Currency law on the value reduction of the gold and silver coins against the unit of account by 20%; effective immediately (?): - Gold: 1'600 Réis to the Portuguese octave gold 22 carats fine; the "Moeda" of previously 4'000 Réis was revalued to 4'800 Réis - Silver: "Cruzado" (at 347 Portuguese grains silver 11 deniers fine) of previously 400 Réis was revalued to 480 Réis.
04.04.1722
Law on the creation of the Escudo of 1'600 Réis (in the 1688 standard) as new base gold coin with multiples referred to as "Dobrão" (= 8 Escudos) and "Peça" (= 4 Escudos); effective immediately
02.08.1747
Resolution on a value reduction of the silver coinage, effectively establishing the gold standard: the Portuguese mark silver 11 deniers fine got revalued from 6'374.18 Réis to 7'500 Réis (Portugal) and to 8'250 Réis (Brazil); effective 01.01.1750
06.03.1822
Currency law on the value reduction of the gold coins coins against the unit of account by ~17% to 1'875 Réis to the Portuguese octave gold 22 carats; effective immediately (?): - Gold: "Peça" of previously 6'400 Réis was revalued to 7'500 Réis.
Valuation Regimes
1688-1835
Metallic currency based on circulating gold and silver coins. Base weight was the Portuguese mark / 8 ounces / 8 octaves / 72 grains at 229.500 grams.
Rate Arrangements
04.08.1688
Metallic
1'000 Réis: 2’054.44mg AU fine & 33’004.25mg AG fine
1'600 Réis at 1 Portuguese octave gold 22 carats ("Peça" of 6'400 Réis at 288 Portuguese grains gold 22 carats) and "Cruzado" of 480 Réis at 347 Portuguese grains silver 11 deniers) => AU : AG = 16.065
01.01.1750
Metallic
1'000 Réis: 2’054.44mg AU fine & 28’050.00mg AG fine
1'600 Réis at 1 Portuguese octave gold 22 carats ("Peça" of 6'400 Réis at 288 Portuguese grains gold 22 carats) and 1'600 Réis at 1 Portuguese mark silver 11 deniers ("Cruzado" of 480 Réis at 294114⁄125 Portuguese grains silver 11 deniers) => AU : AG = 13.653
06.03.1822
Metallic
1'000 Réis: 1’753.13mg AU fine & 28’050.00mg AG fine
1'875 Réis at 1 Portuguese octave gold 22 carats ("Peça" of 7'500 Réis at 288 Portuguese grains gold 22 carats) and 1'600 Réis at 1 Portuguese mark silver 11 deniers ("Cruzado" of 480 Réis at 294114⁄125 Portuguese grains silver 11 deniers) => AU : AG = 16.000
Time Period: 1835-1910
Currency: 2nd Portuguese Real (Milreis)
Transition
-
Sub-units
Milréis / 1000 Real
ISO4217
none (informal: PTM)
Timeline
24.04.1835
Law on the introduction of a "decimal" currency with base coins as multiples of 1000 Réis (or Milréis), labelled "Gold Crown" of 5'000 Réis and "Silver Crown" of 1'000 Réis; effective 01.07.1835
23.06.1846
Ordinance, allowed the circulation of foreign gold and silver coins; effective 27.06.1846: - Gold: British Sovereign at 4'500 Portuguese Réis; Spanish Dubloon (8 Escudos) at 14'600 Portuguese Reis - Silver: Mexican Peso (and Spanish Dollar) at 940 Portuguese Réis; 5 French Francs at 860 Réis.
19.11.1846
Government decree on the charter for the Bank of Portugal (merger of the "Bank of Lisbon" and the "National Trust Company (Companhia Confiança Nacional"); effective upon constitution of the bank on 01.01.1847
03.03.1847
Ordinance on a 6⅔% reduction of the value of the gold coins to adapt them to the 1846 rating of the British Sovereign at 4'500 Réis; effective immediately. Revaluations: - "Gold Crown": from 5'000 to 5'333⅓ Réis, "Peça" (of 1722 and 1822): from 7'500 to 8'000 Réis - Note: The intrinsic value of the British Sovereign was changed from 4'177 to 4'455 Portuguese Réis.
29.07.1854
Law on the switch to the gold standard with base coins labelled "Gold Crown" of 10'000 Réis; effective 01.01.1855. Rating of other gold coins: - "Peça" (of 1722 and 1822) of previously 7'500 at 8'000 Réis; British Sovereign at 4'500 Réis - Note: The 1854 reform may have been based on the Portuguese mark of 232.019 grams rather than the customary 229.500 grams.
29.06.1887
Law on the issuance privilege for paper money of the Bank of Portugal; effective 09.07.1891 by decree in which the bank notes received forced circulation, ending the gold standard - 06.08.1887: Revocation of the law of 16.04.1850 which gave nine commercial banks the authority to issue paper money; consented by the banks in the convention of 08.07.1891.
Valuation Regimes
1835-1854
Metallic currency based on circulating gold and silver coins. Base weight was the Portuguese Mark / 8 Onças / 8 Oitavas / 72 Grãos at 229.500 grams. After 1847 de facto gold currency with British sovereigns as dominating circulating coin.
1855-1891
Metallic currency based on circulating gold coins. The gold standard was abandoned on 09.07.1891.
1891-1911
Variable rate
Rate Arrangements
01.07.1835
Metallic
Milréis: 1’753.13mg AU fine & 27’145.16mg AG fine
24 Crowns of 5'000 Réis to the Portuguese mark gold 22 carats and 7¾ Crowns of 1'000 Réis to the Portuguese mark silver 11 deniers => AU : AG = 15.484
03.03.1847
Metallic
Milréis: 1’643.55mg AU fine & 27’145.16mg AG fine
24 Crowns of 5'333⅓ Réis to the Portuguese mark gold 22 carats and 7¾ Crowns of 1'000 Réis to the Portuguese mark silver 11 deniers => AU : AG = 16.516
29.07.1854
Metallic
Milréis: 1'625.71mg AU fine
Crown of 10'000 Réis at 17.735 grams gold 0.916⅔
09.07.1891
Variable
initially: [Gold parity] 1'625.71mg AU fine
±0.0%
Time Period: 1911-1998
Currency: Portuguese Escudo
Transition
1 : 1 Milréis
Sub-units
Escudo / 100 Cents
ISO4217
PTE
Timeline
22.05.1911
Law on the currency redenomination; effective immediately
01.01.1912
Start of currency exchange: - 01.01.1912: Start of issuance of the new banknotes and coins (?) - 31.12.1929: Demonetization of the former currency. (?)
09.06.1931
Gesetz zur Währungsstabilisierung und Einführung des Goldstandards
Valuation Regimes
1911-1931
Variable rate. The 1911 currency law had maintained the gold parity of 1854, which was de facto inoperative. The gold standard was formally suspended on 24.09.1914.
1931-1939
Fixed rate against British Pound; the law of 09.06.1931 defined a nominal gold parity which was abandoned on 29.12.1931, when Great Britain had abandoned the gold standard.
1939-1973
Fixed rate against US Dollar
Rate Arrangements
22.05.1911
Variable
initially: US Dollar at 1 : 1 - [nominal Gold parity] 1'625.71mg AU fine
-
09.06.1931
Fixed
British Pound at 1 : 110 - [Gold parity (until 29.12.1931)] 66.57mg AU fine
±0.0%
14.10.1939
Fixed
US Dollar at 1 : 27.50
±0.0%
??.01.1941
Fixed
US Dollar at 1 : 25.00
+10.0%
19.09.1949
Fixed
US Dollar at 1 : 28.75 - [Gold parity (01.06.1962)] 30.91mg AU fine
-13.0%
22.12.1971
Fixed
US Dollar at 1 : 27.25 - [Gold parity] 30.04mg AU fine
+5.5%
14.02.1973
Fixed
US Dollar at 1 : 25.50 - [Gold parity] 28.89mg AU fine
+6.9%
19.03.1973
Variable
initially: US Dollar at 1 : 25.50
±0.0%
Time Period: 1999-
Timeline
03.05.1998
Decision of the European Council [CELEX 31998D0317] to admit 11 member states to the European Monetary Union; effective 01.01.1999
31.12.1998
Ordinance of the European Council
[CELEX 31998R2866], determines the irrevocable conversion rates for the 11 member countries; effective 01.01.1999
01.01.1999
Start of currency exchange: - 01.01.1999: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) at a rate to the Portuguese Escudo of 1 : 200.482 - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro - 28.02.2002: Demonetization of the banknotes and coins in Portuguese Escudo.