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The
peso
is the currency of Chile. The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960. Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount,
[1]
$ or ; the single-bar symbol, available in most
modern text systems, is almost always used. Both of these symbols are used by many currencies, most notably the US dollar , and may be ambiguous without clarification such as CLP$ or US$. The ISO 4217 code for the present peso is
CLP
. It is officially subdivided into 100
centavos
, although there are no current centavo-denominated coins. The exchange rate was around CLP$600 to 1 U.S. dollar at the end of 2014; by August 2015 it fell to 694 per 1 US dollar.
Contents
[hide]
1First peso, 1817
–
1960
o
1.1Coins
o
1.2Banknotes
2Chilean escudo, 1960
–
1975
o
2.1Coins
o
2.2Banknotes
3Second peso, 1975
–
present
o
3.1Coins
o
3.2Banknotes
4In popular culture
5Value of the peso against the US dollar
6See also
7Notes
8References
9External links
First peso, 1817
–
1960
[edit]
The first Chilean peso was introduced in 1817, at a value of 8 Spanish colonial reales. Until 1851,
the peso was subdivided into 8 reales, with the escudo worth 2 pesos. In 1835, copper coins denominated in
centavos
were introduced but it was not until 1851 that the real and escudo denominations ceased to be issued and further issues in centavos and
décimos
(worth 10 centavos) commenced. Also in 1851, the peso was set equal 5 French francs on the sild, 22.5 grams pure silver. However, gold coins were issued to a different standard to that of France, with 1 peso = 1.37 grams gold (5 francs equalled 1.45 grams gold). In 1885, a gold standard was adopted, pegging the peso to the British pound
at a rate of 13⅓ pesos = 1 pound (1 peso =
1 shilling 6 pence). This was reduced in 1926 to 40 pesos = 1 pound (1 peso = 6 pence). From 1925,
coins and banknotes were issued denominated in
cóndores
, worth 10 pesos. The gold standard was suspended in 1932 and the peso's value fell further. The
escudo
replaced the peso on 1 January 1960 at a rate 1 escudo = 1000 pesos.
Coins
[edit]
Between 1817 and 1851, silver coins were issued in denominations of ¼, ½, 1 and 2 reales and 1 peso (also denominated 8 reales), with gold coins for 1, 2, 4 and 8 escudos. In 1835, copper ½ and 1 centavo coins were issued. A full decimal coinage was introduced between 1851 and 1853, consisting of copper ½ and 1 centavo, silver ½ and 1 décimo, 20 and 50 centavos, and 1 peso, and gold 5 and 10 pesos. In 1860, gold 1 peso coins were introduced, followed by cupro-nickel ½, 1 and
2 centavos between 1870 and 1871. Copper coins for these denominations were reintroduced between 1878 and 1883, with copper 2½ centavos added in 1886. A new gold coinage was
introduced in 1895, reflecting the lower gold standard, with coins for 2, 5, 10 and 20 pesos. In 1896, the ½ and 1 décimo were replaced by 5 and 10 centavo coins. In 1907, a short-lived, silver 40 centavo coin was introduced following cessation of production of the 50 centavo coin. In 1919, the last of the copper coins (1 and 2 centavos) were issued. The following year, cu pro-nickel replaced silver in the 5, 10 and 20 centavo coins. A final gold coinage was introduced in 1926, in denominations of 20, 50 and 100 pesos. In 1927, silver 2 and 5 peso coins were issued. Cu pro-nickel 1 peso coins were introduced in 1933, replacing the last of the silver coins. In 1942, copper 20 and 50 centavos and 1 peso coins were introduced. The last coins of the first peso were issued between 1954 and 1959. These were aluminum 1, 5 and 10 pesos.
Banknotes
[edit]
The first Chilean paper money was issued between 1840 and 1844 by the treasury of the Province of Valdivia, in denominations of 4 and 8 reales. In the 1870s, a number of private banks began issuing paper money, including the
Banco Agrícola
, the
Banco de la Alianza
, the
Banco de Concepción
, the
Banco Consolidado de Chile
, the
Banco de A. Edwards y Cía.
, the
Banco de Escobar, Ossa y Cía.
, the
Banco Mobiliario
, the
Banco Nacional de Chile
, the
Banco del Pobre
, the
Banco Sud Americano
, the
Banco del Sur
, the
Banco de la Unión
and the
Banco de Valparaíso
. Others followed in the 1880s and 1890s. Denominations included 1, 2, 5, 10, 20, 50, 100 and 500 pesos. One bank, the Banco de A. Edwards y Cía., also issued notes denominated in pounds
sterling (
libra esterlina
).
In 1881, the government issued paper money convertible into silver or gold, in denominations of 1, 2, 5, 10, 20, 50, 100 and 1000 pesos. 50 centavo notes were added in 1891 and 500 pesos in 1912. In 1898, provisional issues were made by the government, consisting of private bank notes overprinted with the words "Emisión Fiscal". This marked the end of the production of private paper money. In 1925, the
Banco Central de Chile
began issuing notes. The first, in denominations of 5, 10, 50, 100 and 1000 pesos, were overprints on government notes. In 1927, notes marked as "Billete Provisional" were issued in denominations of 5, 10, 50, 100, 500 and 1000 pesos. Regular were introduced between 1931 and 1933, in denominations of 1, 5, 10, 20, 50, 100, 500, 1000, 5000 and 10,000 pesos. The 1 and 20 peso notes stopped production in 1943 and 1947, respectively. The remaining denominations continued production until 1959, with a 50,000 peso note added in 1958.
Chilean escudo, 1960
–
1975
[edit]
Chilean peso
escudo chileno
(Spanish)
ISO 4217Code
CLE
Denominations Subunit
1/100
centésimo
Symbol
Eº
Banknotes
500, 1000, 5000, 10 000 Escudos
Coins
10, 50, 100 escudos
Demographics User(s)
Chile
Issuance Central bank
Banco Central de Chile
Website
www.bcentral.cl
Mint
Casa de Moneda Website
www.cmoneda.cl
This infobox shows the latest status before this currency was rendered obsolete.
The
escudo
was the currency of Chile between 1960 and 1975, divided into 100
centésimos
. It replaced the old peso at a rate of 1 escudo = 1000 pesos and was itself replaced by a new peso, at a rate of 1 peso = 1000 escudos. The symbol Eº was used for the escudo. Chile issued gold escudos, worth 16 reales or 2 pesos until 1851.
Coins
[edit]
In 1960, aluminium 1 centésimo and aluminium-bronze 2, 5 and 10 centésimo coins were introduced, followed by aluminium ½ centésimo in 1962. In 1971, a new coinage was introduced, consisting of aluminium-bronze 10, 20 and 50 centésimos and cupro-nickel 1, 2 and 5 escudos. This coinage was issued for two years, with aluminium 5 escudos produced in 1972. In 1974 and 1975, aluminium 10 escudos and nickel-brass 50 and 100 escudos were issued.
Banknotes
[edit]
of the four highest denominations were emitted in 2009 and 2010. The popular new 1,000-peso banknote was issued on 11 May 2011.
[3]
Since September 2004, the 2,000-peso note has been emitted only as a polymer banknote; the
5,000-peso note began emission in polymer in September, 2009; and the 1,000-peso note was switched to polymer in May, 2011. This was the first time in Chilean history that a new family of banknotes was put into circulation for other cause than the effects of inflation. As of January 2012, only the 10,000- and 20,000-peso notes are still printed on cotton paper . All new notes have the same 70-mm height, while their length varies in 7-mm steps according to their values: the shortest is the 1,000-peso note and the longest is the 20,000-peso.
[4]
The new notes are substantially more
difficult to falsify because of new security measures. The design and production of the whole new family of banknotes was assigned to the Australian company Note Printing Australia Ltd for the 1,000-, 2,000- and 5,000-peso notes. and the Swedish company Crane AB for the 10,000- and 20,000-peso notes
[3]
