What Was the Currency of Portugal Before the Euro?
Posted by: Ian Stainton • 12 Jan 2026
Before the euro, if you took a trip to the sunny Algarve or explored the charming streets of Lisbon, the currency you’d have been spending was the Portuguese Escudo (PTE). This was the money used for everything, from buying delicious pastéis de nata to hopping on the famous yellow trams.
The Escudo had its day, but when Portugal joined the Eurozone, it was officially replaced. The final changeover happened on 28 February 2002, marking the end of an era for Portugal's national currency.
Your Guide to the Portuguese Escudo
It's amazing how many of us still have leftover Escudo coins and notes tucked away in a 'holiday drawer'. While you can no longer pop into a bank to exchange them, this old currency is far from worthless.
This guide will walk you through the Escudo's story and, more importantly, provide practical tips on how to convert foreign coins and banknotes into cash you can use today. Our service is fast, easy, and 100% guaranteed.
From Réis to Escudos to Euros
The Portuguese Escudo officially became the nation’s currency way back on 22 May 1911, taking over from the old Portuguese real. For most of the 20th century, it was the pocket money for locals and tourists alike.
When Portugal made the switch, the final exchange rate was permanently locked at 200.482 escudos to €1. This is a key figure that collectors and exchange services still use as a benchmark. You can learn more about the history of pre-euro currency and its journey over the years.
Portuguese Escudo Key Facts
To give you a quick snapshot, here are the essential details about the old Portuguese currency.
| Attribute | Details |
|---|---|
| Currency Name | Portuguese Escudo |
| ISO Code | PTE |
| Symbol | $ or Cifrão |
| In Use | 1911 – 2002 |
| Fixed Euro Rate | €1 = 200.482 PTE |
| Legal Tender? | No, cannot be used for purchases. |
| Exchangeable? | No longer at central banks, but yes via specialist services. |
This table neatly sums up the Escudo's journey from a national currency to a piece of history.
What Were the Denominations?
The final series of Escudo banknotes featured prominent figures from Portugal’s Age of Discovery, a nod to the nation’s rich maritime history.
The common banknotes you might find are:
- 500 Escudos: Featured João de Barros, a famous historian.
- 1,000 Escudos: Showcased Pedro Álvares Cabral, the explorer who discovered Brazil.
- 2,000 Escudos: Depicted Bartolomeu Dias, the first European to sail around the southern tip of Africa.
- 5,000 Escudos: Featured Vasco da Gama, who pioneered the sea route to India.
- 10,000 Escudos: Honoured Henry the Navigator, a central figure in the early days of the Portuguese Empire.
Coins were also widely used and came in denominations of 1, 5, 10, 20, 50, 100, and 200 Escudos. They often featured national symbols, coats of arms, and historical seals.
Can You Still Exchange Old Portuguese Escudos?
Here’s the straightforward answer: you can't exchange them at a bank. The Banco de Portugal, the country's central bank, stopped exchanging Escudo banknotes back in 2022. That window is now closed for good.
But that doesn't mean your old currency is just a souvenir.
Services like We Buy All Currency specialise in exchanging obsolete money that banks and post offices won't touch. We offer a fast, easy, and hassle-free way to get cash for your old Portuguese Escudos, and our service is 100% guaranteed.
Our process is trusted by major UK brands, including charities, supermarkets, airports, and police forces, so you know you're in safe hands.
Whether you want to exchange foreign coins, convert old holiday notes, or even donate foreign coins to charity, we make it happen. We can help you turn that forgotten stash into real, usable money with a process designed for complete peace of mind.
A Brief History of the Portuguese Escudo
If you've ever found a handful of old Portuguese coins tucked away, you're holding a real piece of history. The Portuguese Escudo wasn't just pocket change; it was a symbol of the country's fascinating and often turbulent 20th-century story. It came into being back in 1911, replacing the old Portuguese real, and saw the nation through everything from world wars to periods of incredible growth.
For much of its existence, the Escudo’s value was closely tied to other major European currencies, which helped keep it stable. This is what turns those old coins and banknotes from simple metal and paper into tangible reminders of Portugal’s rich past. Many other European nations had their own unique money before the switch, and you can learn more about the currencies before the euro in our detailed guide.
The Escudo and the Pound Sterling
For British holidaymakers, the Escudo always felt reassuringly familiar, and there’s a good reason for that. Its value was tightly linked to the British Pound Sterling for a long time. After a period of instability following the First World War, Portugal fixed the rate at 110 escudos to £1 in 1931.
Imagine being a British tourist back then – your £10 would get you around 1,100 escudos, giving you plenty of spending power in Lisbon or on the Algarve. This straightforward connection made budgeting for a trip much simpler, and it’s one of the main reasons so many leftover Escudos made their way back to the UK. You can read more about the Escudo's historical exchange rates and its journey online.
Found a stash of old Escudo coins or notes? Don’t worry about sorting them. Our service is designed to be fast, easy, and hassle-free, turning your entire collection of leftover foreign currency into cash with a 100% satisfaction guarantee.
We’re trusted by major brands, including charities, supermarkets, airports, and even police forces, so you know you’re in safe hands. Just send us your unsorted currency, and we'll handle the rest, making sure you get a fair and speedy payment.
How to Identify Old Escudo Coins and Banknotes
Found a dusty bag of foreign coins in the attic? You might just be holding onto some old Portuguese Escudos. Figuring out what you have is the first step to unlocking its value, and thankfully, it’s not as tricky as it sounds. Most of the notes and coins that turn up in UK homes are from the final series issued just before Portugal switched to the euro.
The last run of banknotes was a real celebration of Portugal’s Age of Discovery, featuring famous explorers from its seafaring past. Keep an eye out for notes with big numbers on them, like 500, 1,000, 2,000, 5,000, and 10,000 escudos. The 500 Escudo note, for example, shows the historian João de Barros. You can learn more about this specific note in our guide to the Portuguese 500 Escudos banknote.
The coins are just as distinctive. The 100 and 200 Escudo coins really stand out because they were often bimetallic—a gold-coloured ring around a silver-coloured centre. You can’t miss them! The smaller coins typically featured national symbols and coats of arms. This handy summary gives you a quick overview of the Escudo's journey through time.
As you can see, the currency had a long run, from its introduction in 1911 right up until the euro took over for good in 2002. If you happen to have older coins, some might even contain precious metals. Learning about identifying and selling foreign silver coins can be a real help here.
Common Escudos Found in the UK
Think back to holidays in the Algarve. The money British tourists used changed a lot over the decades, which explains the mix of coins and notes still found in charity tins and drawers across the UK.
By the 1990s, a single 10,000-escudo note was worth over £30 in holiday spending money—not a small amount! Meanwhile, pocketfuls of 1, 5, 10, 20, 50, and 100 escudo coins often made the trip home, only to be forgotten. These are the most common ones you're likely to find tucked away.
So, What Are Your Old Portuguese Escudos Worth?
Found a stash of old Portuguese Escudos from a holiday years ago? It's a common story. While you might be curious about their value, the official conversion rate of 200.482 Escudos to 1 euro is now just a historical footnote.
Unfortunately, this means you can't just pop into a bank to swap them. The Banco de Portugal and other official channels stopped accepting these old notes and coins for exchange a long time ago. But don't throw them out just yet – they're not completely worthless!
From Leftover Holiday Money to Real Cash
Today, the value of old Escudos comes from two places: their appeal to collectors or, for coins, their scrap metal value. A single coin on its own might not be worth much, but a whole jar of them? That can certainly add up. Many people are genuinely surprised by how much their mixed bag of old foreign currency is worth when it's all put together.
This is where a specialist service like ours comes in. We turn what looks like obsolete money into cash you can actually spend.
Our process is designed to be as straightforward as possible, giving you the best practical value for your old currency. We make it easy to exchange foreign coins and notes without any of the usual hassle.
Our service is fast, easy, and completely hassle-free. We’re trusted by major UK brands, including charities, supermarkets, airports, and even police forces, offering a 100% guarantee on our service. You don't even need to sort your coins!
Just gather all your leftover holiday money—whether it’s Portuguese Escudos, Spanish Pesetas, or any other currency—and let us do the heavy lifting. We’ll give you a quick valuation and a secure way to convert foreign coins and banknotes into money for your wallet. Have a look at our service and see just how simple it is to unlock the hidden value in that old currency.
How to Exchange Your Old Portuguese Escudos
Found a stash of old holiday money? It’s time to turn those forgotten notes and coins into real, spendable cash. We've designed a simple, step-by-step process that's fast, easy, and completely hassle-free. Forget the usual headaches of dealing with obsolete currency; we make it straightforward to unlock its hidden value.
The best part? You don’t need to spend ages sorting through a mixed bag of coins or separating different banknotes. Just gather up all your leftover foreign currency—whether it’s from Portugal or anywhere else—and pop it in the post to us. We’ll take care of everything from there.
A Service Built on Trust and Simplicity
We’ve worked hard to build our reputation on trust and reliability. Our service is the go-to choice for a whole host of major UK brands, from well-known charities and supermarkets to airports and even police forces. That widespread trust is your guarantee that you’re in safe, capable hands.
We back our commitment with a 100% satisfaction guarantee, ensuring you get a prompt and fair payment for your entire collection of old coins and notes. The whole process is transparent, secure, and organised to give you complete peace of mind from start to finish.
Your Simple Three-Step Exchange Process
Getting cash for your old Escudos is as easy as one, two, three. We've refined our system to be incredibly user-friendly.
- Gather Your Currency: Just collect all your old coins and banknotes. Don’t worry about sorting them out – we accept everything mixed together.
- Send It Securely: Package your currency up and post it to us. We provide clear instructions to make sure your collection arrives safely.
- Get Paid Quickly: As soon as we’ve received and processed your currency, we’ll send your payment straight to you.
It really is that simple. This real-world insight shows how easy it can be to get cash for your obsolete money.
Ready to get started? We convert foreign coins and banknotes into cash quickly and efficiently. Our hassle-free service means no sorting is required—just send us your collection and we do the rest. Begin your exchange today.
Turn Your Leftover Currency Into a Charitable Donation
Got a stash of old Portuguese Escudos and want to do something meaningful with them? Instead of letting that old holiday money collect dust in a drawer, you can donate foreign coins to charity right here through our service. It’s a brilliant way to support a fantastic cause with currency that would otherwise be forgotten.
The whole process is designed to be quick, simple, and completely fuss-free. It works just like our normal exchange service, making it easy to give back.
How Our Charitable Donation Service Works
All you need to do is send us your old Portuguese Escudos along with any other leftover foreign currency you might have. Don't worry about sorting it all out beforehand – we handle all of that for you. We'll value the entire collection and send the full amount directly to one of our trusted UK charity partners. It's a simple but powerful way to make sure even small amounts of leftover change can contribute to something much bigger.
We’re trusted by major brands, including charities, supermarkets, airports, and even police forces, to handle their currency collections. Our process is 100% guaranteed, ensuring your donation makes a real impact by turning forgotten coins into vital support for people in need.
Ready to make a difference? Head over to our homepage to see how you can convert foreign coins and banknotes into a valuable gift for charity.
Common Questions About Portuguese Escudos
Got a few questions about what to do with your old Portuguese Escudos? You're not alone. Here are some straightforward answers to help you figure out your next steps.
Can I Still Exchange My Old Escudo Banknotes?
Unfortunately, the window to exchange old Portuguese Escudo banknotes at the Banco de Portugal officially closed on 28 February 2022. This means high-street banks and official channels will no longer accept them.
But don't worry, that's where we come in. Specialised services like ours are designed to help you get value from these obsolete notes, long after the banks have stopped. Our process is fast, easy, and hassle-free.
Are My Old Portuguese Escudo Coins Worthless?
Absolutely not! While you can't spend them in shops anymore and banks won't take them, they still have value. Their worth might come from the metal they're made of or their appeal to collectors.
Our fast and easy service is built for converting exactly these kinds of foreign coins and banknotes into cash.
Our service is completely hassle-free and comes with a 100% guarantee. There’s no need to sort through your collection yourself. Just send us all your leftover foreign currency, and we’ll handle the rest. It really is that simple.
What if My Escudos Are Mixed with Other Foreign Coins?
That’s perfect for us! Our service is ideal for those mixed-up, unsorted collections of holiday money you find in a drawer.
Whether you have Portuguese Escudos alongside old Spanish Pesetas, German Deutsche Marks, or any other obsolete or current coins and notes, just gather them all together. We are trusted by major UK brands—including charities, supermarkets, and airports—to handle these collections efficiently. We also make it easy to donate foreign coins to charity.
Ready to unlock the value in your old holiday money? At We Buy All Currency, we provide a fast, easy, and secure way to exchange your foreign coins and banknotes. Our service is hassle-free with a 100% guarantee—no sorting required. Visit our homepage to get started.