PORTUGAL (1945-2002) - Portuguese escudo [PTE]

1 escudo = 100 centavos

Portuguese escudo (literally: shield) [PTE] was created by decision from May 22nd, 1911. The currency was changed, because the old currency Portuguese Reis [PTR] meant in Portuguese Royal. The monarchy had been overthrown seven months earlier and major changes were introduced to wipe out royalty from history. The monetary exchange was plain, because 1 PTE equalled 1000 PTR, the amount which already functioned in Portuguese language as if as a separate unit of Mil Reis (thousand of Reis). Escudo was initially pegged to British pound [GBP] in ratio 4.5 PTE for 1 GBP, but had a difficult start, because republican government started crediting their reforms from foreign loans and money creation. This triggered inflation. The costs of living in 1926 were about 30 times higher than in 1914 and not just because of the World War I. Only the financial reform of Antonio Salazar in 1928 healed escudo and pegged it again to British pound in ratio 108.25 PTE for 1 GBP. This was adjusted in 1931 to 110 PTE for 1 GBP. During the World War II Portuguese government pegged escudo to American dollar [USD] in ratio 27.5 PTE for 1 USD, which changed to 28.75 PTE for 1 USD in 1949.

Please, note that at the moment we are presenting only these types of circulation coins of Portugal, which were struck after year 1944.