|First Republic||Estado Novo||Third Republic|
1910 - 1926
|1926 - 1974||1975 - 2001|
The Portuguese escudo (PTE) was the national currency in Portugal before the euro, substituted at a rate of 1 euro = 200.482 PTE.
The "Shield", meaning of the Portuguese "escudo", was a widely utilized currency in the Middle Ages and takes its name from the coats of arms usually depicted on the reverse of the coins, whereas the effigy of the sovereign was on the obverse (from which the other common name of "testoon", big head).
The escudo was adopted In Portugal at the establishment of the Republic in 1911, in place of the réis.