It was subdivided into 100 centavos and was equal in value to the Portuguese escudo.

After Goa was integrated by the Republic of India in 1961, the escudo was replaced by the Indian rupee.

This was due to the respective values of the Indian rupee (to which the rupia was pegged) and the Portuguese escudo, with one rupee equalling one shilling six pence (18 pence) sterling and one escudo equaling three pence.

Coins were introduced in 1958 in denominations of 10, 30 and 60 centavos, 1, 3 and 6 escudos.

In 1959, notes were introduced by the Banco Nacional Ultramarino in denominations of 30, 60, 100, 300, 600 and 1000 escudos.