Escudo

The escudo is a historical coin with a significant role in European numismatics, particularly in Spanish and Portuguese monetary history. The name ‘escudo’ derives from the Spanish word for ‘shield’, which can be traced directly back to the coin design of the early coinage. The first Portuguese escudos featured the national coat of arms in a quatrefoil on the reverse – a symbolic motif that stood for state power and national identity. In Spain, on the other hand, the national coat of arms was displayed on the obverse of the first escudo coins, giving them a slightly different orientation.
The escudo was originally designed exclusively as a gold coin and was introduced in this form in both countries. It was primarily used for high-value transactions and was closely linked to the international gold standard. In Spain, however, the escudo was also minted as a silver coin between 1864 and 1868, making it a particularly versatile and adaptable means of payment within the coinage systems of both countries. These variants not only reflect economic adjustments, but are also of particular interest to numismatists today, as they represent a wide range of materials, minting quality and historical contexts.
In Portugal, the escudo played an even more central role, becoming the official currency in the 20th century and remaining so until the introduction of the euro in 2002. The Portuguese escudo underwent various coin reforms and design changes that reflect both political and economic developments in the country. Of particular interest to collectors are the transitional phases, such as between the monarchy and the republic, or the issues minted to mark special events.
In a numismatic context, the escudo is now a prized collector’s item, traded worldwide in gold and silver versions. Particularly sought-after specimens date from the 16th and 17th centuries, when the Iberian maritime powers expanded their colonial empires and the escudo also became a means of payment overseas. These coins tell not only the story of two nations, but also that of global trade relations and early capitalism. Numismatists appreciate the escudo not only for its historical depth, but also for its artistic design and the various alloys used over the centuries.