Illustrated Specimen Details: ½ Tostão

Example Specimen: ½ Tostão (40 Reis) — Kingdom of Portugal (1786-1799)

This high-grade silver specimen belongs to the coinage of Maria I (known as "the Pious"). The obverse features the closed Portuguese royal crown positioned above the value XXXX. The surrounding Latin legend MARIA I D G PORT ET ALG REGINA translates to "Maria I, by the grace of God, Queen of Portugal and the Algarves."

The reverse is dominated by the Cross of the Order of Christ, a powerful symbol of Portugal’s history of exploration. It is encircled by the motto IN HOC SIGNO VINCES ("In this sign you will conquer").

Issuer: Kingdom of Portugal (Maria I)
Denomination: ½ Tostão (valued at 40 or 50 Reis)
Date: 1786-1799
Metal: Silver (0.9167 fineness)
Weight: 1.57 g  |  Diameter: 18 mm
Estimated value: 46$
DENOMINATION GUIDE — WHERE & WHEN (world coins catalog)
  1. KINGDOM OF PORTUGAL (16th-19th centuries): 1 tostão = 80 réis

History and Evolution of the Tostão

Etymology: The name tostão is the Portuguese adaptation of the Italian testone (meaning "large head"). In Portugal, the design shifted from portraits to royal heraldry and religious symbols like the Cross of Christ.

The tostão was a premium silver denomination issued from the late 15th century through to the 19th century. First introduced under King Manuel I (1495-1521), it was traditionally valued at 80 réis. Over the centuries, it maintained a high silver purity (above .900), even as its physical weight gradually decreased.

The Numismatic Anomaly of 1686

A unique feature of this coinage is linked to the law of 1686. To prevent silver export, King Pedro II raised the nominal value of coins. The tostão became worth 100 réis, and the half-tostão rose to 50 réis.

However, the Lisbon Mint continued to strike the original numerical values (LXXX and XXXX) on the coins for more than a century. This was a strategic move to maintain public trust in the established design, even though the actual market value was 25% higher than the number shown.

The Algarve and Colonial Context

The term "Algarves" in the plural refers to Portuguese territories in both southern Europe and North Africa. These coins also circulated heavily in colonial Brazil, where "tostão" eventually became a colloquial term for the 100 réis denomination, cementing its place in Luso-Brazilian economic history.