| Description | The escudo (sign $; code: PTE) was the currency of Portugal prior to the introduction of the euro on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavos.
The escudo was introduced on 22 May 1911, after the 1910 Republican revolution, to replace the real at the rate of 1,000 réis to 1 escudo. The term mil réis (thousand réis) remained a colloquial synonym of escudo up to the 1990s. One million réis was called one conto de réis, or simply one conto. This expression passed on to the escudo, meaning 1,000$.
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. |
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