900 Years of History in 7 Coins

In this exhibition we journey through time to see how minted metal was used to declare the founding of the nation, promote a global empire, legitimise dynasties through faith, and fund baroque opulence, before witnessing the crises that dictated the end of the monarchy and the transition to Portugal’s current status as a republic. Below, we present seven key moments in Portuguese history, with each coin portraying the reality of its time.

The Early Days of Sovereignty - The monetary history of Portugal starts with its first king, Afonso I (also known as Dom Afonso Henriques). Made from billon (a lean alloy of silver and copper), this ‘Dinheiro’ is more than a coin: it is a gesture of sovereignty. Its production began as the kingdom gained its independence and established itself in the context of European Christianity. This coin marks the emergence of an identity that has lasted nine centuries.

The Warrior of the Reconquest - With the strengthening of the borders and the war against Islam, the first Portuguese gold coin came into circulation. The ‘Morabitino’ portrays King Sancho I not just as monarch, but also as a warrior of the ‘Christian Reconquest.’ The coin reflects a time of battles and allegiances, when the monarch asserted his military and territorial power.

The Global Empire - At the height of the Empire, when Portuguese ships reached India and Brazil, King Manuel I created a coin with international prestige: the ‘Português.’ Heavy and valuable, it symbolises a ‘global empire,’ showing the Cross of the Order of Christ and the prophetic slogan ‘Neste sinal vencerás’ [In this sign thou shalt conquer]. It is the coin of a maritime superpower.

Faith and Restoration - Once independence was restored in 1640, Portugal needed to legitimise the new dynasty of Bragança. This coin, minted in 1648, celebrates the consecration of the kingdom to Our Lady of the Conception. The image of the Virgin Mary is superimposed over the Cross of Christ, symbolising divine protection at a critical point in the border war and for national affirmation.

Baroque Splendour - In the 18th century, Portugal reached the height of the Baroque, a period of splendour sustained by the intense influx of gold from Brazil (the Gold Cycle). King João V took on the role of absolute monarch, governing by divine right and using that vast wealth to sponsor the arts and industry and to promote the kingdom’s international prestige. The impressive 24-escudo Dobra is the materialisation of this ideology.

The Queen and Civil War - Popularly known as the ‘degolada’ [beheaded woman] due to the slash on the neck of the effigy, this coin from 1833 tells the turbulent story of the Liberal Struggles. Minted during a period of civil war between liberals (1832–1834), it shows the young Queen Maria II sporting an elaborate hairdo, in a romantic style that breaks with earlier classical tradition.

The Birth of the Republica - Manuel II took the throne under dramatic circumstances, marked by the regicide of 1908. In a country where the Industrial Revolution and the ‘Social Question’ were under debate, the young king attempted a pacifying approach to governing. On 5 October 1910, the Republic triumphed. King Manuel II fled to exile in England, ending an era.

A nation’s identity is by no means static; it is a living process that transforms over time and is expressed through politics, religion and culture. ‘Monetary identity’ is the material reflection of that evolution: the way Portugal has constructed its image through its currency.