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| escudo (Portugal) | |
|---|---|
| Name | Escudo (Portugal) |
| Local name | Escudo português |
| Iso code | PTE |
| Subunit name | centavo |
| Introduced | 1911 |
| Withdrawn | 2002 |
| Superunit | none |
| Issuing authority | Banco de Portugal |
| Pegged | (various regimes) |
escudo (Portugal) The Portuguese escudo served as the official currency of the Portuguese Republic and Portuguese territories from 1911 until the adoption of the euro in 1999 (non-cash) and 2002 (cash). It succeeded the real after the Republican revolution and circulated through major political episodes including the First Portuguese Republic, the Estado Novo, the Carnation Revolution, and Portugal's accession to the European Economic Community. The escudo influenced fiscal policy across mainland Portugal, the Azores, the Madeira and several overseas possessions such as Angola, Mozambique, Guinea-Bissau, Cape Verde, São Tomé and Príncipe, and Macau at various times.
The escudo was introduced by decree of the Provisional Government of Portugal after the overthrow of the Monarchy of Portugal in 1910 and formalized by the Coinage Act of 1911 as part of republican reforms alongside changes in the Constitution of Portugal (1911). Early circulation featured silver and base-metal coins issued under the First Portuguese Republic and continued under the Ditadura Nacional and the authoritarian Estado Novo regime led by António de Oliveira Salazar and later Marcello Caetano. During the World War I and World War II periods, the escudo's external value fluctuated amid gold-standard abandonments and wartime disruptions that affected ties with the Bank of England, the US Treasury, and the International Monetary Fund. Decolonization waves culminating in the Carnation Revolution (1974) and the independence of overseas provinces altered circulation patterns as former colonies established currencies like the angolar, metica, dobra, Cape Verdean escudo, and the pataca in Macau. Portugal's negotiation for entry into the European Communities and later the Maastricht Treaty framed the escudo's role in convergence criteria and the path to the eurozone.
Coin and banknote designs reflected political iconography from republican symbols to Estado Novo portraiture. Coins minted for circulation included centavo denominations (1, 2, 5, 10, 20, 50) and escudo denominations (1, 2½, 5, 10, 20, 50) struck by the Casa da Moeda and sometimes by foreign mints such as the Royal Mint and the U.S. Mint for special issues. Banknotes ranged from small-value notes to high denominations issued by the Banco de Portugal featuring figures like Afonso Henriques, Camões, Fernando Pessoa, Eça de Queirós, and scenes referencing the Age of Discovery and maritime themes tied to explorers like Vasco da Gama and Pedro Álvares Cabral. Commemorative issues honored events such as the Expo '98 in Lisbon, anniversaries of the Treaty of Tordesillas, and centenaries related to the Republican revolution.
Monetary authority for the escudo was the Banco de Portugal, which managed exchange-rate regimes including fixed pegs, crawling pegs, and managed floats linked at times to the gold standard, the pound sterling, and later the EMS mechanisms ahead of the Maastricht Treaty. Fiscal and monetary coordination involved ministries such as the Ministry of Finance and institutions like the Banco Central Europeu only after euro accession negotiations. Inflation episodes during the 1970s energy crisis and post-revolutionary adjustment required interest-rate policies affecting public debt instruments like treasury bills and government bonds issued in escudos. Trade relations with partners such as Spain, France, Germany, United Kingdom, and former colonies influenced balance-of-payments dynamics and foreign-exchange reserves held with institutions including the International Monetary Fund and foreign correspondent banks.
Production of escudo coinage was conducted primarily by the Imprensa Nacional-Casa da Moeda, which applied techniques like milled edges, bi-metallic designs, and specific alloys to deter counterfeiting. Banknote production incorporated intaglio printing, watermarks, security threads, microprinting, latent images, and serial-numbering systems developed in collaboration with firms such as De La Rue and national printers. Anti-counterfeiting measures evolved alongside forensic detection capabilities in institutions like the Polícia Judiciária and export controls for minting equipment overseen by the Ministry of Economy and customs services during the late 20th century.
Portugal joined the European Union and entered the European Exchange Rate Mechanism as part of the convergence process set by the Maastricht Treaty. The escudo's irrevocable conversion rate to the euro was fixed under decisions of the European Council and implemented by the European Central Bank with logistical coordination by the Banco de Portugal. The euro replaced the escudo as non-cash currency on 1 January 1999 and as physical notes and coins on 1 January 2002, with dual circulation periods managed through retail, banking, and postal networks including the Instituto de Habitação e Reabilitação Urbana and national clearing systems. Legal tender withdrawal followed protocols set by the Banco de Portugal and directives from the European Commission.
Numismatists study escudo issues via auction houses, specialized dealers, and societies such as the Associação Portuguesa de Numismática and international bodies like the American Numismatic Association and the Royal Numismatic Society. Collectors focus on rarities from mints in Macau and colonial overprints, patterns struck during the First Portuguese Republic, proofs by the Casa da Moeda, and error coins. Reference works by scholars and catalogs produced by publishers and museums — for example the National Museum of Ancient Art (Portugal) and the Museu do Dinheiro — document varieties, mintmarks, and provenance used by collectors and researchers tracking auction results at houses like Sotheby's, Christie's, and regional numismatic fairs in Porto and Lisbon.
Category:Currencies of Portugal Category:Obsolete European currencies Category:Numismatics