Escudo Coin: From Royal Gold to European Currency

Illustrated Specimen Details: Portuguese Republic 50 Escudos

Example Specimen: 50 Escudos, 1969 — Portuguese Republic

Design & Inscriptions: The obverse features the inscription REPUBLICA PORTUGUESA (Portuguese Republic) and the denomination 50$00, which represents 50 escudos and 00 centavos (the $ representing the cifrão symbol). The central element displays a segment of the coat of arms of Portugal: inside a larger shield with 7 castles are 5 small shields arranged in the form of a cross, taken directly from the traditional heraldic shield of Portugal. These represent the five Moorish kings who were defeated by the first Portuguese king, Afonso I. Each small shield contains 5 dots representing 5 bezants (Byzantine gold coins), symbolizing the monarch's right to issue currency as the leader of a sovereign state. In the late Middle Ages, these dots were also widely interpreted as the five wounds of Jesus Christ.

The reverse bears the inscription I CENT DO NASCIMENTO DO MARECHAL CARMONA, from 1869 to 1969, marking the centenary of the birth of Marshal Carmona (Óscar Carmona — a prominent Portuguese military and political figure, Marshal of Portugal, and the 11th President). The coin includes the micro mark M. NORTE SCULP. next to the portrait, indicating the work of engraver Marcelino Norte de Almeida. It was minted at the Casa da Moeda (Portuguese Mint in Lisbon).

1. PORTUGAL (from 1914 to 2001): escudo = 100 centavos. It is generally accepted that the Portuguese escudo was put into circulation as a modern currency in 1911. However, it is not difficult to find information in numismatic catalogs regarding Portuguese gold coins issued from the 16th to the 19th centuries, which were also called escudos.
2. SPAIN (from the 16th to the 19th centuries): escudo = 16 reales. During the 19th century, the system evolved to: escudo = 100 céntimos.

For most modern numismatists, the escudo is considered a purely Portuguese coin, which includes the issues of various Portuguese colonies. However, it was originally a gold coin of Spain that appeared in the first half of the 16th century. Later, it spread to neighboring Portugal and the colonial territories of both powerful medieval metropolises.

• "SPANISH" escudo users: Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Peru.
• "PORTUGUESE" escudo users: Angola, Azores, Cape Verde, Guinea-Bissau, Madeira, Portuguese India, Mozambique, São Tomé and Príncipe, Portuguese Timor.

Etymology and History of the Escudo

About the name of the coin escudo: Translated from Spanish and Portuguese, "escudo" means "shield" or "coat of arms" (derived from the Latin "scutum"). This was a traditional design element found on almost all early coins bearing this name. Other coin names considered related to the escudo in terms of origin and meaning include the Italian scudo and the French ecu, which also originate from the Latin "scutum".

A Family of Currencies

The escudo coin is a historical currency name used predominantly in Spain, Portugal, and their respective colonies. There isn’t just one single "escudo coin" — the term refers to several related coin systems spanning multiple centuries.

The Spanish Escudo

The Spanish escudo is perhaps the most famous in classic numismatics. First introduced in 1535, it was originally minted in gold and later in silver. Under its value system, 1 escudo was approximately equal to 16 reales.

Common denominations included half, 1, 2, 4, and 8 escudos. The massive 8 escudos gold coin is widely known in history and pop culture as a "doubloon". These coins were circulated extensively across the Spanish Empire in both Europe and the Americas until the 1800s, when they were eventually replaced by the peseta system in Spain. They played a critical role in global trade, especially facilitating commerce between Europe and the New World.

The Portuguese Escudo

The Portuguese escudo was introduced as a modern currency in 1911, officially replacing the Portuguese real. It was subdivided into 100 centavos and remained in use until 2002, when it was finally replaced by the euro. Unlike the older Spanish gold versions, the Portuguese escudo is a very common modern European coinage from the 19th to the 20th century.

Other Countries and Colonies

Beyond the Iberian Peninsula, the escudo name was adopted elsewhere. For example, Chile utilized an escudo currency from 1960 to 1975. Additionally, numerous Portuguese colonies maintained their own specific escudo issues throughout the mid-twentieth century.

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