Banco de Portugal
The Banco de Portugal served as the issuing authority of the escudo, notably defined by the “Descobrimentos” series reflecting Portugal’s maritime heritage.
Quick Facts
Institutional Identity
The Banco de Portugal served as the nation’s central monetary authority, responsible for issuing currency, maintaining price stability and overseeing the financial system while shaping one of Europe’s most refined and culturally coherent banknote traditions.
Historical Evolution
Established in 1846, the Bank guided Portugal through monarchy, republic and modern economic transformation, culminating in the final escudo series of the 1990s—widely regarded as the artistic peak of Portuguese paper money. Known as the “Descobrimentos” series and designed by the acclaimed artist Valeriano Salvador, these notes formed a unified narrative dedicated to the Age of Discovery, marking the closing chapter of the escudo before the transition to the euro.
Design Philosophy
Portuguese banknotes are distinguished by their refined intaglio engraving and exceptional compositional balance, produced by leading security printers including De La Rue and Oberthur Fiduciaire. The series features iconic figures such as Vasco da Gama and Infante Dom Henrique (Henry the Navigator), alongside caravels, navigational instruments and Manueline architectural elements. The 5,000 escudos note gained renewed prominence during EXPO ’98 in Lisbon, while the 10,000 escudos—featuring Henry the Navigator—stands as the technical and artistic pinnacle of the series.
For collectors
For collectors, Portuguese escudo banknotes represent one of the most elegant and complete narratives in European numismatics. As the final national series before euro adoption, their availability in pristine condition is inherently limited, with the high-denomination 10,000 escudos note regarded as the crown jewel of the set—uniting historical significance, artistic mastery and strong long-term desirability.