The official currency of Portugal is the Euro, which is abbreviated as EUR. The Euro was introduced in Portugal in 2002, replacing the previous currency, the Portuguese Escudo. The Euro is used by 19 of the 27 European Union countries, forming the Eurozone. The Euro is divided into 100 cents and comes in various denominations of coins and banknotes. Coins are available in 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euro coins. Banknotes are issued in values of 5, 10, 20, 50, 100, 200, and 500 Euros.