For the peruvian currentness used from 1863 to 1985, see peruvian sol ( 1863–1985 )
The sol ( spanish pronunciation : [ ˈsol ] ; 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 rejoinder to that of Peru ‘s historic currentness, as the former embodiment of sol was in use from 1863 to 1985. Although sol in this custom is derived from the Latin solidus ( english : solid ), the parole besides means “ sun ” in spanish. There is therefore a continuity with the old peruvian inti, which was named after Inti, the Sun God of the Incas.
Reading: Peruvian sol – Wikipedia
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 merely sol. [ 4 ] [ 5 ]
history [edit ]
Currencies in function before the current peruvian sol admit :
- 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
peso, reales worth
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 submit of economy and hyperinflation in the late 1980s, the government was forced to abandon the inti and introduce the sol as the state ‘s newly currentness. [ 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 inti. [ 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 newfangled currency was put into effect, it has managed to maintain an change rate [ 9 ] between 2.2 and 4.13 per United States dollar .
Coins [edit ]
The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 céntimos and 1 sol. [ 7 ] The 2- and 5-sol coins were added in 1994. Although one- and five- céntimo coins are formally in circulation, they are very rarely used. For this rationality the aluminum one- céntimo coin, introduced in December 2005, [ 10 ] was removed from circulation on May 1, 2011. besides, five- céntimos mint was removed from circulation on January 1, 2019. [ 11 ] For cash transactions, retailers must round down to the nearest ten céntimos or improving to the nearest five. electronic transactions will still be processed in the exact sum. An aluminum 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 bimetal two- and five-sol coins are the hummingbird and condor figures from the Nazca Lines. [ 13 ]
|Image||Value||Diameter (mm)||Thickness (mm)||Mass (g)||Composition||Edge|
Outside ring: Steel
Outside ring: Steel
|Reeded (since 2009)|
Banknotes [edit ]
Banknotes for 10, 20, 50, and 100 soles were introduced in 1990. [ 7 ] The bill for 200 soles was introduced in August 1995. [ 14 ] All notes are of the same size ( 140 x 65 millimeter ) and contain the portrait of a long-familiar historic peruvian on the obverse. [ 15 ] A new series of banknotes was issued starting in 2021, beginning with the 10 and 100 soles notes in July 2021. [ 16 ] [ 17 ]
See besides [edit ]
References [edit ]
Read more: How to Make a Coin Bezel Necklace – Easy!
Category : Finance
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