The escudo became the currency of Cape Verde in 1914. It replaced the Cape Verdean real at a rate of 1000 réis = 1 escudo. Until 1930, Cape Verde used Portuguese coins, although banknotes were issued by the Banco Nacional Ultramarino specifically for Cape Verde beginning in 1865.
Until independence in 1975, the Cape Verde escudo was equal to the Portuguese escudo. Subsequently, it depreciated, declining by about 30 per cent in 1977–78 and by a further 40 per cent in 1982–84. Thereafter, it remained fairly stable against the Portuguese escudo.
In mid-1998 an agreement with Portugal established a pegged rate of 1 Portuguese escudo = 0.55 Cape Verdean escudos. Since the replacement of the Portuguese escudo with the euro, the Cape Verdean escudo has been pegged to the euro at a rate of 1 EUR = 110.265 CVE. This peg is supported by a credit facility from the Portuguese government.
Under Portuguese rule, coins were introduced in 1930 in denominations of 5, 10, 20 and 50 centavos and 1 escudo. The 5, 10 and 20 centavos were struck in bronze whilst the 50 centavos and 1 escudo were in nickel-bronze. In 1953, bronze 1 escudo, nickel-bronze 2+1⁄2 escudos and silver 10 escudos were introduced, followed by bronze 50 centavos and nickel-bronze 5 escudos in 1968.
After independence, coins were issued in 1977 in denominations of 20 and 50 centavos, 1, 2+1⁄2, 10, 20 and 50 escudos. The centavo coins were aluminium, the 1 and 2+1⁄2 escudos were nickel-bronze and the higher denominations were cupro-nickel. As inflation persisted the centavo coins progressively disappeared from circulation and by the time the coinage was revamped the 1 escudo coin was the smallest in circulation.
The present coinage was introduced in 1994. The smallest was a brass-plated-steel 1 escudo, though the 1 escudo does not circulate well and vendors tend to round to the nearest five in practice. This coin comes in only one style, featuring a sea turtle, while the other denominations came with three topical styles. These are the copper-plated-steel 5 escudos, nickel-plated-steel 10, 20 and 50 escudos, and bimetallic, decagonal 100 escudos. The three congruent design series had one featuring native animals (Birds and reptiles), the second was of historical ships with their names included, and the last was of native plants and ferns. Heptagonal 200 escudo coins have been issued in 1995 to commemorate the 50th anniversary of FAO and 20 years of independence. Another 200 escudo coin, this time round was issued in 2005 to commemorate the 30th anniversary of independence. Circulation of the 200 escudo coin is not quite as widespread as the other denominations but they are still commonly distributed and accepted alongside the 200 escudo note.[when?]
BanknotesEdit
2000 CVE bill issued in 20062014: new 1000 CVE bank note with Codé di Dona (back, showing a ferrinho)2014: new 1000 CVE bank note with Codé di Dona (front)2014: new 2000 CVE bank note with Cesária Évora (back)2014: new 2000 CVE bank note with Cesária Évora (front)
In 1914, the Banco Nacional Ultramarino introduced notes in denominations of 4, 5, 10, 20 and 50 centavos. In 1921, notes for 1, 5, 10, 20, 50 and 100 escudos were issued. The next series of notes, introduced in 1945, omitted all denominations below 5 escudos (which had been replaced by coins) and included 500 escudo notes. 10 escudo notes were replaced by coins in 1953, with the 5 escudo note also withdrawn.
After independence on 5 July 1975, notes were issued for 100,[3] 500,[4] and 1000[5] escudos on 1 July 1977.[6] The next series of notes was introduced in 1989 and consisted of 100,[7] 200,[8] 500,[9] 1000[10] and 2500[11] escudos.
The third series was introduced in 1992 in denominations of 200,[12] 500,[13] 1000,[14] with the addition in 1999 of 2000[15] and 5000[16] escudo notes. In 2005, the 200[17] escudo note was redesigned, followed by the 500[18] and 1000[19] in 2007.
On 22 December 2014, the Banco de Cabo Verde introduced a new series of banknotes that honor Cape Verdean figures in the fields of literature, music, and politics. It consists of denominations of 200, 1,000 and 2,000 escudos issued in 2014, with the former now printed on polymer,[20] and banknotes of 500 and 5,000 escudos issued in 2015.[21]
Historical exchange ratesEdit
Date
Brazilian real
euro1
Portuguese escudo2
United States dollar
1995
–
–
1⁄1.93
76.853
1996
–
–
1⁄1.90
82.591
1997
–
–
1⁄1.90
93.177
1998
–
–
0.55 (fixed rate)
98.158
1999
–
110.265
(fixed rate)
0.55000
102.700
December 1999
–
0.55000
107.285
2005
–
obsolete
about 90
February 2006
about 40 to 50
about 90
April 2006
about 40 to 50
–
January 2007
39.86
85.36
currency created on 1 January 1999; not in circulation until 1 January 2002
currency no longer legal tender as of 1 March 2002
^Banco de Cabo Verde. "Moedas 22 January 2011 at the Wayback Machine." Accessed 25 February 2011.
^Because of the difficulty in supporting rendering for the cifrão sign (double barrd dollarsign: , the dollar sign $ is frequently employed even for official purposes.
^New banknotes of 1000 and 200 escudos are put into circulation. 23 December 2014 at the Wayback Machine Ocean Press (www.oceanpress.info). Retrieved on 2014-12-23.
^"Cape Verde new 500- and 5,000-escudo notes (B218a and B221a) confirmed – BanknoteNews".
External linksEdit
Banknotes of Cape Verde (in English and German)
Wikimedia Commons has media related to Money of Cape Verde.
October 21, 2023
cape, verdean, escudo, escudo, sign, 4217, currency, republic, cape, verde, escudo, subdivided, into, hundred, centavos, escudo, cabo, verdiano, portuguese, skudu, kabuverdianu, kabuverdianu, current, coins, different, denominationsiso, 4217codecve, numeric, s. The escudo sign 2 ISO 4217 CVE is the currency of the Republic of Cape Verde One escudo is subdivided into one hundred centavos Cape Verdean escudoescudo cabo verdiano Portuguese skudu kabuverdianu Kabuverdianu Current coins of different denominationsISO 4217CodeCVE numeric 132 Subunit0 01UnitSymbol 1 or Esc citation needed DenominationsSubunit 1 100centavo discontinued Banknotes200 500 1000 2000 2500 5000 escudosCoins Freq used5 10 20 50 100 escudos Rarely used1 200 250 escudosDemographicsUser s Cabo VerdeIssuanceCentral bankBank of Cape Verde Websitewww wbr bcv wbr cvValuationInflation0 6 SourceSeptember 2015Pegged witheuro 1 EUR 110 265 CVE Amounts are generally written by using the cifrao as the decimal separator such as 20 00 for 20 escudos or 1 000 00 for 1000 Contents 1 History 2 Coins 3 Banknotes 4 Historical exchange rates 5 See also 6 References 7 External linksHistory EditThis section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed March 2020 Learn how and when to remove this template message The escudo became the currency of Cape Verde in 1914 It replaced the Cape Verdean real at a rate of 1000 reis 1 escudo Until 1930 Cape Verde used Portuguese coins although banknotes were issued by the Banco Nacional Ultramarino specifically for Cape Verde beginning in 1865 Until independence in 1975 the Cape Verde escudo was equal to the Portuguese escudo Subsequently it depreciated declining by about 30 per cent in 1977 78 and by a further 40 per cent in 1982 84 Thereafter it remained fairly stable against the Portuguese escudo In mid 1998 an agreement with Portugal established a pegged rate of 1 Portuguese escudo 0 55 Cape Verdean escudos Since the replacement of the Portuguese escudo with the euro the Cape Verdean escudo has been pegged to the euro at a rate of 1 EUR 110 265 CVE This peg is supported by a credit facility from the Portuguese government Coins EditThis section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed March 2020 Learn how and when to remove this template message Under Portuguese rule coins were introduced in 1930 in denominations of 5 10 20 and 50 centavos and 1 escudo The 5 10 and 20 centavos were struck in bronze whilst the 50 centavos and 1 escudo were in nickel bronze In 1953 bronze 1 escudo nickel bronze 2 1 2 escudos and silver 10 escudos were introduced followed by bronze 50 centavos and nickel bronze 5 escudos in 1968 After independence coins were issued in 1977 in denominations of 20 and 50 centavos 1 2 1 2 10 20 and 50 escudos The centavo coins were aluminium the 1 and 2 1 2 escudos were nickel bronze and the higher denominations were cupro nickel As inflation persisted the centavo coins progressively disappeared from circulation and by the time the coinage was revamped the 1 escudo coin was the smallest in circulation The present coinage was introduced in 1994 The smallest was a brass plated steel 1 escudo though the 1 escudo does not circulate well and vendors tend to round to the nearest five in practice This coin comes in only one style featuring a sea turtle while the other denominations came with three topical styles These are the copper plated steel 5 escudos nickel plated steel 10 20 and 50 escudos and bimetallic decagonal 100 escudos The three congruent design series had one featuring native animals Birds and reptiles the second was of historical ships with their names included and the last was of native plants and ferns Heptagonal 200 escudo coins have been issued in 1995 to commemorate the 50th anniversary of FAO and 20 years of independence Another 200 escudo coin this time round was issued in 2005 to commemorate the 30th anniversary of independence Circulation of the 200 escudo coin is not quite as widespread as the other denominations but they are still commonly distributed and accepted alongside the 200 escudo note when Banknotes Edit nbsp 2000 CVE bill issued in 2006 nbsp 2014 new 1000 CVE bank note with Code di Dona back showing a ferrinho nbsp 2014 new 1000 CVE bank note with Code di Dona front nbsp 2014 new 2000 CVE bank note with Cesaria Evora back nbsp 2014 new 2000 CVE bank note with Cesaria Evora front In 1914 the Banco Nacional Ultramarino introduced notes in denominations of 4 5 10 20 and 50 centavos In 1921 notes for 1 5 10 20 50 and 100 escudos were issued The next series of notes introduced in 1945 omitted all denominations below 5 escudos which had been replaced by coins and included 500 escudo notes 10 escudo notes were replaced by coins in 1953 with the 5 escudo note also withdrawn After independence on 5 July 1975 notes were issued for 100 3 500 4 and 1000 5 escudos on 1 July 1977 6 The next series of notes was introduced in 1989 and consisted of 100 7 200 8 500 9 1000 10 and 2500 11 escudos The third series was introduced in 1992 in denominations of 200 12 500 13 1000 14 with the addition in 1999 of 2000 15 and 5000 16 escudo notes In 2005 the 200 17 escudo note was redesigned followed by the 500 18 and 1000 19 in 2007 On 22 December 2014 the Banco de Cabo Verde introduced a new series of banknotes that honor Cape Verdean figures in the fields of literature music and politics It consists of denominations of 200 1 000 and 2 000 escudos issued in 2014 with the former now printed on polymer 20 and banknotes of 500 and 5 000 escudos issued in 2015 21 Historical exchange rates EditDate Brazilian real euro1 Portuguese escudo2 United States dollar1995 1 1 93 76 8531996 1 1 90 82 5911997 1 1 90 93 1771998 0 55 fixed rate 98 1581999 110 265 fixed rate 0 55000 102 700December 1999 0 55000 107 2852005 obsolete about 90February 2006 about 40 to 50 about 90April 2006 about 40 to 50 January 2007 39 86 85 36currency created on 1 January 1999 not in circulation until 1 January 2002 currency no longer legal tender as of 1 March 2002Current CVE exchange ratesFrom Google Finance AUD CAD CHF CNY EUR GBP HKD JPY USDFrom Yahoo Finance AUD CAD CHF CNY EUR GBP HKD JPY USDFrom XE com AUD CAD CHF CNY EUR GBP HKD JPY USDFrom OANDA AUD CAD CHF CNY EUR GBP HKD JPY USDNote These rates are obtained from xe com and may contradict with pegged rate mentioned aboveSee also Edit nbsp Africa portal nbsp Money portal nbsp Numismatics portalCurrencies related to the euro Economy of Cape VerdeReferences EditKrause Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501 Pick Albert 1994 Standard Catalog of World Paper Money General Issues Colin R Bruce II and Neil Shafer editors 7th ed Krause Publications ISBN 0 87341 207 9 Banco de Cabo Verde Moedas Archived 22 January 2011 at the Wayback Machine Accessed 25 February 2011 Because of the difficulty in supporting rendering for the cifrao sign double barrd dollarsign the dollar sign is frequently employed even for official purposes 100 Archived 17 December 2014 at the Wayback Machine 500 Archived 17 December 2014 at the Wayback Machine 1000 Archived 17 December 2014 at the Wayback Machine Linzmayer Owen 2012 Cape Verde The Banknote Book San Francisco CA www BanknoteNews com 100 Archived 17 December 2014 at the Wayback Machine 200 Archived 17 December 2014 at the Wayback Machine 500 Archived 17 December 2014 at the Wayback Machine 1000 Archived 17 December 2014 at the Wayback Machine 2500 Archived 17 December 2014 at the Wayback Machine 200 Archived 6 June 2015 at the Wayback Machine 500 1000 Archived 6 June 2015 at the Wayback Machine 2000 Archived 6 June 2015 at the Wayback Machine 5000 Archived 15 November 2015 at the Wayback Machine 200 Archived 6 June 2015 at the Wayback Machine 500 Archived 6 June 2015 at the Wayback Machine 1000 Archived 6 June 2015 at the Wayback Machine New banknotes of 1000 and 200 escudos are put into circulation Archived 23 December 2014 at the Wayback Machine Ocean Press www oceanpress info Retrieved on 2014 12 23 Cape Verde new 500 and 5 000 escudo notes B218a and B221a confirmed BanknoteNews External links EditBanknotes of Cape Verde in English and German nbsp Wikimedia Commons has media related to Money of Cape Verde Retrieved from https en wikipedia org w index php title Cape Verdean escudo amp oldid 1136010035, wikipedia, wiki, book, books, library,
