10 Euro 20 Escudo

The 20 Escudo denomination had been a circulating base-metal coin for decades by 1997, making its appearance in fine silver a deliberate collector issue rather than anything connected to everyday monetary use. Portugal was deep into preparations for euro adoption at this point — the Maastricht convergence criteria were actively reshaping fiscal policy, and the escudo had fewer than five years left as legal tender when this piece was struck.