Basic Country Data:

• Country ISO Code: PT

• Official Language: Portuguese

• Language ISO Code: pt

• Current Official Currency: Euro

• Current Currency ISO Code: EUR

Euro (EUR) — Current Official Currency

• ISO Code: EUR

• Singular Name: euro

• Plural Name: euros

• Monetary Subdivision: 1 euro = 100 cents

• Subdivision Name Singular: cent

• Subdivision Name Plural: cents

• Initial Production Date: 1999 (electronic), 2002 (physical)

• Final Production Date: ongoing

• Initial Circulation Date: January 1, 2002

• Final Circulation Date: currently in circulation

• Mint: Currency Centre of the Bank of Portugal

• Issuing Bank: Bank of Portugal

• Coin Denominations: 1, 2, 5, 10, 20, 50 cents; 1 and 2 euros

• Banknote Denominations: 5, 10, 20, 50, 100, 200, 500 euros (500 euro note no longer issued since 2019)

• Designs / Symbols:

  • Coins: common European side and national side featuring Portuguese symbols such as the armillary sphere and the 12 stars of the European Union.

  • Banknotes: European architectural motifs (bridges, doors, windows), no portraits of real persons.

• Economic Historical Context:

  • Portugal adopted the euro in 1999 for electronic transactions and in 2002 for physical currency, replacing the Portuguese escudo, in use since 1911.

  • The dual circulation period lasted until February 28, 2002, facilitating gradual adaptation.

  • The Bank of Portugal continued exchanging escudo coins until December 31, 2002, and banknotes until February 28, 2022.

• Mint Locations: Currency Centre of the Bank of Portugal for coins and banknotes.

• Mintages / Commemoratives:

  • 2 euro commemorative coins issued for Portuguese and European cultural and historical events.

• Curiosities / Commemorative Coins:

  • The Portuguese escudo was replaced by the euro at a fixed rate of 200.48 escudos per euro.

• Current Circulation Status: active and widely used throughout the country.

• Issuing Authority: Bank of Portugal.

• Relevant Legislation: European Union treaties, European Central Bank regulations, and Portuguese national legislation.

• Signatories on Banknotes: president and vice-president of the European Central Bank.

• Persons Honored on Coins and Banknotes: Portuguese national symbols, no portraits of real persons.

Portuguese Escudo (PTE) — Former Official Currency

• ISO Code: PTE

• Singular Name: escudo

• Plural Name: escudos

• Monetary Subdivision: 1 escudo = 100 centavos

• Subdivision Name Singular: centavo

• Subdivision Name Plural: centavos

• Initial Production Date: May 22, 1911

• Final Production Date: December 31, 2001

• Initial Circulation Date: May 22, 1911

• Final Circulation Date: February 28, 2002 (end of dual circulation)

• Mint: Portuguese Mint

• Issuing Bank: Bank of Portugal

• Coin Denominations: 1, 2, 5, 10, 20, 50, 100, 200 escudos

• Banknote Denominations: 10, 20, 50, 100, 200, 500, 1000, 2000 escudos

• Designs / Symbols:

  • Coins and banknotes featured Portuguese national symbols, historical and cultural figures.

• Economic Historical Context:

  • The escudo replaced the Portuguese real in 1911 after the monarchy fell.

  • It underwent several reforms until replaced by the euro.

• Current Circulation Status: out of circulation since 2002, with official exchange possible until 2022 for banknotes and 2002 for coins.

• Issuing Authority: Bank of Portugal.

This report provides a complete financial history of Portugal, highlighting the transition from the escudo to the euro, the characteristics of coins and banknotes, historical context, and current status of the official currency.