Through Law 13,305, published on April 6, 1959, the escudo entered into circulation on January 1, 1960, replacing the old peso.
They had printed in red ink, in the white oval of the watermark on the right side of the back, the equivalent of their value in escudos, according to the exchange rate $1000 = Eº 1.
[2] On December 31, 1973, by decree law 231, it was established that all payments should be made in whole escudos, eliminating the centésimos.
In 1971, a new coinage was introduced, consisting of aluminium-bronze 10, 20 and 50 centésimos and cupro-nickel 1, 2 and 5 escudos.
These were modified versions of the old peso notes, with the centésimo or escudo denomination added to the design.