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The Portuguese explorer Vasco da Gama landed on Mozambique Island in 1498, and by 1507 the Portuguese occupied it. Mozambique incorporated the territories of Inhambane, Kionga, Lourenco Marques, the Mozambique Company, Nyassa Company, Quelimane, Tete and Zambezia. Private companies administered portions of Mozambique until the early 1900s. Mozambique moved the center of administration to Loureno Marques (now Maputo) in 1907 and between 1929 and 1940, Portugal took over administration of Mozambique. Mozambique became an overseas territory in 1951. Mozambique gained its independence on June 25, 1975.

The first coins were issued for Mozambique in 1725. Gold Metica, silver Pardao coins (equal to 200 Reis) and copper Reis circulated in Mozambique in the Eighteenth Century. More coins were issued in 1755, but from 1765 on, the Portuguese relied on counterstamped imported coins rather than issue coins specifically for Mozambique. In the Nineteenth Century, Mexican Silver Reales, Indian Rupees, British Sovereigns, US Gold Eagles, and Maria Theresa Thalers all circulated in Mozambique. Coins were minted for Mozambique periodically, but imported coins predominated.

The Banco Nacional Ultramarino issued Mil Reis (MZR) banknotes from April 2, 1877 until January 1, 1914 when notes in Escudos (MZE) began to be issued. Mozambique Libra Estrilina (MZL) banknotes, equal in value to the British Pound Sterling, were also issued because of the instability of the Escudo and trade links to South Africa and other countries using the Pound Sterling. Strictly speaking, the Mozambique Escudo did not exist as a separate currency from the Portuguese Mil Reis/Escudo until September 1, 1922 and was not fully convertible until 1953. The currency reform of 1953 unified the Portuguese escudo and the currencies of the Portuguese colonies, making them a true currency area.

After independence, the Mozambique Escudo continued to be used until June 16, 1980 when the Metica (MZM) replaced the Escudo at par. The Metica and Escudo are divisible into 100 Centimos. Mozambique nationalized the Banco Nacional Ultramarino in 1975 and renamed it the Banco de Mozambique, which began issuing banknotes in 1976. The Government of Mozambique took over the issue of banknotes in 1980.

On July 1, 2006, Mozambique introduced a New Metical (MZN) to replace the old Metical (MZM) with 1000 old Metical equal to one new Metical.

• Krause# Pick-

Here is a 100 Escudos note that was originaly dated 1961, but carries no date from when the Bank overprint was applied. The note is green on multicolored underprint. The obverse features the portrait of Aires de Ornelas e Vasconcelos to the right and the coat of arms in the upper center. Aires served as Archbishop of Goa for 9.6 years, from July 23, 1874 to his death on November 28, 1880. The overprint 'Banco de Mozambique' was applied to the note issued in 1961, P-109a. The reverse depicts a geomteric patternin the center flanked by two circular shapes. The shape to the right contains the watermark, while the shape on the left contains the bank steamship seal.

• Krause# Pick-117a

Here is a note dated 1986 and valued at 50 Meticals. The note is dark brown and brown on multicolored underprint. The obverse features a military theme with soldiers in formation on the left with roaming missle launchers in the background, and additional soldiers on the right with with a flag ceremony, and a supply truck in the background. The reverse depicts soldiers in various training activities.

• Krause# Pick-129

• Krause# Pick-