Flag of Madeira
Location of Madeira and the Azores with respect to Portugal.
History
Madeira was uninhabited when Portuguese discovered it in 1418, but there are indications the islands had been visited by Europeans before this. Settlement started in 1420 and soon Madeira became an important production site for sugar cane. In the 17th century sugar production moved to Brazil, and wine became the most important export product of Madeira.
The islands were briefly occupied by the British Empire during the Napoleonic Wars, as mainland Portugal was invaded by Spain and France. The occupation was friendly and in 1814 the islands were returned to Portugal.
During the First World War Madeira was attacked by the German Navy on multiple occasions after Portugal joined the Allies in 1916, but it was never invaded. In the Second World War Portugal was neutral but Madeira did shelter Gibraltarian evacuees.
After the Carnation Revolution that ended the Portuguese Estado Novo in 1974 Madeira became an autonomous region with its own government.
Currency
During the Napoleonic Wars Madeira was cut off from mainland Portugal. This situation led to Madeira and The Azores having its own version of the Real: the Real Insulano. The Real Insulano traded at a 25% discount to the Portuguese version and was used on Madeira until the late 19th century, when it eas replaced by the Portuguese Real. After having used the Escudo from 1910 until 2002 it currently uses the Euro.
Only coins of 5, 10 and 20 Reis were minted for Madeira in the mid 19th century.
https://en.numista.com/catalogue/madere-1.html
