Peruvian nuevo sol
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Lua error in Module:Infobox at line 235: malformed pattern (missing ']'). The Sol (Spanish pronunciation: [ˈnweβo ˈsol], (new sun) plural: Soles; currency sign: S/.) was until December 14 2015 the currency of Peru. It is subdivided into 100 cents, called céntimos in Spanish. The ISO 4217 currency code is PEN.
The name is a return to that of Peru's historic currency, as the Sol was in use from the 19th century to 1985. Although the derivation of Sol is the Latin solidus, the word also happens to mean sun in Spanish. There is a continuity therefore with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.
On November 13, 2015, Peru's Congress voted to revert the name of the currency to simply “Sol”.[2]
History
Because of the bad state of economy and hyperinflation in the late 1980s the government was forced to abandon the inti and introduce the nuevo sol as the country's new currency.[3] The currency was put into use on July 1, 1991 (by Law No. 25,295) to replace the inti at a rate of 1 nuevo sol to 1,000,000 intis.[4] Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto the Nuevo Sol currently retains a low inflation rate of 1.5%, the lowest inflation rate ever in both Latin and South America.[5] Since the new currency was put into effect, it has managed to maintain a stable exchange rate[6] between 2.3 and 3.65 per United States dollar.
Coins
The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 cents and 1 Nuevo Sol.[4] The 2 and 5 Nuevo Sol coins were added in 1994. Although 1 and 5 cent coins are officially in circulation, they are very rarely used. For this reason, the 1-cent coin was removed from circulation as of May 1, 2011. For cash transactions, retailers must round down to the nearest zero, or up to the nearest 5 cent. Electronic transactions will still be processed in the exact amount. An aluminium one-cent coin was introduced in December 2005.,[7] and a five-cent coin in 2007.[8] All coins show the coat of arms of Peru surrounded by the text Banco Central de Reserva del Perú (Central Reserve Bank of Peru) on the obverse. The reverse of all coins shows the denomination. Included in the design of the bi-metallic 2 and 5 Nuevo Sol coins are the hummingbird and condor figures from the Nazca Lines.[9]
| Image | Value | Diameter | Thickness | Mass | Composition | Edge |
|---|---|---|---|---|---|---|
| 5 céntimos | 18 mm | 1.50 mm | 1.02 g | Aluminium | Smooth | |
| 10 céntimos | 20.5 mm | 1.26 mmi | 3.50 g | Brass | Smooth | |
| 20 céntimos | 23 mm | 1.26 mm | 4.40 g | Brass | Smooth | |
| 50 céntimos | 22 mm | 1.65 mm | 5.45 g | Cu–Zn–Ni | Reeded | |
| 1 nuevo sol | 25.5 mm | 1.65 mm | 7.32 g | Cu–Zn–Ni | Reeded | |
| 100px | 1 nuevo sol | 25.5 mm | 1.65 mm | 7.32 g | Cu–Zn–Ni | Reeded |
| 100px | 1 nuevo sol | 25.5 mm | 1.65 mm | 7.32 g | Cu–Zn–Ni | Reeded |
| 100px | 2 nuevos soles | 22.2 mm | 2.07 mm | 5.62 g | Bi-metallic Outside ring: Steel Centre: Cu–Zn–Ni |
Smooth |
| 100px | 5 nuevos soles | 24.3 mm | 2.13 mm | 6.67 g | Bi-metallic Outside ring: Steel Centre: Cu–Zn–Ni |
Reeded (since 2009) |
Banknotes
In 1990, banknotes for 10, 20, 50 and 100 Nuevos Soles were introduced.[4] The banknote for 200 Nuevos Soles was subsequently introduced in August 1995.[10] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.[11]
| Denomination | In circulation since | Colour | Person Depicted on Obverse | Reverse | Image (Obverse) | ||
|---|---|---|---|---|---|---|---|
| 10 Nuevos Soles |
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Green |
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Green |
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Dark Green |
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| 20 Nuevos Soles |
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Orange |
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Orange |
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| 50 Nuevos Soles |
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Brown |
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[1] | ||
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Brown |
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| 100 Nuevos Soles |
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Blue |
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[2] | ||
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Blue |
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| 200 Nuevos Soles |
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Pink |
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[3] | ||
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Gray |
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| Current PEN exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD CNY BRL |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD CNY BRL |
| From XE: | AUD CAD CHF EUR GBP HKD JPY USD CNY BRL |
| From OANDA: | AUD CAD CHF EUR GBP HKD JPY USD CNY BRL |
| From fxtop.com: | AUD CAD CHF EUR GBP HKD JPY USD CNY BRL |
| From Currency.Wiki: | AUD CAD CHF EUR GBP HKD JPY USD CNY BRL |
See also
- Numismatic series Wealth and Pride of Peru
- Numismatic series Natural Resources of Peru
- Economy of Peru
- Peruvian inti
- Peruvian sol
References
Notes
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External links
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
- ↑ 4.0 4.1 4.2 (Spanish) Law N° 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
- ↑ (Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ (Spanish) Circular letter N°021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
- ↑ World coin news Wednesday, August 29, 2007 http://worldcoinnews.blogspot.com/2007/08/peru-5-centimos-2007-aluminium.html#comments
- ↑ (Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
- ↑ (Spanish) Circular letter N°028-97-EF/90, August 26, 1997, Central Reserve Bank of Peru
- ↑ (Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.
