The most common and most likely answer to this crossword clue is the 7 letter word ESCUDOS
I've seen this crossword clue in The Guardian
E
S
C
U
D
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More clues leading to the result ESCUDOS
Buddy explains!
The straight part
We know that "they no longer work in Europe" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case they no longer work in europe = escudos.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ESCUDOS mean?
ESCUDOS noun- The state currency formerly used in Portugal, divided into 100 centavos. The symbol is $ which is positioned between the escudos & centavos, 2$50.
- The currency formerly used in Chile and replaced by the Peso.
- The current currency of Cape Verde.