Peruvian nuevo sol
|ISO 4217 code||PEN|
|Central bank||Central Reserve Bank of Peru|
|Source|| January 2014|
|Freq. used||10, 20 & 50 céntimos, 1, 2 & 5 Soles|
|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 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”. The renaming of the currency went into effect on December 15, 2015.
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. 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. 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. Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 2.2 and 3.66 per United States dollar.
The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 cents and 1 Sol. 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., and a five-cent coin in 2007. 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.
|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
|5 soles||24.3 mm||2.13 mm||6.67 g||Bi-metallic
Outside ring: Steel
|Reeded (since 2009)|
In 1990, banknotes for 10, 20, 50 and 100 Soles were introduced. The banknote for 200 Soles was subsequently introduced in August 1995. All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.
|Denomination||In circulation since||Colour||Person Depicted on Obverse||Reverse||Image (Obverse)|
|Current PEN exchange rates|
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- Numismatic series Wealth and Pride of Peru
- Numismatic series Natural Resources of Peru
- Economy of Peru
- Peruvian inti
- Peruvian sol
- "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.
- "Moneda peruana cambiará de nombre de “nuevo sol” a “sol”". El Comercio de Perú. November 13, 2015. Retrieved November 23, 2015.
- "Desde ayer la moneda peruana se llama "Sol"". El Comercio de Perú. December 16, 2015. Retrieved December 20, 2015.
- San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
- (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
- "Peru's nuevo sol is the most stable currency in region". Peru This Week. July 2, 2012. Retrieved January 28, 2014.
- (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.
- Bruce, Colin R. II (senior editor) (2006). 2007 Standard Catalog of World Coins: 1901–2000 (34th ed.). Krause Publications. pp. 1463–1465. ISBN 0896893650.
- Cuhaj, George S. (editor) (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date (11th ed.). Krause Publications. pp. 659–661. ISBN 0-89689-160-7.