Peruvian sol

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(Redirected from Nuevo Sol)
Peruvian sol
sol peruano (Spanish)
ISO 4217
CodePEN (numeric: 604)
before: PEH, PEI, PES
Subunit0.01
Unit
Pluralsoles
SymbolS/
Denominations
Subunit
1100céntimo
Plural
céntimocéntimos
Banknotes
 Freq. usedS/10, S/20, S/50, S/100
 Rarely usedS/200
Coins
 Freq. used10, 20, 50 céntimos, S/1, S/2, S/5
 Rarely used1, 5 céntimos (discontinued, still legal tender)
Demographics
Date of introductionJuly 1, 1991
ReplacedPeruvian inti
User(s) Peru
Issuance
Central bankCentral Reserve Bank of Peru
 Websitewww.bcrp.gob.pe
PrinterPerum Peruri[1]
 Websitewww.peruri.co.id
MintNational Mint (Casa Nacional de Moneda)
Valuation
Inflation2%
 Source[2] January 2014

The sol (Spanish pronunciation: [sol]; plural: soles; currency sign: S/)[3] is the currency of Peru; it is subdivided into 100 céntimos ("cents"). The ISO 4217 currency code is PEN.

The sol replaced the Peruvian inti in 1991 and the name is a return to that of Peru's historic currency, as the previous incarnation of sol was in use from 1863 to 1985. Although sol in this usage is derived from the Latin solidus (lit.'solid'), the word also means "sun" in Spanish. There is thus a continuity with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.

At its introduction in 1991, the currency was officially called nuevo sol ("new sol"), but on November 13, 2015, the Peruvian Congress voted to rename the currency simply sol.[4][5]

History[edit]

Currencies in use before the current Peruvian sol include:

  • The Spanish colonial real from the 16th to 19th centuries, with 8 reales equal to 1 peso.
  • The Peruvian real from 1822-1863. Initially worth 18 peso, reales worth 110 peso were introduced in 1858 in their transition to a decimal currency system.
  • The sol or sol de oro from 1863-1985, at 1 sol = 10 reales.
  • The inti from 1985-1991, at 1 inti = 1,000 soles de oro.

Due to the bad state of economy and hyperinflation in the late 1980s, the government was forced to abandon the inti and introduce the sol as the country's new currency.[6] The new currency was put into use on July 1, 1991, by Law No. 25,295, to replace the inti at a rate of 1 sol to 1,000,000 intis.[7] Coins denominated in the new unit were introduced on October 1, 1991, and the first banknotes on November 13, 1991. Since that time,[when?] the sol has retained an inflation rate of 1.5%, the lowest ever in either South America or Latin America as a whole.[8][failed verification] Since the new currency was put into effect, it has managed to maintain an exchange rate[9] between S/2.2 and S/4.13 per US dollar.

Coins[edit]

The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 céntimos and S/1.[7] The S/2 and S/5 coins were added in 1994. Although one- and five-céntimo coins are officially in circulation, they are very rarely used. For this reason the aluminium one-céntimo coin, introduced in December 2005,[10] was removed from circulation on May 1, 2011. Also, five-céntimos coin was removed from circulation on January 1, 2019.[11]

For cash transactions, retailers must round down to the nearest ten céntimos or up to the nearest five. Electronic transactions will still be processed in the exact amount. An aluminium five-céntimo coin was introduced in 2007.[12] 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 each coin shows its denomination. Included in the designs of the bimetallic S/2 and S/5 coins are the hummingbird and condor figures from the Nazca Lines.[13]

Image Value Diameter (mm) Thickness (mm) Mass (g) Composition Edge
10 céntimos 20.5 1.26 3.50 Brass Smooth
20 céntimos 23 1.26 4.40 Brass Smooth
50 céntimos 22 1.65 5.45 Cu–Zn–Ni Reeded
S/1 25.5 1.65 7.32 Cu–Zn–Ni Reeded
S/2 22.2 2.07 5.62 Bimetallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Smooth
S/5 24.3 2.13 6.67 Bimetallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Reeded (since 2009)

Banknotes[edit]

Banknotes for S/10, S/20, S/50, and S/100 were introduced in 1990.[7] The banknote for S/200 was introduced in August 1995.[14] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.[15]

A new series of banknotes was issued starting in 2021, beginning with the S/10 and S/100 notes in July 2021[16][17] and followed by the S/20 and S/50 notes in July 2022.[18] A S/200 note is expected to follow at a later date.

Denomination In circulation since Colour Person depicted on obverse Reverse Image (obverse)
S/10
1991
Green
A Caproni Ca.113, flying upside-down
2011
Green
2014
Green [1]
2021
Green
S/20
1991
Brown
2011
Brown
Huaca del Dragón, incorrectly named as Chan Chan
[2]
2022
Yellow-brown
S/50
1991
Orange
Oasis of Huacachina, Ica
2011
Orange
New temple of Chavin de Huantar (Huaraz)
[3]
2022
Red-pink
S/100
1992
Blue
2011
Blue [4]
2021
Blue
S/200
1995
Pink
Convent of Santo Domingo, Lima
2011
Gray [5]
TBA
TBA
Rupicola peruvianus, the Peruvian national bird, and Dalechampia aristolochiifolia
Current PEN exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD BRL EUR JPY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD BRL EUR JPY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD BRL EUR JPY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD BRL EUR JPY

See also[edit]

References[edit]

  1. ^ "Peruri Cetak Uang Peru, Dibayar Rp255 Miliar". CNN Indonesia (in Indonesian). Retrieved 23 March 2022.
  2. ^ "6 Percent GDP Growth And The Lowest Inflation Rate In Latin America: Peru In 2014". International Business Times. January 14, 2014. Retrieved January 28, 2014.
  3. ^ "La moneda peruana tiene un nuevo símbolo: desde ayer es S/ no S/. según BCR". La Republica. January 6, 2016. Retrieved January 11, 2016.
  4. ^ "Moneda peruana cambiará de nombre de "nuevo sol" a "sol"". El Comercio de Perú. November 13, 2015. Retrieved November 23, 2015.
  5. ^ "Desde ayer la moneda peruana se llama "Sol"". El Comercio de Perú. December 16, 2015. Retrieved December 20, 2015.
  6. ^ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
  7. ^ a b c (in Spanish) Law No. 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
  8. ^ (in Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru Archived 2007-06-09 at the Wayback Machine. Retrieved on July 11, 2007
  9. ^ "Peru's nuevo sol is the most stable currency in region". Peru This Week. July 2, 2012. Archived from the original on December 2, 2016. Retrieved January 28, 2014.
  10. ^ (in Spanish) Circular letter No. 021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
  11. ^ "MONEDAS DE 5 CÉNTIMOS DEJARÁN DE CIRCULAR DESDE EL 1 DE ENERO DE 2019" (PDF). Central Reserve Bank of Peru (in Spanish). October 31, 2018. Retrieved October 31, 2018.
  12. ^ "TKambio | Cambiar o Convertir Dólares y Soles Online en Perú". Tkambio.com. Retrieved 27 July 2022.
  13. ^ (in Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
  14. ^ (in Spanish) Circular letter N°028-97-EF/90, August 26, 1997, Central Reserve Bank of Peru
  15. ^ (in Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.
  16. ^ "Nuevo billete de S/ 10". Multimedia.bcrp.gob.pe. Retrieved 27 July 2022.
  17. ^ "Nuevo billete de S/ 100". Multimedia.bcrp.gob.pe. Retrieved 27 July 2022.
  18. ^ "ShieldSquare Captcha" (PDF). Bbcrp.gob.pe. Retrieved 27 July 2022.

External links[edit]