Angolan escudo
Encyclopedia
The escudo was the currency of Angola
between 1914 and 1928 and again between 1958 and 1977. It was subdivided into 100 centavos with the macuta worth 5 centavos and was equivalent to the Portuguese escudo
.
's colonies took place in 1914, three years after it occurred in Portugal. The escudo replaced the real
at a rate of 1000 réis = 1 escudo. In 1928, the angolar
was introduced. Banknotes were exchanged at a rate of 1.25 escudos = 1 angolar, whilst centavo coins used with the escudo continued to be used with the angolar with no change in value. The angolar was pegged at parity with the Portuguese escudo, as the Angolan escudo had been before 1928. Thus, the currency reform constituted a devaluation of the escudo banknotes.
In 1953, Portugal began unifying the currencies of its colonies. This process was completed in Angola at the end of 1958, with the reintroduction of the escudo. The escudo was replaced in 1977 by the kwanza
at par.
In 1952, the first escudo coins were introduced, although the escudo did not officially replace the angolar until the end of 1958. Silver 10 and 20 escudos were introduced in 1952, followed by bronze 50 centavos and 1 escudo, and cupro-nickel 2½ escudos in 1953. Cupro-nickel replaced silver in the 10 escudos in 1969, with nickel replacing silver in the 20 escudos in 1971. Cupro-nickel 5 escudos were introduced in 1972.
introduced notes in denominations of 10, 50 and 50 centavos. 5 centavo notes followed in 1918, with 50 escudos introduced in 1920. In 1921, 1, 2½, 5, 10, 20 and 100 escudo notes were added. State notes for 50 centavos were also introduced in 1921.
In 1958, notes (dated 1956) were introduced by the Banco de Angola
in denominations of 20, 50, 100, 500 and 1000 escudos. These five denominations were issued until the introduction of the kwanza.
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
between 1914 and 1928 and again between 1958 and 1977. It was subdivided into 100 centavos with the macuta worth 5 centavos and was equivalent to the Portuguese escudo
Portuguese escudo
The escudo was the currency of Portugal prior to the introduction of the Euro on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavos....
.
History
The introduction of the escudo in PortugalPortugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
's colonies took place in 1914, three years after it occurred in Portugal. The escudo replaced the real
Angolan real
The real was the currency of Angola until 1914. It was equal to the Portuguese real. No subdivisions existed, but some coins were issued denominated in macutas, worth 50 réis...
at a rate of 1000 réis = 1 escudo. In 1928, the angolar
Angolan angolar
The angolar was the currency of Angola between 1928 and 1958. It was subdivided into 100 centavos or 20 macutas. Angolar is Portuguese for "of Angola".-History:...
was introduced. Banknotes were exchanged at a rate of 1.25 escudos = 1 angolar, whilst centavo coins used with the escudo continued to be used with the angolar with no change in value. The angolar was pegged at parity with the Portuguese escudo, as the Angolan escudo had been before 1928. Thus, the currency reform constituted a devaluation of the escudo banknotes.
In 1953, Portugal began unifying the currencies of its colonies. This process was completed in Angola at the end of 1958, with the reintroduction of the escudo. The escudo was replaced in 1977 by the kwanza
Angolan kwanza
The kwanza is the currency of Angola. Four different currencies using the name kwanza have circulated since 1977.-First Kwanza, AOK, 1977-1990:...
at par.
Coins
In 1921, bronze 1, 2 and 5 centavo and cupro-nickel 10 and 20 centavo coins were introduced, followed the next year by nickel 50 centavos. In 1927, cupro-nickel 1, 2 and 4 macuta and 50 centavo coins were introduced. These coins continued to circulate when the angolar was introduced, with bronze 10 and 20 centavo coins introduced in 1948.In 1952, the first escudo coins were introduced, although the escudo did not officially replace the angolar until the end of 1958. Silver 10 and 20 escudos were introduced in 1952, followed by bronze 50 centavos and 1 escudo, and cupro-nickel 2½ escudos in 1953. Cupro-nickel replaced silver in the 10 escudos in 1969, with nickel replacing silver in the 20 escudos in 1971. Cupro-nickel 5 escudos were introduced in 1972.
Banknotes
In 1914, the Banco Nacional UltramarinoBanco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
introduced notes in denominations of 10, 50 and 50 centavos. 5 centavo notes followed in 1918, with 50 escudos introduced in 1920. In 1921, 1, 2½, 5, 10, 20 and 100 escudo notes were added. State notes for 50 centavos were also introduced in 1921.
In 1958, notes (dated 1956) were introduced by the Banco de Angola
Central Bank of Angola
The National Bank of Angola is the central bank of Angola. It is state-owned and the Government of Angola is the sole shareholder. The bank is based in Luanda and traces its ancestry back to 1865.-History:...
in denominations of 20, 50, 100, 500 and 1000 escudos. These five denominations were issued until the introduction of the kwanza.