto de réis meant one million réis. Since one escudo was 1,000 réis, one conto became 1,000 escudos. Even after the euro came, some people still used conto to mean €5, which was roughly 1,000 escudos.
• Paus: This word literally means "sticks". People sometimes used it informally to refer to escudos. For example, "Tens mil paus?" meant "Do you have 1,000 escudos/sticks?".

When Portugal switched from escudos to euros, people joked that they had lost three currencies: the escudo, the conto, and the pau.

See also

• Portuguese euro coins
• Economy of Portugal
• Economic history of Portugal