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Chilean escudo

The escudo was the currency of Chile between 1960 and 1975, divided into 100 centésimos. It replaced the (old) peso at a rate of 1 escudo = 1000 pesos and was itself replaced by a new peso, at a rate of 1 peso = 1000 escudos. The symbol Eº was used for the escudo.

Through Law 13,305, published on April 6, 1959, the escudo entered into circulation on January 1, 1960, replacing the old peso.^[1] Its equivalence was Eº 1 = $1000 (pesos). The escudo was subdivided into centésimos. As the old banknotes had to be replaced, the Central Bank took the provisional measure of authorizing the overstamping of the existing banknotes of 10, 50, 100, 500, 1,000, 5,000, 10,000 and 50,000 pesos. They had printed in red ink, in the white oval of the watermark on the right side of the back, the equivalent of their value in escudos, according to the exchange rate $1000 = Eº 1. The overstamping of the banknotes began in November 1959.^[2]

On December 31, 1973, by decree law 231, it was established that all payments should be made in whole escudos, eliminating the centésimos.^[3] Through decree law 1123, published on August 4, 1975, Chile returned to the peso. The equivalence was $1 = Eº 1000.^[4]

In 1960, aluminium 1 centésimo and aluminium-bronze 2, 5 and 10 centésimo coins were introduced, followed by aluminium 1⁄2 centésimo in 1962. In 1971, a new coinage was introduced, consisting of aluminium-bronze 10, 20 and 50 centésimos and cupro-nickel 1, 2 and 5 escudos. This coinage was issued for two years, with aluminium 5 escudos produced in 1972. In 1974 and 1975, aluminium 10 escudos and nickel-brass 50 and 100 escudos were issued.

In 1959, provisional banknotes were produced by the Banco Central de Chile. These were modified versions of the old peso notes, with the centésimo or escudo denomination added to the design. Denominations were 1⁄2, 1, 5, 10 and 50 centésimos, 1, 5, 10 and 50 escudos.

On 22 July 1960, the 1 escudo banknote began to circulate,^[8] and on August 1 of the same year the 1⁄2 escudo banknote entered circulation.^[9] In 1962 new designs were introduced, in denominations of 5, 10 and 50 escudos. On 6 September 1968, the 100 escudos note was put into circulation,^[10] and in September 1970 a new smaller 10 escudos note was presented.^[11] On 7 July 1972, the 500 escudos banknote began to circulate.^[12] On 12 July 1973, E° 1000 banknote was introduced,^[13] and in November of that same year, after the coup d'état, the Eº 5000 banknote, whose printing had begun at the beginning of September.^[14] Finally, in 1974, the denomination of 10,000 escudos was introduced.

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