The last escudo banknote

…. disappears from next February

2000 escudo note
Photo: Bank of Portugal

The last series of escudo banknotes can be exchanged, in person or by mail, until February next year and there are still 11 million banknotes to be exchanged, totalling €95 million, was announced.

The mainland edition of the Diario reports that February 28, 2022 is the last day on which the escudo notes can be exchanged, for their equivalent value in Euros, at Banco de Portugal and there are still around 11 million notes, in the amount of 95 million euros, under these conditions”, is read in a bulletin of the Bank of Portugal (BdP).

The exchange can be carried out at the BdP treasury or by registered mail with declared value.

In the latter case, the notes will have to be wrapped in an envelope, together with the owner identification elements, which, in turn, will have to be placed inside another envelope sent to the department of issue and treasury of the financial supervisor.

The notes of the last series, known as “Discoveries”, intact, damaged or mutilated can be exchanged.

However, if they are incomplete or damaged, they must present at least one fragment with 75% of the note or a set of fragments that, by juxtaposition, make up that same percentage.

According to the BdP bulletin, “on February 28, 2002, the date on which they could no longer be used in payments, 15.1 million notes of this series were in public possession, having only 24% and 40%, respectively, of that amount and value returned to Banco de Portugal by the end of October 2021”.

The euro was created on January 1, 1999, having been fixed at the time that one Euro corresponded to 200.482 escudos.

Three years later, the Euro entered into circulation in 12 Member States.

On March 1, 2002, escudo banknotes were no longer legal tender, and for two months the Euro was simultaneously circulated with the national currency.

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2 thoughts on “The last escudo banknote”

  1. Quite! Surely this deadline has been known about for many years – at least it has been known there would be a deadline? Seems extraordinary that so much could still be out there!

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