Peruvian sol

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"Sol (currency)" redirects here. For the pre-1985 Peruvian currency, see Peruvian sol (1863–1985). For the 13th–18th century French coin, see Solidus (coin).
Sol
Sol  (Spanish)
Coin Peru 1 Nuevo Sol.jpg Coin Peru 1 Nuevo Sol (Back).jpg
1 Sol (Obverse) 1 Sol (Reverse)
ISO 4217 code PEN
Central bank Central Reserve Bank of Peru
 Website www.bcrp.gob.pe
User(s)  Peru
Inflation 2%
 Source [1] January 2014
Subunit
 1/100 céntimo
Symbol S/
Plural Soles
céntimo céntimos
Coins
 Freq. used 10, 20 & 50 céntimos, 1, 2 & 5 Soles
Banknotes
 Freq. used 10, 20, 50 & 100 Soles
 Rarely used 200 Soles
Mint National Mint (Casa Nacional de Moneda)

The Sol (Spanish pronunciation: [ˈsol], (sun) plural: Soles; currency sign: S/) is the currency of Peru. The Sol is subdivided into 100 cents, called céntimos in Spanish. 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 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.

Until recently, the currency was called "Nuevo Sol". On November 13, 2015, Peru's Congress voted to revert the name of the currency to simply “Sol”.[2] The renaming of the currency went into effect on December 15, 2015.[3]

History[edit]

Because of 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.[4] The 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.[5] Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto,[when?] the nuevo sol has retained a low inflation rate of 1.5%, the lowest inflation rate ever in both Latin and South America.[6] Since the new currency was put into effect, it has managed to maintain a stable exchange rate[7] between 2.2 and 3.66 per United States dollar.

Coins[edit]

The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 cents and 1 Sol.[5] The 2 and 5 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.,[8] and a five-cent coin in 2007.[9] 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 Sol coins are the hummingbird and condor figures from the Nazca Lines.[10]

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 sol 25.5 mm 1.65 mm 7.32 g Cu–Zn–Ni Reeded
2 soles 22.2 mm 2.07 mm 5.62 g Bi-metallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Smooth
5 soles 24.3 mm 2.13 mm 6.67 g Bi-metallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Reeded (since 2009)

Banknotes[edit]

In 1990, banknotes for 10, 20, 50 and 100 Soles were introduced.[5] The banknote for 200 Soles was subsequently introduced in August 1995.[11] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.[12]

Denomination In circulation since Colour Person Depicted on Obverse Reverse Image (Obverse)
10 Soles
1991
Green
José Quiñones Gonzáles
Curtiss Hawk 75-A8
A Caproni Ca.113, flying upside-down
2011
Green
José Quiñones Gonzáles
Machu Picchu
2014
Dark Green
José Quiñones Gonzáles
Machu Picchu
20 Soles
1991
Orange
Raúl Porras Barrenechea
Interior of Torre Tagle Palace, seat of Peru's Ministry of Foreign Relations
2011
Orange
Raúl Porras Barrenechea
Huaca del Dragón, incorrectly named as Chan Chan
50 Soles
1991
Brown
Abraham Valdelomar
Oasis of Huacachina, Ica
[1]
2011
Brown
Abraham Valdelomar
New temple of Chavin de Huantar (Huaraz)
100 Soles
1992
Blue
Jorge Basadre
National Library of Peru
[2]
2011
Blue
Jorge Basadre
Great Pajaten
200 Soles
1995
Pink
Rose of Lima
Convent of Santo Domingo, Lima
[3]
2011
Gray
Rose of Lima
Sacred City of Caral-Supe
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 TransferWise: 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 USDCNY BRL

See also[edit]

References[edit]

Notes

  1. ^ "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. 
  2. ^ "Moneda peruana cambiará de nombre de "nuevo sol" a "sol"". El Comercio de Perú. November 13, 2015. Retrieved November 23, 2015. 
  3. ^ "Desde ayer la moneda peruana se llama "Sol"". El Comercio de Perú. December 16, 2015. Retrieved December 20, 2015. 
  4. ^ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
  5. ^ a b c (Spanish) Law N° 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
  6. ^ (Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007
  7. ^ "Peru's nuevo sol is the most stable currency in region". Peru This Week. July 2, 2012. Retrieved January 28, 2014. 
  8. ^ (Spanish) Circular letter N°021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
  9. ^ World coin news Wednesday, August 29, 2007 http://worldcoinnews.blogspot.com/2007/08/peru-5-centimos-2007-aluminium.html#comments
  10. ^ (Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
  11. ^ (Spanish) Circular letter N°028-97-EF/90, August 26, 1997, Central Reserve Bank of Peru
  12. ^ (Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.

Sources

External links[edit]