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.

For other coins, see Escudo.
Chilean escudo
escudo chileno (Spanish)
Unit
SymbolEº‎
Denominations
Subunit
 1⁄100centésimo
Banknotes½, 1, 5, 10, 50, 100, 500, 1000, 5000, 10000 escudos
Coins½, 1, 2, 5, 10, 20, 50 centésimos
1, 5, 10, 50, 100 escudos
Demographics
Date of introduction1 January 1960
ReplacedChilean peso
Date of withdrawal29 September 1975
Replaced byChilean peso
User(s)Chile
Issuance
Central bankBanco Central de Chile
 Websitewww.bcentral.cl
MintCasa de Moneda
 Websitewww.cmoneda.cl
This infobox shows the latest status before this currency was rendered obsolete.

History

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]

Coins

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.

Denomination Issue Material Diameter[5] Obverse Ref.
Reverse
1⁄2 centésimo 1962-1963 Aluminum 25 mm Condor [1]
Denomination surrounded by two ears of wheat
1 centésimo 1960-1963 Aluminum 28 mm Condor [1]
Denomination surrounded by two ears of wheat
2 centésimos 1960-1970 Bronze-aluminum 20 mm Condor [1]
Denomination surrounded by two ears of wheat
5 centésimos 1960-1971 Bronze-aluminum 23.3 mm Condor [1]
Denomination surrounded by two ears of wheat
10 centésimos 1960-1970 Bronze-aluminum 27.2 mm Condor [1]
Denomination surrounded by two ears of wheat
1971-1972 Bronze-aluminum 18.1 mm Effigy of Bernardo O'Higgins [6]
National coat of arms and denomination
20 centésimos 1971-1972 Bronze-aluminum 20 mm Effigy of José Manuel Balmaceda [6]
National coat of arms and denomination
50 centésimos 1971-1972 Bronze-aluminum 21.9 mm Effigy of Manuel Rodríguez Erdoíza [6]
National coat of arms and denomination
1 escudo 1971-1972 Nickel silver 18.9 mm Effigy of José Miguel Carrera [6]
National coat of arms and denomination
5 escudos 1971-1972 Nickel silver 23 mm Lautaro riding a horse [6]
National coat of arms and denomination
1974 Aluminum 22.8 mm Lautaro riding a horse [6]
National coat of arms and denomination
10 escudos 1974-1975 Aluminum 24.9 mm Condor [7]
Denomination surrounded by two laurel branches
50 escudos 1974-1975 Bronze-aluminum 21.5 mm Condor [7]
Denomination surrounded by two laurel branches
100 escudos 1974-1975 Bronze-aluminum 23.5 mm Condor [7]
Denomination surrounded by two laurel branches

Banknotes

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. Regular-type notes were introduced in 1962 in denominations of 1⁄2, 1, 5, 10, 50 and 100 escudos. In 1971, 500 escudo notes were introduced, followed by 1000 escudos and 5000 escudos in 1973 (depicting José Miguel Carrera) and 10,000 escudos in 1974 (depicting a portrait of Bernardo O'Higgins).

Denomination Issue Color Dimensions Obverse Ref.
Reverse
1⁄2 escudo
50 centésimos		 1962-1971 Blue 145 × 70 mm Effigy of Bernardo O'Higgins. [8]
Arrival of Almagro to Chile, by Pedro Subercaseaux.
1 escudo 1962-1971 Brown 145 × 70 mm Effigy of Arturo Prat. [9]
Foundation Santiago, by Pedro Lira.
5 escudos 1963-1971 Reddish brown 145 × 70 mm Effigy of Manuel Bulnes. [10]
Battle of Rancagua, by Pedro Subercaseaux.
10 escudos 1962-1970 Garnet 178 × 83 mm Effigy of José Manuel Balmaceda. [11]
Hug of Maipú, by Pedro Subercaseaux.
1970-1972 Brown 145 × 70 mm Effigy of José Manuel Balmaceda. [12]
Hug of Maipú, by Pedro Subercaseaux.
1972-1974 Sepia 145 × 70 mm Effigy of José Manuel Balmaceda. [13]
Hug of Maipú, by Pedro Subercaseaux.
50 escudos 1962-1974 Green 178 × 83 mm Effigy of Arturo Alessandri Palma. [11]
Banco Central de Chile building.
100 escudos 1967-1974 Blue 178 × 83 mm Effigy of Manuel Rengifo. [14]
Liberating Expedition of Peru, by Thomas Somerscales.
500 escudos 1971-1975 Carmine rose 145 × 70 mm Effigy of a miner, on the occasion of the nationalization of copper in 1971. [15][16]
Chuquicamata mine.
1000 escudos 1973-1975 Purplish blue 145 × 70 mm Effigy of José Miguel Carrera. [17]
House of the Carrera family.
5000 escudos 1973-1975 Green 145 × 70 mm Effigy of José Miguel Carrera. [18]
House of the Carrera family.
10000 escudos 1974-1975 Salmon red 145 × 70 mm Effigy of Bernardo O'Higgins. [19]
Battle of Rancagua, by Pedro Subercaseaux.

References
  1. Ministerio de Hacienda de Chile (6 April 1959). "Ley 13305 Reajusta las remuneraciones de todos los empleados que prestan servicios en Chile, suplementa el presupuesto de la Nación, establece nueva unidad monetaria, concede facultades extraordinarias al presidente de la República y modifica las leyes que señala". LeyChile (in Spanish). Retrieved 15 December 2022.
  2. "Con rojo retimbran los billetes" (PDF). La Nación (in Spanish). 21 November 1959. pp. 2–3. Retrieved 14 August 2022.
  3. Ministerio de Hacienda de Chile (31 December 1973). "Decreto ley 231 Prohíbe el establecimiento en Chile, durante el plazo que señala, de bancos comerciales modifica las disposiciones legales que indica, otras materias". LeyChile (in Spanish). Retrieved 30 June 2011.
  4. Ministerio de Hacienda de Chile (4 August 1975). "Decreto Ley 1123 Sustituye unidad monetaria". LeyChile (in Spanish). Retrieved 8 March 2011.
  5. Toro, Rafael (2021). "Catálogo de Monedas de Chile" (PDF) (in Spanish). Archived from the original (PDF) on 24 February 2022. Retrieved 15 December 2022.
  6. Ministerio de Hacienda de Chile (20 December 1971). "LEY 17572 AUTORIZA ACUÑAR Y PONER EN CIRCULACION LAS MONEDAS QUE INDICA Y MODIFICA LAS LEYES QUE SEÑALA". LeyChile (in Spanish). Retrieved 15 December 2022.
  7. Ministerio de Hacienda de Chile (3 May 1974). "Decreto 612 Aprueba acuerdo del Banco Central de Chile que establece monedas de Eº 100, Eº 50 y Eº 10". Diario Oficial de la República de Chile (in Spanish). Retrieved 15 December 2022.
  8. Ministerio de Hacienda de Chile (30 July 1960). "DECRETO 7486 APRUEBA CARACTERISTICAS PARA EL BILLETE DE MEDIO ESCUDO". LeyChile. Retrieved 15 December 2022.
  9. Ministerio de Hacienda de Chile (28 May 1960). "DECRETO 3686 APRUEBA LAS CARACTERISTICAS PARA EL BILLETE DE UN ESCUDO". LeyChile. Retrieved 15 December 2022.
  10. Ministerio de Hacienda de Chile (26 October 1963). "DECRETO 2860 FIJA LAS CARACTERISTICAS PARA EL NUEVO BILLETE DE CINCO ESCUDOS". LeyChile. Retrieved 15 December 2022.
  11. Ministerio de Hacienda de Chile (31 March 1962). "DECRETO 2249 DEJA SIN EFECTO EL DECRETO NUMERO 22.182, DE 1961, NO TRAMITADO, Y FIJA LAS CARACTERISTICAS DE LOS BILLETES QUE SEÑALA". LeyChile. Retrieved 15 December 2022.
  12. Ministerio de Hacienda de Chile (24 February 1970). "DECRETO 344 FIJA CARACTERISTICAS DE LOS BILLETES DE CINCUENTA Y DIEZ ESCUDOS". LeyChile. Retrieved 15 December 2022.
  13. Ministerio de Hacienda de Chile (20 October 1972). "DECRETO 1626 DEJA SIN EFECTO DECRETO QUE INDICA Y APRUEBA ACUERDO DEL BANCO CENTRAL, QUE SEÑALA". LeyChile. Retrieved 15 December 2022.
  14. Ministerio de Hacienda de Chile (22 September 1964). "DECRETO 3330 FIJA LAS CARACTERISTICAS PARA EL NUEVO BILLETE DE Eº 100". LeyChile. Retrieved 15 December 2022.
  15. Banco Central de Chile (7 July 1971). "Acta 2315" (PDF). Repositorio Digital. Retrieved 15 December 2022.
  16. Ministerio de Hacienda de Chile (13 September 1971). "Decreto 1497". Diario Oficial de la República de Chile. pp. 3–4. Retrieved 15 December 2022.
  17. Ministerio de Hacienda de Chile (12 June 1973). "DECRETO 777 APRUEBA ACUERDO DEL BANCO CENTRAL DE CHILE EN QUE SE ESTABLECE EL BILLETE DE Eº 1.000". LeyChile. Retrieved 15 December 2022.
  18. Ministerio de Hacienda de Chile (8 November 1973). "DECRETO 1916 APRUEBA ACUERDO DEL BANCO CENTRAL, ADOPTADO EN SESION Nº 9, DE 1973". LeyChile. Retrieved 15 December 2022.
  19. Ministerio de Hacienda de Chile (3 May 1974). "Decreto 612 Aprueba acuerdo del Banco Central de Chile que establece el billete de Eº 10.000". Diario Oficial de la República de Chile. Retrieved 15 December 2022.
Preceded by:
(Old) Chilean peso
Ratio: 1 escudo = 1000 pesos		 Currency of Chile
1960 – 1975		 Succeeded by:
(New) Chilean peso
Ratio: 1 peso = 1000 escudos
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