Peruvian sol

"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).
Peruvian sol
sol peruano (Spanish)
1 sol (Obverse)1 sol (Reverse)
ISO 4217
Code PEN
Number 604
Exponent 2
Denominations
Subunit
  1⁄100 céntimo
Plural Soles
 céntimo céntimos
Symbol S/
Banknotes
 Freq. used 10, 20, 50, 100 soles
 Rarely used 200 soles
Coins
 Freq. used 10, 20, 50 céntimos, 1, 2, 5 soles
Demographics
Date of introduction July 1, 1991
Replaced Peruvian inti
User(s)  Peru
Issuance
Central bank Central Reserve Bank of Peru
 Website www.bcrp.gob.pe
Mint National Mint (Casa Nacional de Moneda)
Valuation
Inflation 2%
 Source [1] January 2014

The sol (Spanish pronunciation: [ˈsol]; plural: soles; currency sign: S/)[2] 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 ("new sol"). On November 13, 2015, Peru's Congress voted to revert the name of the currency to simply sol.[3] The renaming of the currency went into effect on December 15, 2015.[4]

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 sol as the country's new currency.[5] 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.[6] Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto, the sol has retained a low inflation rate of 1.5%, the lowest inflation rate ever in both Latin and South America.[7] Since the new currency was put into effect, it has managed to maintain a stable exchange rate[8] between 2.2 and 3.66 per United States dollar.

Coins

The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 cents (céntimos) and 1 sol.[6] 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 cents. Electronic transactions will still be processed in the exact amount. An aluminium one-cent coin was introduced in December 2005.,[9] and a five-cent coin in 2007.[10] 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 bimetallic 2- and 5-sol coins are the hummingbird and condor figures from the Nazca Lines.[11]

Image Value Diameter (mm) Thickness (mm) Mass (g) Composition Edge
5 céntimos 18 1.50 1.02 Aluminium Smooth
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
1 sol 25.5 1.65 7.32 Cu–Zn–Ni Reeded
2 soles 22.2 2.07 5.62 Bimetallic
Outside ring: Steel
Centre: Cu–Zn–Ni		 Smooth
5 soles 24.3 2.13 6.67 Bimetallic
Outside ring: Steel
Centre: Cu–Zn–Ni		 Reeded (since 2009)

Banknotes

In 1990, banknotes for 10, 20, 50 and 100 soles were introduced.[6] The banknote for 200 Soles was subsequently introduced in August 1995.[12] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.[13]

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
2011
 Brown
Abraham Valdelomar
New temple of Chavin de Huantar (Huaraz)
100 soles
1992
 Blue
Jorge Basadre
National Library of Peru
2011
 Blue
Jorge Basadre
Great Pajaten
200 soles
1995
 Pink
Rose of Lima
Convent of Santo Domingo, Lima
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 OANDA: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL

See also

References

  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. ↑ "La moneda peruana tiene un nuevo símbolo: desde ayer es S/ no S/. según BCR". La Republica. January 6, 2016. Retrieved January 11, 2016.
  3. ↑ "Moneda peruana cambiará de nombre de "nuevo sol" a "sol"". El Comercio de Perú. November 13, 2015. Retrieved November 23, 2015.
  4. ↑ "Desde ayer la moneda peruana se llama "Sol"". El Comercio de Perú. December 16, 2015. Retrieved December 20, 2015.
  5. ↑ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
  6. 1 2 3 (Spanish) Law No. 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
  7. ↑ (Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007
  8. ↑ "Peru's nuevo sol is the most stable currency in region". Peru This Week. July 2, 2012. Retrieved January 28, 2014.
  9. ↑ (Spanish) Circular letter No. 021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
  10. ↑ World coin news Wednesday, August 29, 2007 http://worldcoinnews.blogspot.com/2007/08/peru-5-centimos-2007-aluminium.html#comments
  11. ↑ (Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
  12. ↑ (Spanish) Circular letter N°028-97-EF/90, August 26, 1997, Central Reserve Bank of Peru
  13. ↑ (Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.
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