What Was the Currency in Portugal Before the Euro? A Guide to the Escudo
Posted by: Ian Stainton • 14 Jan 2026
Before the euro arrived, the official currency in Portugal was the Portuguese Escudo (PTE). If you’ve ever travelled to Portugal before 2002, you’ll remember these notes and coins, which were central to the country’s economy for nearly a century.
Have you recently found a stash of old Escudos from a past holiday tucked away in a drawer? You might be wondering if they still have any value. The short answer is yes, they absolutely do. This guide offers practical tips on how to exchange foreign coins and notes, turning that leftover foreign currency into cash.
The Story of the Portuguese Escudo
The Portuguese Escudo wasn't just money; it was a symbol of national pride. It officially came into being on 22 May 1911, replacing the old Portuguese real at a rate of 1,000 réis to 1 Escudo. This switch kicked off a new chapter for Portugal's monetary system.
For most of its life, the Escudo was divided into 100 centavos. However, anyone who visited in the 1990s will remember how runaway inflation made these smaller coins practically worthless long before the euro was even on the horizon.
For travellers and collectors today, these old notes and coins are like little pieces of history you can hold in your hand. They often feature famous Portuguese explorers and historical figures, celebrating a rich past of global discovery. While you can no longer spend them in shops or exchange them at a bank, they certainly haven't lost their worth. It’s a common situation for many old European currencies, which you can read more about in our guide to currencies before the euro.
The good news is that converting this obsolete currency is not only possible but also incredibly simple. You don't need to be a history expert or a coin collector to unlock its value.
Our service is designed to be fast, easy, and completely hassle-free. We provide a 100% guaranteed way to exchange foreign coins and banknotes, including old Portuguese Escudos. There’s no need to sort through your collection; just send it all to us, and we handle the rest.
We’re trusted by major UK brands, including well-known charities, supermarkets, airports, and even police forces. They all rely on us to efficiently convert foreign coins and notes. We turn forgotten holiday money into real cash, providing a credible and straightforward solution built on transparency and trust.
Understanding the Escudo to Euro Transition
If you're holding onto old Portuguese Escudos, you're looking at a fascinating piece of Portugal's history. The switch from the Escudo to the Euro wasn't just a currency swap; it was a huge step for the country as it integrated more deeply into Europe. Understanding how that change happened is the first step to figuring out what those old notes and coins are worth today.
Portugal officially adopted the Euro on 1 January 1999, but things didn't change overnight for people on the street. For three years, the Escudo was still the currency you'd use for your daily coffee and shopping, acting as a sort of "sub-unit" of the Euro. The real change came on 1 January 2002, when Euro notes and coins finally hit the streets and the Escudo began its final bow.
The Official Conversion Rate
To make sure the changeover was fair and straightforward for everyone, a permanent exchange rate was locked in. This wasn't a fluctuating market rate that changed day by day; it was set in stone.
The official fixed conversion rate was 200.482 Portuguese Escudos to 1 Euro.
This single, unchanging number meant that every Escudo note and coin had a precise, defined value in the new currency. It took all the guesswork out of the transition. Even though you can no longer exchange them at the bank, this rate is still the historical benchmark we use to value old Escudo currency.
This timeline gives you a quick visual of the Escudo's final chapter, from its introduction right up to its replacement.
As you can see, the Escudo had a good long run—over 90 years—before the Euro took its place in 2002.
Portuguese Escudo to Euro Conversion at a Glance
To make things even clearer, here's a quick reference table showing what some of the most common Escudo denominations were worth in Euros at the time of the changeover.
| Portuguese Escudo (PTE) | Official Euro Equivalent (€) |
|---|---|
| 10,000 PTE | €49.88 |
| 5,000 PTE | €24.94 |
| 2,000 PTE | €9.98 |
| 1,000 PTE | €4.99 |
| 500 PTE | €2.49 |
| 200 PTE Coin | €1.00 |
| 100 PTE Coin | €0.50 |
This table uses the official 200.482 PTE to €1 rate, giving you a solid historical baseline for the value of any Escudos you might have.
What This Meant in Practical Terms
So, what does this look like in real life? Let's say you've unearthed a 1,000 Escudo note from a trip you took in the late 90s. The maths is pretty simple:
- Calculation: 1,000 PTE ÷ 200.482 = €4.99
At the time of the switch, your 1,000 Escudo note was worth just shy of five Euros. While the official deadline to swap these at the Bank of Portugal has long since passed, this historical value is still a useful guide.
At We Buy All Currency, we make it fast and easy to get value from your forgotten foreign coins and notes. You don't need to worry about old deadlines or tricky calculations. Our process is completely hassle-free—no need to even sort your coins—and it's backed by our 100% guarantee. We're trusted by major organisations like charities, police forces, and airports to handle their leftover currency. Let us turn that old jar of Escudos into real, usable cash for you.
What Are Your Old Escudo Coins and Banknotes Worth Today?
So you've stumbled across a handful of old Portuguese Escudos. The big question is, what are they actually worth now? While the official conversion rate gives you a starting point, the real value of that leftover holiday money can be a bit more complicated, dipping into the world of collectors and numismatics.
Many Escudo coins and notes are beautiful, celebrating Portugal's Age of Discovery with portraits of explorers like Vasco da Gama. But while they might look impressive, most were minted in huge numbers, making them quite common today.
It’s worth remembering that the Escudo was historically linked to the British pound, pegged in 1931 at 110 escudos to the pound, which made it a familiar currency for UK travellers. Common coins like the 100 escudo piece were produced in massive quantities—a staggering 13 million in 1999 alone. It's no wonder they're still found in forgotten travel wallets.
The Collector's Value vs. Face Value
Now and then, a particular coin or note might catch a collector's eye. If it's from a rare year or has a unique design, it can hold a numismatic value far beyond its original face value. The catch? You need to know what you’re looking for.
The real challenge for most people is telling the difference between a common coin and a valuable collector's item. Is that 500 Escudo note a rare print or just one of millions?
This is where things can get tricky. If you're keen to understand the potential collector's value of your old currency, resources on effective coin collection management can be a great help. You can also have a look at our guide on foreign coins that are worth money for some broader tips.
The Hassle-Free Way to Exchange Foreign Coins
The good news is you don't need to become a currency expert to cash in on your old coins and notes. Our service is designed to be fast, easy, and completely hassle-free. We take the guesswork out of the equation, so you don’t have to spend hours sorting through your collection or researching dates.
Our approach is perfect for anyone who just wants to convert their old currency without any fuss.
- No Sorting Required: Don’t worry about separating your Escudos from other currencies or even sorting them by value. Just send us your mixed collection as it is.
- Simple Weight-Based System: For mixed coins, we use a clear, weight-based system to give you a fair and instant quote. It’s simple and transparent.
- 100% Guaranteed Satisfaction: We're confident in our valuations. If you’re not happy for any reason, we’ll return your currency to you, free of charge.
This straightforward process is why we're trusted by major UK brands, including charities, supermarkets, airports, and even police forces. They rely on us to handle their unsorted foreign currency efficiently. We turn that forgotten jar of holiday money into real cash, providing a service you can depend on.
How to Exchange Your Obsolete Portuguese Currency
So, you've stumbled upon a stash of old Portuguese Escudos from a past holiday. Finding them is one thing, but turning that forgotten currency back into pounds in your pocket is another challenge altogether. High street banks and even the Banco de Portugal drew a line under escudo exchanges years ago, but that doesn't mean you've missed your chance.
We've designed a straightforward and secure way to exchange your leftover foreign currency without any of the usual hassle.
Everything is boiled down into three easy steps to give you a fast and completely transparent experience. Our whole service is built on trust and efficiency—it's why we're the go-to partner for major UK brands, including well-known charities, supermarkets, airports, and even police forces who rely on us to sort and handle their unsorted currency.
Step 1: Get Your Instant Quote
First things first: let's see what your old money is worth. Our online calculator gives you an immediate, clear valuation for your Portuguese Escudos and any other foreign coins and banknotes you might have lying around. There are absolutely no hidden fees here; the quote you see on the screen is the amount you’ll get.
Step 2: Post Your Currency for Free
Happy with the quote? Great. The next step is getting the currency to us, and we've made this part completely effortless. You can pack everything—coins, notes, all mixed together—into a single parcel.
There's no need to sort anything. We do all the hard work for you. Just print the pre-paid postage label from our site, stick it on your package, and drop it off at your local Post Office. It’s a fast, secure, and free way to send us your leftover cash.
It’s worth remembering that the Escudo held significant value against the pound. Back in December 1999, just before the final changeover, the exchange rate was around 318-320 Portuguese escudos per British Pound. That meant £100 would get you over 31,700 escudos! If you're holding onto those old banknotes, services like ours specialise in pre-euro currency, offering transparent quotes and payouts via PayPal or bank transfer. You can learn more about historical exchange rates on Pound Sterling Live.
Step 3: Receive Your Payment Promptly
Once your package arrives with us, our team gets straight to work verifying the contents. We'll then send you a final valuation to confirm before processing your payment. We guarantee your money will be sent to you within five working days by whichever method you prefer, whether that's a direct bank transfer or PayPal.
Your satisfaction is our top priority. That’s why we offer a 100% happiness guarantee. If for any reason you aren't completely happy with our final valuation, we’ll return all of your currency to you, free of charge. There is absolutely no risk.
This commitment to a fast, easy, and secure service is what makes us different. Ready to turn those old Portuguese Escudos into cash? Start the process now by visiting our homepage for your free, no-obligation quote!
Donate Your Forgotten Foreign Coins to Charity
While turning your leftover Portuguese Escudos into cash is a great option, there's another fantastic way to put that old holiday money to good use: supporting a cause you care about.
Most of us have a jar or a drawer somewhere with a small collection of foreign coins and notes from past travels. It might not seem like much, but when it's all added up, it can make a real difference for charities.
It's Easier Than You Think
We make it incredibly simple to donate foreign coins to charity. Imagine that handful of Escudos from a trip to the Algarve in the 90s transforming into a valuable donation. It’s a completely hassle-free solution, whether you're an individual with a bit of leftover currency, a business running a fundraiser, or anyone who wants their old money to make a positive impact. We're proud to be trusted by major brands and numerous charities who count on our fast and easy service to process their currency donations.
How Our Charity Donation Service Works
We believe giving back should be straightforward. Our process is designed to be completely transparent, so you can easily direct the value of your old currency to one of our trusted charity partners.
The whole thing is quick and simple, with no need to sort coins. We handle all the tricky bits, making sure the full value of your leftover currency is processed efficiently. It’s a simple, effective way to support vital work happening across the UK.
This service turns what might seem like insignificant loose change into meaningful support. We provide a 100% guaranteed process, ensuring that the full value of your donation reaches the intended charity securely and transparently.
Choosing Your Charity Partner
During the checkout process, you can simply select one of our partner UK charities. We’ve made it easy to see exactly where your money is going, helping you feel connected to the cause you're supporting. It’s a practical way to ensure your old money does something truly valuable.
For more detail on how it works, you can read our guide on where you can donate foreign coins.
And if your interest in Portugal goes beyond its currency, you might also enjoy resources like the Polychat App for Portuguese learners. Turning your old currency into a donation is just one way to stay connected to the culture and memories from your travels.
Frequently Asked Questions About Portuguese Escudos
Diving into the world of old, obsolete currency can naturally bring up a few questions. We've put together answers to some of the most common queries we get about Portuguese Escudos, so you can feel confident and ready to turn that old holiday money into new cash.
Can I Still Exchange Portuguese Escudos at a Bank?
Unfortunately, no. That ship has sailed. The final deadline to exchange old Escudo banknotes at the central Banco de Portugal officially passed on 28 February 2022. As for high street banks, they stopped taking them long before that.
This means that for any old Escudo notes or coins you might have tucked away, a specialist currency exchange service like ours is now the only practical way to get some value back from them.
Do I Need to Sort My Portuguese Coins and Notes?
Not at all. One of the best things about our service is that it’s completely hassle-free. Honestly, who has the time to sit and separate piles of old coins? We know you've got better things to do.
You can send us mixed bags of unsorted foreign currency. If you have Escudos mixed in with old Spanish Pesetas or French Francs, that’s perfectly fine. We handle all the sorting for you, which makes the whole process incredibly quick and easy on your end.
Your peace of mind is our priority, which is why we offer a 100% happiness guarantee. Once we've received and valued your currency, we'll confirm the final amount with you. If you're not happy for any reason, we'll send your currency straight back to you, free of charge. There’s absolutely zero risk.
What if I Am Not Happy with My Currency Valuation?
Our entire service is built on trust, and our 100% happiness guarantee is a huge part of that. When your currency arrives with us, our experts value it and send you a confirmation of the total.
If, for any reason at all, you're not completely satisfied with our valuation, just let us know. We’ll return your currency to you at our own expense, no questions asked. It’s a promise that makes the process entirely risk-free for you. It's this commitment to fair and transparent service that has made us a trusted partner for major brands, including charities, supermarkets, and even police forces.
How Long Does It Take to Get Paid for My Old Currency?
We’ve designed our process to be as fast and efficient as possible. Once your currency collection arrives at our facility, we promise to issue your payment within five working days.
You get to pick how you want to be paid, whether that's a secure bank transfer straight into your account or a swift payment via PayPal. It’s a fast, simple, and reliable way to finally get some value from those old foreign coins and notes.
Ready to unlock the value in your leftover holiday money? We Buy All Currency makes it fast, easy, and hassle-free to convert foreign coins and banknotes. Our service is 100% guaranteed and trusted by major UK brands. Get your free, no-obligation quote today by visiting our homepage at https://www.webuyallcurrency.com.