Country ISO code: PT
Official language: Portuguese
Language ISO code: pt
Current official currency: Euro
Current currency ISO code: EUR

Financial History and Currencies of Portugal

1. Euro (EUR)

• Singular name: Euro

• Plural name: Euros

• Monetary subdivision: 1 Euro = 100 cents

• Fraction name (singular): Cent

• Fraction name (plural): Cents

• Initial production date: 1999 (electronic currency), physical coins and banknotes since 2002

• Initial circulation date in Portugal: January 1, 2002 (replacing the Portuguese Escudo)

• Mint: Imprensa Nacional-Casa da Moeda (Portugal) produces euro coins, alongside other European mints

• Issuing bank: Banco de Portugal (national authority within the European System of Central Banks)

• Minted coin denominations: 1, 2, 5, 10, 20, 50 cents; 1 and 2 euros

• Printed banknote denominations: 5, 10, 20, 50, 100, 200, and 500 euros

2. Portuguese Escudo (PTE) – former currency

• ISO code: PTE

• Singular name: Escudo

• Plural name: Escudos

• Monetary subdivision: 1 Escudo = 100 centavos

• Initial production date: 1911 (replaced the Portuguese real)

• End of circulation: December 31, 2001

• Mint: Imprensa Nacional-Casa da Moeda

• Issuing bank: Banco de Portugal

• Minted coin denominations: 1, 2, 5, 10, 20, 50, 100, 200 escudos

• Printed banknote denominations: 50, 100, 200, 500, 1000, 2000 escudos

Economic Historical Context

• Portugal adopted the euro in 1999 as an electronic currency and in 2002 as physical currency, replacing the Portuguese escudo after over 90 years of use.

• The transition to the euro was part of economic integration within the European Union and the eurozone, aiming for monetary stability and facilitating international trade.

• Banco de Portugal operates as part of the European System of Central Banks, controlling national monetary policy within the European context.

• The Portuguese escudo underwent several reforms throughout the 20th century, reflecting periods of growth, crisis, and political transition in the country.

Mints / Production Locations

• The Imprensa Nacional-Casa da Moeda in Lisbon is responsible for producing Portugal’s coins, including euro coins bearing Portuguese national marks.

Designs / Symbols on Coins and Banknotes / Abbreviations

• Portuguese euro coins feature national symbols such as the armillary sphere, the Portuguese shield, and historical figures.

• Euro banknotes are standardized across the eurozone, featuring European architectural designs.

Current Circulation Status

• Active and the sole official currency in Portugal since 2002.

Issuing Authority

• Banco de Portugal, within the European System of Central Banks.

Relevant Monetary Legislation

• The adoption and issuance of the euro are regulated by European Union legislation and European Central Bank rules, with complementary national legislation for administrative matters.

This report presents the financial history and current monetary situation of Portugal, highlighting the euro as the official currency since 2002, replacing the Portuguese escudo.