Cape Verde Escudo Banknotes (CVE)

The Cape Verde escudo reflects an Atlantic identity shaped by migration, music and ocean horizons, where culture moves between islands and diaspora.

Quick Facts

Country: Cabo Verde (Cape Verde)

Code: CVE

Symbol: $

System: Decimal (1 Escudo = 100 Centavos)

Status: In circulation

Issuer: Banco de Cabo Verde

The Story of the Cape Verde Escudo

The Escudo in Cape Verde originated from the Portuguese colonial monetary system, replacing earlier circulating coins and trade currencies tied to maritime exchange. In the early 20th century, a local version of the Portuguese Escudo was introduced, linking the islands directly to Lisbon’s financial structure. Following independence in 1975, Cape Verde transformed this inherited currency into a sovereign system under the Bank of Cape Verde. A defining feature of its evolution is the fixed peg—first to the Portuguese Escudo and later to the Euro—ensuring stability while maintaining strong economic ties with Europe and the diaspora.

Design & Symbolism

The visual identity of the Cape Verde Escudo is deeply rooted in cultural expression and maritime life. Modern banknotes prominently feature figures such as Cesária Évora alongside writers and poets including Eugénio Tavares. Reverse designs depict volcanic landscapes such as Pico do Fogo, ocean scenes and musical heritage through instruments like the cavaquinho, a central element of Cape Verdean sound. A defining technological milestone is the 2014 series, where the 200 Escudos note was issued on polymer, while higher denominations were produced by Thomas De La Rue with refined intaglio and advanced security integration. Protective elements incorporate the Caretta caretta sea turtle within watermark and foil features, reinforcing a strong connection between national identity and natural symbolism.

For collectors

For collectors, the Cape Verde Escudo offers a focused yet richly layered field. The first independent 1977 issue, replacing Banco Nacional Ultramarino colonial notes, stands as the foundational acquisition for any serious collection. The modern series honoring Cesária Évora adds cultural significance, while the polymer 200 Escudos marks a key technological transition within the currency’s evolution. Collectors also seek high-grade modern issues where vibrant color, precise printing and thematic coherence reach their peak, making this series a distinctive intersection of Lusophone heritage and Atlantic identity.

Migration, music and Atlantic identity shape the narrative carried by the Cape Verde escudo.