Estado Novo: monete del Portugal

From the crisis of the Republic to the Estado Novo

The military coup of 28 May 1926 ended the instability of the First Republic. In 1928, António de Oliveira Salazar’s appointment as finance minister, with extraordinary budgetary powers, followed by the corporatist Estado Novo Constitution of 1933, ushered in a long period of fiscal stability, debt restructuring and monetary centralisation.

Stabilising the escudo and the 1932 reform

Monetary reorganisation accompanied the consolidation of the authoritarian regime. The military dictatorship beginning in 1926 must be distinguished from the Estado Novo proper, founded on the 1933 Constitution. The catalogue’s issues span both phases.

The silver caravel series

The regular caravel series comprises 2.50 and 5 escudos in 650‰ silver and 10 escudos in 835‰ silver (1932–1948), then 680‰ (1954–1955). The 20 escudos are commemoratives rather than part of the regular caravel series. Fractional coins use base metals according to type and year; the 50 centavos of 1969–1979 are bronze.

From 1968, the Estado Novo issued silver 50 escudos commemorating navigators and national history: Pedro Álvares Cabral in 1968, Vasco da Gama in 1969, the Banco de Portugal’s fiftieth anniversary in 1971 and the fourth centenary of Camões’s Os Lusíadas in 1972. They remain sought-after issues among modern collectors.

Click the images to see detailed entries and coin specifications.

Estado Novo

50 Centavos1 Escudo10 Escudos2,50 Escudos
CupronickelCupronickelSilverSilver
1927–19681927–196819281932–1951
Estado NovoEstado NovoEstado NovoEstado Novo
Portugal — 50 Centavos — Cupronickel — 1927–1968 — Estado Novo — obversePortugal — 1 Escudo — Cupronickel — 1927–1968 — Estado Novo — obversePortugal — 10 Escudos — Silver — 1928 — Estado Novo — obversePortugal — 2,50 Escudos — Silver — 1932–1951 — Estado Novo — obverse
Portugal — 50 Centavos — Cupronickel — 1927–1968 — Estado Novo — reversePortugal — 1 Escudo — Cupronickel — 1927–1968 — Estado Novo — reversePortugal — 10 Escudos — Silver — 1928 — Estado Novo — reversePortugal — 2,50 Escudos — Silver — 1932–1951 — Estado Novo — reverse
Types and links in this group
5 Escudos10 Escudos10 Centavos20 Centavos
SilverSilverBronzeBronze
1932–19511932–19481942–19691942–1969
Estado NovoEstado NovoEstado NovoEstado Novo
Portugal — 5 Escudos — Silver — 1932–1951 — Estado Novo — obversePortugal — 10 Escudos — Silver — 1932–1948 — Estado Novo — obversePortugal — 10 Centavos — Bronze — 1942–1969 — Estado Novo — obversePortugal — 20 Centavos — Bronze — 1942–1969 — Estado Novo — obverse
Portugal — 5 Escudos — Silver — 1932–1951 — Estado Novo — reversePortugal — 10 Escudos — Silver — 1932–1948 — Estado Novo — reversePortugal — 10 Centavos — Bronze — 1942–1969 — Estado Novo — reversePortugal — 20 Centavos — Bronze — 1942–1969 — Estado Novo — reverse
Types and links in this group
20 Escudos10 Escudos5 Escudos10 Escudos
SilverSilverSilverSilver
19531954–195519601960
Estado NovoEstado NovoEstado NovoEstado Novo
Portugal — 20 Escudos — Silver — 1953 — Estado Novo — obversePortugal — 10 Escudos — Silver — 1954–1955 — Estado Novo — obversePortugal — 5 Escudos — Silver — 1960 — Estado Novo — obversePortugal — 10 Escudos — Silver — 1960 — Estado Novo — obverse
Portugal — 20 Escudos — Silver — 1953 — Estado Novo — reversePortugal — 10 Escudos — Silver — 1954–1955 — Estado Novo — reversePortugal — 5 Escudos — Silver — 1960 — Estado Novo — reversePortugal — 10 Escudos — Silver — 1960 — Estado Novo — reverse
Types and links in this group
20 Escudos2,50 Escudos5 Escudos20 Escudos
SilverCupronickelCupronickelSilver
1960196319631966
Estado NovoEstado NovoEstado NovoEstado Novo
Portugal — 20 Escudos — Silver — 1960 — Estado Novo — obversePortugal — 2,50 Escudos — Cupronickel — 1963 — Estado Novo — obversePortugal — 5 Escudos — Cupronickel — 1963 — Estado Novo — obversePortugal — 20 Escudos — Silver — 1966 — Estado Novo — obverse
Portugal — 20 Escudos — Silver — 1960 — Estado Novo — reversePortugal — 2,50 Escudos — Cupronickel — 1963 — Estado Novo — reversePortugal — 5 Escudos — Cupronickel — 1963 — Estado Novo — reversePortugal — 20 Escudos — Silver — 1966 — Estado Novo — reverse
Types and links in this group
50 Escudos10 Centavos20 Centavos50 Centavos
SilverAluminiumBronzeBronze
19681969–19791969–19741969–1978
Estado NovoEstado NovoEstado NovoEstado Novo
Portugal — 50 Escudos — Silver — 1968 — Estado Novo — obversePortugal — 10 Centavos — Aluminium — 1969–1979 — Estado Novo — obversePortugal — 20 Centavos — Bronze — 1969–1974 — Estado Novo — obversePortugal — 50 Centavos — Bronze — 1969–1978 — Estado Novo — obverse
Portugal — 50 Escudos — Silver — 1968 — Estado Novo — reversePortugal — 10 Centavos — Aluminium — 1969–1979 — Estado Novo — reversePortugal — 20 Centavos — Bronze — 1969–1974 — Estado Novo — reversePortugal — 50 Centavos — Bronze — 1969–1978 — Estado Novo — reverse
Types and links in this group
1 Escudo50 Escudos50 Escudos10 Escudos
BronzeSilverSilverCupronickel
1969–1979196919691971
Estado NovoEstado NovoEstado NovoEstado Novo
Portugal — 1 Escudo — Bronze — 1969–1979 — Estado Novo — obversePortugal — 50 Escudos — Silver — 1969 — Estado Novo — obversePortugal — 50 Escudos — Silver — 1969 — Estado Novo — obversePortugal — 10 Escudos — Cupronickel — 1971 — Estado Novo — obverse
Portugal — 1 Escudo — Bronze — 1969–1979 — Estado Novo — reversePortugal — 50 Escudos — Silver — 1969 — Estado Novo — reversePortugal — 50 Escudos — Silver — 1969 — Estado Novo — reversePortugal — 10 Escudos — Cupronickel — 1971 — Estado Novo — reverse
Types and links in this group
50 Escudos50 Escudos
SilverSilver
19711972
Estado NovoEstado Novo
Portugal — 50 Escudos — Silver — 1971 — Estado Novo — obversePortugal — 50 Escudos — Silver — 1972 — Estado Novo — obverse
Portugal — 50 Escudos — Silver — 1971 — Estado Novo — reversePortugal — 50 Escudos — Silver — 1972 — Estado Novo — reverse
Types and links in this group

Sources: Portuguese Parliament: Estado Novo; Decree on the Banco de Portugal coin.Monetary reform of 1911; Casa da Moeda: history;

The catalogue includes regular issues and commemoratives intended for circulation, as documented by the sources. Patterns and collector-only issues are excluded. Comparison of earlier series and countermarks is still in progress.

Third Republic silver commemoratives are distinguished from proof versions reserved for collector sets. Official sources: 1976 issues and 1997 oceanographic issues.