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20 Centavos / 4 Macutas

Issuer Angola
Year 1927-1928
Type Standard circulation coin
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Obverse description Laureate and draped bust of Liberty facing left, her flowing hair adorned with an olive wreath, set within a beaded border. The circular legend reads REPUBLICA PORTUGUESA along the upper arc, with the date to the right and ANGOLA along the lower arc. The engraver's signature REGO GR appears in small lettering at the base of the bust in the lower field.
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Obverse lettering REPUBLICA PORTUGUESA - 1928 REGO GR ANGOLA
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Additional information

Angola's dual-denomination coinage of the late 1920s was a direct consequence of the colonial monetary system running two parallel units simultaneously — the metropolitan Portuguese escudo structure and the locally entrenched macuta, a unit with roots in the Central African trade economy dating back centuries. The 1927–28 issue was struck to bridge that gap administratively, stamping both values on a single coin rather than forcing a clean conversion the local market wasn't ready to accept.

The macuta had originally been reckoned in cloth and copper trade goods long before Portuguese colonial coinage formalized it.