Portuguese India Banknotes | Historical Banknote Collection

About Portuguese India Currency

Portuguese India (Estado da Índia) consisted of Goa, Daman, and Diu on the western coast of India. Portugal maintained control of these territories from the 16th century until 1961 when they were annexed by India.

The currency underwent a significant change in 1958 when the Rupia was replaced by the Escudo at a rate of 1 Rupia = 6 Escudos. The Banco Nacional Ultramarino (BNU) was responsible for issuing banknotes in these territories.

These notes are particularly rare and valuable to collectors due to the limited circulation area and short issuance period of the escudo notes.

1882-1961

Paper Money Era

1958

Escudo Introduction

Collection Items

10 Rupias - Afonso de Albuquerque

Denomination:	10 Rupias
Year:	1945
Issuer:	Banco Nacional Ultramarino
Portrait:	Afonso de Albuquerque
Place of Issue:	Nova Goa
Condition:	Fine (F)

Afonso de Albuquerque conquered Goa in 1510 and established Portuguese rule in India. This note features his portrait along with the coat of arms of Portuguese India.

20 Rupias

Denomination:	20 Rupias
Year:	1945
Issuer:	Banco Nacional Ultramarino
Design:	Sailing Ship (Nau)
Place of Issue:	Nova Goa
Condition:	Very Fine (VF)

This note features a Portuguese sailing ship (Nau) which represents the maritime connection between Portugal and its Indian colonies. The reverse shows traditional Goan architecture.

60 Escudos - Ship Design

Denomination:	60 Escudos
Year:	1959
Issuer:	Banco Nacional Ultramarino
Design:	Portuguese Caravel
Place of Issue:	Goa
Condition:	About Uncirculated (AU)

Issued after the 1958 currency reform, the 60 escudos note was equivalent to the former 10 rupias. These escudo notes were only in circulation for about 2 years before the territory's annexation, making them quite rare.

100 Escudos

Denomination:	100 Escudos
Year:	1959
Issuer:	Banco Nacional Ultramarino
Design:	Colonial Imagery
Place of Issue:	Goa
Condition:	Extremely Fine (EF)

The 100 escudos note features traditional colonial imagery reflecting the cultural blend of Portuguese and Indian elements that characterized Goa for over 450 years.

Historical Context

The Rupia Period (1882-1958)

The Portuguese Indian Rupia was pegged to the Indian Rupee and was divided into tangas, pardaos, and réis. Paper money was first issued in 1882 by the Junta da Fazenda Pública, with the Banco Nacional Ultramarino taking over in 1906.

Denominations during this period included 5, 10, 20, 50, 100, and 500 rupias.

The Escudo Period (1958-1961)

In 1958, to align with Portuguese monetary policy, the rupia was replaced by the escudo at a rate of 1 rupia = 6 escudos. The escudo denominations issued were 30, 60, 100, 300, 600, and 1000 escudos.

Following the Indian annexation of Goa in December 1961, these currencies were replaced by the Indian Rupee.