Portuguese Indian escudo
Currency of Portuguese India between 1959 and 1961
From Wikipedia, the free encyclopedia
The escudo was the currency of Portuguese India between 1959 and 1961. It was subdivided into 100 centavos and was equal in value to the Portuguese escudo.
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Portuguese India| Escudo da Índia | |
|---|---|
1 Escudo (1959) | |
| Units of account | |
| Subunit | |
| 1⁄100 | centavo |
| Denominations | |
| Banknotes | 30, 60, 100, 300, 600, 1000 escudos |
| Coins | 10, 30, 60 centavos, 1, 3, 6 escudos |
| Demographics | |
| User(s) | Portuguese India |
| Issuance | |
| Bank of issue | Banco Nacional Ultramarino |
| Valuation | |
| Pegged with | Portuguese escudo |
| This infobox shows the latest status before this currency was rendered obsolete. | |
History
The escudo was introduced for accounting purposes on 1 January 1959. Coins and banknotes were introduced in the latter half of 1959. The escudo replaced the rupia at the rate of 1 rupia = 6 escudos. This was due to the respective values of the Indian rupee (to which the rupia was pegged) and the Portuguese escudo, with one rupee equalling one shilling six pence (18 pence) sterling and one escudo equaling three pence.
After Portuguese India was integrated by the Republic of India in 1961, the Indian rupee became legal tender together with the escudo on 29 December 1961. The escudo was then withdrawn from circulation effective 15 May 1962.[1]
Coins
Coins were introduced in November 1959 in denominations of 10, 30 and 60 centavos, 1, 3 and 6 escudos. The 10 and 30 centavos were struck in bronze, the others in cupro-nickel. Except for the 10 centavos, which was minted in 1961, none of these coins were produced after 1959.
Banknotes
In 1959, notes were introduced by the Banco Nacional Ultramarino in denominations of 30, 60, 100, 300, 600 and 1000 escudos.
| Image | Value | Main colour | Description | ||
|---|---|---|---|---|---|
| Obverse | Reverse | Obverse | Reverse | ||
| 30 escudos | Red | Afonso de Albuquerque | Afonso de Albuquerque and ships | ||
| 60 escudos | Violet | ||||
| 100 escudos | Blue | ||||
| 300 escudos | Red | ||||
| 600 escudos | Green | ||||
| 1000 escudos | Brown-green | ||||
