Initially, Mozambique had its own paper money but used Portuguese coins.

Between 1968 and 1971, base metal coins replaced the silver 5, 10 and 20 escudos.

Emergency issues for 50 centevaos and regular 500 and 1000 escudos notes were introduced in 1941.

In 1976, 50, 100, 500 and 1000 escudos notes of the Banco Nacional Ultramarino were overprinted with the name of the new issuing bank, the Banco de Moçambique.

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