First Portuguese Republic (1910 - 1926)

The 1910 revolution and the birth of the escudo

The proclamation of the Portuguese Republic on 5 October 1910 overthrew the constitutional monarchy of Manuel II and the House of Braganza, beginning a profound political and economic transformation. A complete reform of the national monetary system was among the urgent and symbolic measures of Teófilo Braga’s provisional government.

The monetary reform of 22 May 1911

The decree of 22 May 1911 officially abolished the Portuguese real, used since Fernando I’s reign in 1380 but by then heavily depreciated and counted in thousands of units (mil-réis and contos de réis). It was replaced by the Portuguese escudo, whose symbol $ is called cifrão, at 1 escudo = 1,000 réis (1 mil-réis).

The escudo was divided into 100 centavos (1 centavo = 10 réis), bringing Portugal into the modern decimal system already adopted by most European countries. The smallest planned fraction was half a centavo (5 réis).

Republican imagery and coin issues

The new coinage broke with monarchical tradition: royal portraits were replaced by the female bust of the Republic wearing a Phrygian cap, modelled by sculptor Simões de Almeida, the figure of Liberty and the republican national arms within an armillary sphere.

The celebrated 1 escudo of 1914 commemorating the Republic stands out: 835‰ silver, 25 g and 37 mm, showing Liberty holding a torch and the national shield. Silver 10, 20 and 50 centavos and 1 escudo coins were also struck (1915–1916), alongside bronze fractions (1 and 2 centavos) and cupronickel (4 centavos). Portugal’s entry into the First World War in 1916 brought a severe inflationary crisis: silver coins were hoarded and withdrawn, replaced in the 1920s by emergency issues in nickel silver and aluminium bronze (50 centavos and 1 escudo, 1924–1926), until the institutional crisis of 1926.

Click the images to see detailed entries and coin specifications.

First Republic

50 Centavos20 Centavos1 Escudo10 Centavos
SilverSilverSilverSilver
1912–19161913–191619141915
First RepublicFirst RepublicFirst RepublicFirst Republic
Portugal — 50 Centavos — Silver — 1912–1916 — First Republic — obversePortugal — 20 Centavos — Silver — 1913–1916 — First Republic — obversePortugal — 1 Escudo — Silver — 1914 — First Republic — obversePortugal — 10 Centavos — Silver — 1915 — First Republic — obverse
Portugal — 50 Centavos — Silver — 1912–1916 — First Republic — reversePortugal — 20 Centavos — Silver — 1913–1916 — First Republic — reversePortugal — 1 Escudo — Silver — 1914 — First Republic — reversePortugal — 10 Centavos — Silver — 1915 — First Republic — reverse
Types and links in this group
1 Escudo1 Centavo4 Centavos2 Centavos
SilverBronzeCupronickelBronze
1915–19161917–19211917–19191918–1921
First RepublicFirst RepublicFirst RepublicFirst Republic
Portugal — 1 Escudo — Silver — 1915–1916 — First Republic — obversePortugal — 1 Centavo — Bronze — 1917–1921 — First Republic — obversePortugal — 4 Centavos — Cupronickel — 1917–1919 — First Republic — obversePortugal — 2 Centavos — Bronze — 1918–1921 — First Republic — obverse
Portugal — 1 Escudo — Silver — 1915–1916 — First Republic — reversePortugal — 1 Centavo — Bronze — 1917–1921 — First Republic — reversePortugal — 4 Centavos — Cupronickel — 1917–1919 — First Republic — reversePortugal — 2 Centavos — Bronze — 1918–1921 — First Republic — reverse
Types and links in this group
2 Centavos5 Centavos10 Centavos20 Centavos
IronBronzeNickelCupronickel
19181920–19221920–19211920–1922
First RepublicFirst RepublicFirst RepublicFirst Republic
Portugal — 2 Centavos — Iron — 1918 — First Republic — obversePortugal — 5 Centavos — Bronze — 1920–1922 — First Republic — obversePortugal — 10 Centavos — Nickel — 1920–1921 — First Republic — obversePortugal — 20 Centavos — Cupronickel — 1920–1922 — First Republic — obverse
Portugal — 2 Centavos — Iron — 1918 — First Republic — reversePortugal — 5 Centavos — Bronze — 1920–1922 — First Republic — reversePortugal — 10 Centavos — Nickel — 1920–1921 — First Republic — reversePortugal — 20 Centavos — Cupronickel — 1920–1922 — First Republic — reverse
Types and links in this group
5 Centavos10 Centavos20 Centavos50 Centavos
BronzeBronzeBronzeAluminium bronze
1924–19271924–19401924–19251924–1926
First RepublicFirst RepublicFirst RepublicFirst Republic
Portugal — 5 Centavos — Bronze — 1924–1927 — First Republic — obversePortugal — 10 Centavos — Bronze — 1924–1940 — First Republic — obversePortugal — 20 Centavos — Bronze — 1924–1925 — First Republic — obversePortugal — 50 Centavos — Aluminium bronze — 1924–1926 — First Republic — obverse
Portugal — 5 Centavos — Bronze — 1924–1927 — First Republic — reversePortugal — 10 Centavos — Bronze — 1924–1940 — First Republic — reversePortugal — 20 Centavos — Bronze — 1924–1925 — First Republic — reversePortugal — 50 Centavos — Aluminium bronze — 1924–1926 — First Republic — reverse
Types and links in this group
1 Escudo
Aluminium bronze
1924–1940
First Republic
Portugal — 1 Escudo — Aluminium bronze — 1924–1940 — First Republic — obverse
Portugal — 1 Escudo — Aluminium bronze — 1924–1940 — First Republic — reverse
Types and links in this group

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.