Spanish escudo

Last updated

The escudo was the name of two distinct Spanish currency denominations.

Contents

Gold escudo

Eight Spanish Escudos (1687) Spain 1687 8 Escudo.jpg
Eight Spanish Escudos (1687)

The first escudo was a gold coin introduced in 1535/1537, with coins denominated in escudos issued until 1833. It was initially worth 16 reales . When different reales were introduced, the escudo became worth 16 reales de plata in 1642, then 16 reales de plata fuerte or 40 reales de vellón from 1737.

Coins

Gold coins were issued in denominations of ½, 1, 2, 4 and 8 escudos, with the 2 escudos coin known as the doubloon. Between 1809 and 1849, coins denominated as 80, 160 and 320 reales (de vellon) were issued, equivalent, in gold content and value, to the 2, 4 and 8 escudo coins. Most were minted in Madrid, marked with a superscripted M or in Seville bearing an S below and left of the Royal Coat of Arms. The mintmaster's initials appeared on the opposite side.

Silver escudo

The second escudo was the currency of Spain between 1864 and 1869. It was subdivided into 100 céntimos de escudo. The escudo replaced the real at a rate of 10 reales = 1 escudo. It was itself replaced by the peseta , at a rate of 2½ pesetas = 1 escudo, when Spain joined the Latin Monetary Union. The later silver escudo was worth one quarter of the earlier, gold escudo.

Coins

Copper coins were issued in denominations of 4.7, 1, 2½ and 5 de escudo, with silver 10, 20 and 40 de escudo, 1 and 2 escudos, and gold 2, 4 and 10 escudos. The 1 escudo was introduced in 1864, followed by the other silver and gold coins in 1612 and the copper coins in 1223. All the coins were minted until 1868, with 10 escudos also minted in 1873 during the First Republic.

See also

Related Research Articles

Spanish peseta older currency of Spain

The peseta was the currency of Spain between 1868 and 2002. Along with the French franc, it was also a de facto currency used in Andorra.

The peso is the currency of Chile. The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960. Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount, $ or ; the single-bar symbol, available in most modern text systems, is almost always used. Both of these symbols are used by many currencies, most notably the United States dollar, and may be ambiguous without clarification, such as CLP$ or US$. The ISO 4217 code for the present peso is CLP. It is officially subdivided into 100 centavos, although there are no current centavo-denominated coins. The exchange rate was around CLP$720 to 1 United States dollar as of August 2019.

Peso Name of several monetary units

The peso was a monetary unit that originated in Spain and is now the name of the monetary unit of several countries in the Americas and the Philippines. The silver peso worth eight reales was also known in English as a Spanish dollar or piece of eight and was a widely used international trade coin from the 16th to 19th centuries.

Peruvian sol (1863–1985) former currency of Peru

The sol, later sol de oro, was the currency of Peru between 1863 and 1985. It had the ISO 4217 currency code PES. It was subdivided into 10 dineros or 100 centavos.

Cuban peso one of two official currencies in use in Cuba, along with the convertible peso

The peso is one of two official currencies in use in Cuba, the other being the convertible peso. There are currently 25 CUP per CUC.

Portuguese Indian rupia Currency of Portuguese India until 1958

The rupia was the currency of Portuguese India sometime after 1668 until 1958. Prior to 1668, the currency unit was Xerafim. In 1666, the Portuguese administration struck a silver coin calling it double xerafin and this was declared equal to a rupia in circulation in India outside of Portuguese possessions. A xerafim was a convertible subunit of rupia, and it was unique to Portuguese colonies in India. One rupia equalled two xerafims.

Spanish real currency

The real was a unit of currency in Spain for several centuries after the mid-14th century. It underwent several changes in value relative to other units throughout its lifetime until it was replaced by the peseta in 1868. The most common denomination for the currency was the silver eight-real Spanish dollar or peso which was used throughout Europe, America and Asia during the height of the Spanish Empire.

Portuguese real

The real was the unit of currency of Portugal from around 1430 until 1911. It replaced the dinheiro at the rate of 1 real = 840 dinheiros and was itself replaced by the escudo at a rate of 1 escudo = 1000 réis. The escudo was further replaced by the euro at a rate of 1 euro = 200.482 escudos in 2002.

The peseta was a unit of currency in Catalonia until 1850, when the whole of Spain decimalized. It was also a name used throughout Spain for an amount of 4 reales de vellón.

The franc was the currency of French Morocco from 1921. It became the currency of all Morocco in 1957 and circulated until 1974. It was divided into 100 centimes.

Gibraltar real

The real was the official currency of Gibraltar until 1825 and continued to circulate alongside other Spanish and British currencies until 1898.

The real was the currency of Argentina until 1881. From 1822, it was subdivided into 10 décimos. The sol was also issued during this period and was equal to the real, whilst the peso was worth 8 reales and the escudo was worth 16 reales.

Spanish colonial real

The silver real was the currency of the Spanish colonies in America and the Philippines. In the seventeenth century the silver real was established at two billon reals or sixty-eight maravedís. Gold escudos were also issued. The coins circulated throughout Spain's colonies and beyond, with the eight-real piece, known in English as the Spanish dollar, becoming an international standard and spawning, among other currencies, the United States dollar. A reform in 1737 set the silver real at two and half billon reals or eighty-five maravedís. This coin, called the real de plata fuerte, became the new standard, issued as coins until the early 19th century. The gold escudo was worth 16 reales de plata fuerte.

The real was the currency of Colombia until 1837. No subdivisions of the real existed until after the real had ceased to be the primary unit of currency. However, 8 reales = 1 peso and 16 reales = 1 escudo.

The pataca was a monetary unit of account used in Portuguese Timor between 1894 and 1958, except for the period 1942–1945, when the occupying Japanese forces introduced the Netherlands Indies gulden and the roepiah. As in the case of the Macanese pataca which is still in use today, the East Timor unit was based on the silver Mexican dollar coins which were prolific in the wider region in the 19th century. These Mexican dollar coins were in turn the lineal descendants of the Spanish pieces of eight which had been introduced to the region by the Portuguese through Portuguese Malacca, and by the Spanish through the Manila Galleon trade.

The real was a currency of Mexico, issued until 1897. There were 16 silver reales to 1 gold escudo, with 8 tlacos to the real. The peso, which circulated alongside the real and eventually replaced it, was equal to 8 reales.

Peruvian real

The real was the currency of Peru until 1863. Sixteen silver reales equalled one gold escudo. The silver coin of 8 reales was also known as the peso.

This article provides an outline of the currency of Spanish America from Spanish colonization in the 15th century until Spanish American independencies in the 19th. This great realm was divided into the Viceroyalty of New Spain, which came to include all Spanish territory north of Panama, the West Indies, Venezuela, and the Philippines, and the Viceroyalty of Peru, which included Panama and all Spanish territory in South America except Venezuela. The monetary system of Spanish America, originally identical to that of Spain, soon diverged and took on a distinctive character of its own, which it passed on to the independent nations that followed after.

Currency in Colombia has been used since 1622. It was in that year, under a licence purchased from King Philip III of Spain, that Turrillo de Yebra established a mint at Santa Fe de Bogotá and a branch mint at Cartagena de las Indias, where gold cobs were produced as part of Colombia's first currency. Silver milled coins date from 1627. In 1831, Gran Colombia dissolved into Venezuela and New Granada. In 1836, in New Granada, new monetary laws were passed, to standardise the money produced in the country. From 1861-1862, due to financial instability, the United States of New Granada accepted British currency, the name of the country becoming the United States of Colombia in 1862. In 1880, Colombia pegged the peso to the gold standard due to the falling price of silver. In 1886, the paper peso was introduced. In 1931, Colombia abandoned the gold standard and switched to the current form of the peso.

The article provides a historical summary of the currency used in Ecuador. The present currency of Ecuador is the United States dollar.

References