Cape Verdean escudo

Infobox Currency
currency_name_in_local = escudo cabo-verdiano pt icon
image_1 = CPV003.jpg
image_title_1 = 1 escudo 1985
iso_code = CVE
using_countries = Cape Verde
inflation_rate = 4.4%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2007 est.
pegged_with = euro = 110.265 escudos
subunit_ratio_1 = 1/100
subunit_name_1 = centavo
symbol = Esc or $ (cifrão)
used_coins = 1, 5, 10, 20, 50, 100 escudos
used_banknotes = 100, 200, 500, 1000, 2000, 2500, 5000 escudos
issuing_authority = Banco de Cabo Verde
issuing_authority_website = www.bcv.cv

The escudo is the currency of Cape Verde (Portuguese: Cabo Verde), a former Portuguese colony. Its ISO 4217 code is CVE. Amounts are generally written by using $ as the decimal separator, such as 20$00 for 20 escudos, or 1.000$00 for 1000.

History

The escudo became the currency of Cape Verde in 1914. It replaced the 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 1977-8 and by a further 40 per cent in 1982-84. Thereafter, it remained fairly stable against the escudo.

In mid-1998 an agreement with Portugal established a pegged rate of 1 Portuguese escudo = 0.55 Cape Verdean escudo. Since the replacement of the Portuguese escudo with the euro, the Cape Verde escudo has been pegged to the euro at a rate of 1 euro = 110.265 escudos. 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 2½ 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 20and 50 centavos, 1, 2½, 10, 20 and 50 escudos. The centavo coins were aluminium, the 1 and 2½ escudos were nickel-bronze and the higher denominations were cupro-nickel. The present coinage was introduced in 1994, brass-plated-steel 1 escudo, copper-plated-steel 5 escudos, nickel-plated-steel 10, 20 and 50 escudos, and bimetallic, decagonal 100 escudos. It was issued in three design series, one featuring animals (Birds and reptiles), the second ships, and the last were of plants. A 200 escudos coin was issued in 2005 to commemorate 30 years of independence.

Banknotes

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 escudos notes. 10 escudos notes were replaced by coins in 1953, with the 5 escudos note also withdrawn.

After independence, notes were issued for [http://www.bcv.cv/_conteudo/dinheiro/nota/1977/100.htm 100] , [http://www.bcv.cv/_conteudo/dinheiro/nota/1977/500.htm 500] and [http://www.bcv.cv/_conteudo/dinheiro/nota/1977/1000.htm 1000] escudos in 1977. The next series of notes was introduced in 1989 and comprised [http://www.bcv.cv/_conteudo/dinheiro/nota/1989/100.htm 100] , [http://www.bcv.cv/_conteudo/dinheiro/nota/1989/200.htm 200] , [http://www.bcv.cv/_conteudo/dinheiro/nota/1989/500.htm 500] , [http://www.bcv.cv/_conteudo/dinheiro/nota/1989/1000.htm 1000] and [http://www.bcv.cv/_conteudo/dinheiro/nota/1989/2500.htm 2500] escudos.

The current, third series was introduced in 1992 in denominations of [http://www.bcv.cv/_conteudo/dinheiro/nota/1992/200.htm 200] , [http://www.bcv.cv/_conteudo/dinheiro/nota/1992/500.htm 500] , [http://www.bcv.cv/_conteudo/dinheiro/nota/1992/1000.htm 1000] , with the addition in 1999 of [http://www.bcv.cv/_conteudo/dinheiro/nota/1999/2000.htm 2000] and [http://www.bcv.cv/_conteudo/dinheiro/nota/2000/5000.htm 5000] escudos notes. In 2005, the [http://www.bcv.cv/_conteudo/dinheiro/nota/2005/200.htm 200] escudos note was redesigned, followed by the [http://www.bcv.cv/_conteudo/dinheiro/nota/2007/500.htm 500] and [http://www.bcv.cv/_conteudo/dinheiro/nota/2007/1000.htm 1000] in 2007.

Historical exchange rates

:¹ - currency not in circulation until January 1, 1999:² - currency no longer legal tender as of March 1, 2002

Exchange Rate|CVE
note=These rates are obtained from xe.com and may contradict with pegged rate mentioned above

ee also

* Currencies related to the euro
* Economy of Cape Verde

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Capeverde
world_coin_gallery_1_name = Cape Verde
banknote_world_1_url = cape_verde
banknote_world_1_name = Cape Verde
dollarization_1_url = cv
dollarization_1_name = Cape Verde
gfd_1_url = Cape_Verde
gfd_1_name = Cape Verde
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y