Peruvian sol
From Wikipedia, the free encyclopedia
| Peruvian sol sol peruano (Spanish) |
|
| ISO 4217 Code | PEH |
|---|---|
| User(s) | Peru |
| Subunit | |
| 1/100 | centavo |
| Symbol | S./ |
| Plural | soles |
| Central bank | Central Reserve Bank of Peru |
| Website | www.bcrp.gob.pe |
The sol, later known as the sol de oro, was the currency of Peru between 1863 and 1985. It had the ISO 4217 currency code PEH. It was subdivided into 10 dineros or 100 centavos. The name derives from the sueldo, the Spanish equivalent of the French sou and Italian soldo.
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[edit] History
The sol was introduced in 1863 when Peru completed its decimalization, replacing the real at a rate of 1 sol = 8 reales. Between 1858 and 1863, coins had been issued denominated in reales, centavos and escudos.
The sol was initially pegged to the French franc at a rate of 1 sol = 5 francs. In 1880 and 1881, silver coins denominated in pesetas, were issued, worth 20 centavos to the peseta. In 1881, the inca, worth ten soles, was introduced for use on banknotes. The peg to the franc was replaced in 1901 by a link to sterling at a rate of 10 soles = 1 pound, with gold coins and banknotes issued denominated in libra. This peg was maintained unti 1932 when Peru left the gold standard and established a rate of 2.5 soles = 1 U.S. dollar. In 1933, banknotes were issued once more denominated in soles, now called soles de oro. This name also appeared from 1935 on coins, when silver was replaced by base metal.
During the hyperinflation that occurred in Peru during the presidency of Alan Garcia, the sol was replaced in 1985 by the inti at a rate of one thousand to one. The nuevo sol replaced the inti in 1991 at the rate of one million to one.
[edit] Coins
In 1863, cupro-nickel coins for 1 and 2 centavos and .900 silver coins for ½ and 1 dinero and 1⁄5 sol were introduced, followed by .900 silver ½ and 1 sol in 1864. Gold 5, 10 and 20 soles were issued only in 1863. In 1875 and 1876, bronze replaced cupro-nickel. In 1898, gold coins for 1 libra were introduced, followed by ½ libra in 1902 and 1⁄5 libra in 1905. These were issued for circulation until 1930.
In 1918, cupro-nickel 5, 10 and 20 centavos coins were introduced, followed, in 1922 with ½ and 1 sol coins in .500 fineness silver. The silver ½ and 1 sol were replaced by brass coins in 1935. Brass 5, 10 and 20 centavos followed in 1942. In 1950, zinc 1 and 2 centavos coins were introduced which were issued until 1965 and 1958, respectively. In 1966, 25 centavos coins were introduced, followed, in 1969, by cupro-nickel 5 and 10 soles.
Production of 5, 10, 20 and 25 centavos ceased in 1975, followed by 50 centavos in 1977. In 1978, brass replaced cupro-nickel in the 5 and 20 soles whilst aluminium-bronze 50 soles and cupro-nickel 100 soles coins were introduced in 1979 and 1980. The last 1 and 5 soles coins were issued in 1982 and 1983. In 1984, brass 10, 50, 100 and 500 soles coins were issued. The last of these pieces was minted in 1985.
[edit] Banknotes
In 1879, the government introduced notes for 1, 2, 5, 10, 20, 50, 100 and 500 soles. In 1881, 5 and 100 incas notes were overprinted with the denominations 50 and 1000 soles. In 1914, Cheques Circulares were introduced for ½, 1, 5 and 10 libras. 1 sol cheques were issued in 1918 whilst, in 1917, gold certificates for 5 and 50 centavos and 1 sol were issued. In 1922, the Reserve Bank of Peru took over paper money production, issuing a final series of libra notes.
In 1933, the Reserve Bank began issuing notes denominated in soles de oro. The first issues were libra notes overprinted with the new denominations of 5, 10, 50 and 100 soles. Regular issues followed in denominations of 50 centavos, 1, 5, 10, 50 and 100 soles. 50 centavos and 1 sol were only issued in 1935. 500 soles notes were introduced in 1946, followed by 1000 soles in 1968. The 5 soles note was last produced in 1974, with the 10, 50 and 100 soles being phased out after 1976, the year in which 5000 soles notes were introduced. In 1979, 10,000 soles notes were added, followed by 50,000 soles in 1981 and 100,000 soles in 1985.
[edit] References
- Chester L. Krause & Cliffor Mischler (1991). in Colin R. Bruce II: Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Albert Pick (1994). in Neil Shafer & Colin R. Bruce II: Standard Catalog of World Paper Money, General Issues, 7th ed., Krause Publications. ISBN 0-87341-207-9.
