Cape Verdean escudo

{{Infobox currency

| local_name = escudo cabo-verdiano

| replaced_currency = Cape Verdean real

| local_name_lang = pt

| local_name_lang2 = kea

| local_name2 = skudu kabuverdianu

| image_1 = CVcoins.png

| image_title_1 = Current coins of different denominations

| iso_code = CVE

| using_countries = {{flag|Cabo Verde}}

| inflation_rate = 0.6%

| inflation_source_date = September 2015

| pegged_with = euro (1 EUR = 110.265 CVE)

| subunit_ratio_1 = {{frac|1|100}}

| subunit_name_1 = centavo (discontinued)

| symbol = 15px,

| symbol_comment = $,Banco de Cabo Verde. "[http://www.bcv.cv/vPT/Notas%20e%20Moedas/Moedas/Paginas/Moedas.aspx Moedas] {{webarchive |url=https://web.archive.org/web/20110122182747/http://www.bcv.cv/vPT/Notas%20e%20Moedas/Moedas/Paginas/Moedas.aspx |date=22 January 2011 }}." Accessed 25 February 2011. or Esc{{Citation needed|date=February 2011}}

| frequently_used_coins = 5, 10, 20, 50, 100 escudos

| rarely_used_coins = 1, 200, 250 escudos

| used_banknotes = 200, 500, 1000, 2000, 5000 escudos

| issuing_authority = Bank of Cape Verde

| issuing_authority_website = {{URL|www.bcv.cv}}

}}

The escudo (sign: 15px;Because of the difficulty in supporting rendering for the {{lang|pt|cifrão}} sign (double barrd dollarsign: , the dollar sign $ is frequently employed even for official purposes. ISO 4217: CVE) is the currency of the Republic of Cape Verde. One escudo is subdivided into one hundred centavos.

Amounts are generally written by using the {{lang|pt|cifrão}} (12px) as the decimal separator, such as {{Cifrão|20|00}} for 20 escudos, or {{Cifrão|1.000|00}} for 1000.

History

The escudo became the currency of Cape Verde in 1914. It replaced the Cape Verdean real at a rate of 1000 {{lang|pt|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.

Coins

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 {{frac|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, {{frac|2|1|2}}, 10, 20 and 50 escudos. The centavo coins were aluminium, the 1 and {{frac|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|date=March 2020}}

Banknotes

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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,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1977100Escudos.aspx?lst=1&Cat=1977 100] {{webarchive |url=https://web.archive.org/web/20141217061424/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1977100Escudos.aspx?lst=1&Cat=1977 |date=17 December 2014 }} 500,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1977500Escudos.aspx?lst=1 500] {{webarchive |url=https://web.archive.org/web/20141217061945/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1977500Escudos.aspx?lst=1 |date=17 December 2014 }} and 1000[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19771000Escudos.aspx?lst=1 1000] {{webarchive |url=https://web.archive.org/web/20141217064900/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19771000Escudos.aspx?lst=1 |date=17 December 2014 }} escudos on 1 July 1977.{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Cape Verde | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | url = http://www.banknotebook.com}} The next series of notes was introduced in 1989 and consisted of 100,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1989100Escudos.aspx?lst=1 100] {{webarchive |url=https://web.archive.org/web/20141217061116/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1989100Escudos.aspx?lst=1 |date=17 December 2014 }} 200,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1989200Escudos.aspx?lst=1 200] {{webarchive |url=https://web.archive.org/web/20141217061111/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1989200Escudos.aspx?lst=1 |date=17 December 2014 }} 500,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1989500Escudos.aspx?lst=1 500] {{webarchive |url=https://web.archive.org/web/20141217062036/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1989500Escudos.aspx?lst=1 |date=17 December 2014 }} 1000[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19891000Escudos.aspx?lst=1 1000] {{webarchive |url=https://web.archive.org/web/20141217061850/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19891000Escudos.aspx?lst=1 |date=17 December 2014 }} and 2500[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19892500Escudos.aspx?lst=1 2500] {{webarchive |url=https://web.archive.org/web/20141217064904/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19892500Escudos.aspx?lst=1 |date=17 December 2014 }} escudos.

The third series was introduced in 1992 in denominations of 200,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1992200Escudos.aspx?lst=1 200] {{webarchive |url=https://web.archive.org/web/20150606221244/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1992200Escudos.aspx?lst=1 |date=6 June 2015 }} 500,[https://archive.today/20141215023623/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/1992500Escudos.aspx?lst=1&Cat=1992 500] 1000,[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19921000Escudos.aspx?lst=1&Cat=1992 1000] {{webarchive |url=https://web.archive.org/web/20150606220825/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19921000Escudos.aspx?lst=1&Cat=1992 |date=6 June 2015 }} with the addition in 1999 of 2000[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19992000Escudos.aspx?lst=1&page=2 2000] {{webarchive |url=https://web.archive.org/web/20150606220915/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/19992000Escudos.aspx?lst=1&page=2 |date=6 June 2015 }} and 5000[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/20005000Escudos.aspx?lst=1&page=2 5000] {{webarchive |url=https://web.archive.org/web/20151115002313/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/20005000Escudos.aspx?lst=1&page=2 |date=15 November 2015 }} escudo notes. In 2005, the 200[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/2005200Escudos.aspx?lst=1&page=2 200] {{webarchive |url=https://web.archive.org/web/20150606221425/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/2005200Escudos.aspx?lst=1&page=2 |date=6 June 2015 }} escudo note was redesigned, followed by the 500[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/2007500Escudos.aspx?lst=1&page=2 500] {{webarchive |url=https://web.archive.org/web/20150606213805/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/2007500Escudos.aspx?lst=1&page=2 |date=6 June 2015 }} and 1000[http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/20071000Escudos.aspx?lst=1&page=2 1000] {{webarchive |url=https://web.archive.org/web/20150606214651/http://www.bcv.cv/vEN/banknotesandcoins/banknotes/Paginas/20071000Escudos.aspx?lst=1&page=2 |date=6 June 2015 }} 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,[http://www.oceanpress.info/index.php/en/economics/item/15080-new-banknotes-of-1000-and-200-escudos-are-put-into-circulation New banknotes of 1000 and 200 escudos are put into circulation.] {{webarchive |url=https://web.archive.org/web/20141223111640/http://www.oceanpress.info/index.php/en/economics/item/15080-new-banknotes-of-1000-and-200-escudos-are-put-into-circulation |date=23 December 2014 }} Ocean Press (www.oceanpress.info). Retrieved on 2014-12-23. and banknotes of 500 and 5,000 escudos issued in 2015.{{cite web | url=https://banknotenews.com/?p=6923 | title=Cape Verde new 500- and 5,000-escudo notes (B218a and B221a) confirmed – BanknoteNews | date=14 October 2015 }}

Historical exchange rates

Date	Brazilian real	euro¹	Portuguese escudo²	United States dollar
class="wikitable"
1995	–	–	{{frac\|1\|1.93}}	76.853
1996	–	–	{{frac\|1\|1.90}}	82.591
1997	–	–	{{frac\|1\|1.90}}	93.177
1998	–	–	0.55 (fixed rate)	98.158
1999	–	rowspan="6" valign="center" \| 110.265 (fixed rate)	0.55000	102.700
December 1999	–	0.55000	107.285
2005	–	rowspan="4" valign="center" \| obsolete	about 90
February 2006	about 40 to 50	about 90
April 2006	about 40 to 50	–
January 2007	39.86	85.36