Peruvian nuevo sol

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”.^[2] The renaming of the currency went into effect on December 15, 2015.^[3]

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 nuevo 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 nuevo 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 the Nuevo Sol currently retains 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

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]

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

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		Person Depicted on Obverse	Reverse
10 Soles	1991	Green	José Quiñones GonzálesCurtiss 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
20 Soles	2011	Orange	Raúl Porras Barrenechea	Huaca del Dragón, incorrectly named as Chan Chan
50 Soles	1991	Brown	Abraham Valdelomar	Oasis of Huacachina, Ica
50 Soles	2011	Brown	Abraham Valdelomar	New temple of Chavin de Huantar (Huaraz)
100 Soles	1992	Blue	Jorge Basadre	National Library of Peru
100 Soles	2011	Blue	Jorge Basadre	Great Pajaten
200 Soles	1995	Pink	Rose of Lima	Convent of Santo Domingo, Lima
200 Soles	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 USD CNY BRL

References

Notes

↑ "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.
1 2 3 (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.

Sources

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.

External links

Historical currencies of Peru

Main line	Real until 1863	Sol 1863–1985			Inti 1985–1991	Nuevo sol 1991–present
Non main line		Peseta 1880–1882	Inca 1881–1882	Libra 1898–1931

Currency symbols (¤)

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