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Use the Escudo as the Euro

Cherie Booth unfortunately cannot use Escudos in Luton, ("Cherie takes fare liberty with a train ride to court", The Times January 11, 2000). As the D-Mark, Peseta and the Escudo are now mere denominations of the Euro, I suggest that the Portuguese Escudo should be accepted by retailers throughout Europe as a pre-Euro in the years before Euro cash becomes available.

Given that one Euro is worth 200.482 Portuguese escudos, the 2000 Portuguese Escudo note could be used now within and without the E11 as a proxy for a 10 Euro note . The 0.25% discount implied is minimal compared with the 2% to 4%
commission paid on credit card receipts.

One Euro is worth:

13.7603 ATS Austrian Schillings

40.3399 BEF Belgium franc

5.94573 FIM Finland Markas

6.55597 FRF French franc

1.95583 DEM German Marks

0.787564 IEP Irish punts

1936.27 ITL Italian lira

40.3399 LUF Luxembourg franc

2.20371 NLG Netherlands guilders

200.482 PTE Portuguese escudos

166.386 ESP Spanish pesetas

On 31 December 1998, one ECU was worth

1.16675 US dollars

0.705455 pound sterling

132.800 Japanese Yen

Warren Edwardes

"Euros: Hedging exchange rates", Aug. 99, Director, London 

The high cost of Euro accounts is a major problem for SMEs, financial director, February 2002

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