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5 Escudos

Issuer Casa da Moeda de Lisboa
Year 1939-1948
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Composition Silver (.650)
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Obverse lettering COLONIA DE S.TOMÉ E PRINCIPE 5$00
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Edge Reeded
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Additional information

Portugal's wartime neutrality during the Second World War created unusual monetary conditions: the country accumulated significant foreign exchange reserves through tungsten exports to both sides, yet domestic silver coinage continued at a conservative alloy fineness rather than the higher .835 standard used in earlier Portuguese issues. The reduction to .650 silver was a deliberate fiscal hedge, not a wartime emergency measure — it had already been established before hostilities began.

The series ran through 1948 without alloy change, unusually stable for the period.