2 Cruzados - Filipe I

Felipe II of Spain became Felipe I of Portugal following the 1580 dynastic crisis triggered by the death of Cardinal-King Henrique without an heir, leaving the Portuguese throne contested among several claimants. His military seizure of Portugal that year — formalized at the Cortes of Tomar in 1581 — inaugurated the Iberian Union, and this cruzado was struck under that arrangement. Portugal retained its own coinage, laws, and colonial revenues; the monetary system was deliberately kept separate from Castile's as a concession to Portuguese nobility whose support Felipe needed.

The cruzado denomination itself predates Felipe by over a century, established under Afonso V in the 1450s partly to fund crusading ambitions against North Africa.