The Portuguese Republic is the westernmost country of mainland Europe, It lies on the Iberian Peninsula along with Spain to the north and east. To its south and west is the Atlantic Ocean. Portugal also includes two Atlantic Ocean archipelagos namely, Madeira and the Azores. The mainland is separated by the Tagus River that flows from Spain.

Map of Portugal
Source: AS

First Banknotes In Portugal

Portugal is a developed country with an economy based on service. It is among the original eurozone members and its central bank, the Banco de Portugal is an important part of the European System of Central Banks. Before jumping into the eurozone on January 1, 1999, the national currency of Portugal was the Portuguese escudo which was divided into 100 centavos. The escudo was also the currency used in the two autonomous regions of Madeira and Azores. The monetary unit was first launched in 1722 and again on May 22, 1911, replacing the Portuguese real at a rate of 1,000 reis to 1 escudo.

Portuguese 1 Escudo | 1917 | P-113a.2 |
Source: Banknote World Educational

The First Portuguese escudo banknotes were issued by the Casa de Moneda between 1917 and 1925. These banknotes are in denominations of 5, 10, and 20 centavos. A 50-centavo banknote as well as higher denominations of $1, $2.50, $5, $10, $20, $50, $100, $500, and $1000, were also introduced by the Banco de Portugal between 1913 and 1922. In 1942, the 5,000 escudo banknote was released. The last series of escudo notes in circulation before the country switched to the euro were $500, $1,000, $2,000, $5,000, and $10,000. They featured the Age of Discovery, depicting prominent Portuguese personalities such as Joao de Barros, Pedro Alvarez Cabral, Henry the Navigator, Vasco de Gama, Bartolomeu Dias, and Fernando Pessoa. These paper bills can be returned to the Banco de Portugal and can be exchanged for euros until February 28, 2022.

Portugal 500 Escudos | 1997 |
Source: Banknote World

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