Peruvian sol

The sol (Spanish pronunciation: [ˈsol]; plural: soles; currency sign: S/)[2] is the currency of Peru; it is subdivided into 100 céntimos ("cents"). The ISO 4217 currency code is PEN.

"Sol (currency)" redirects here. For the Peruvian currency used from 1863 to 1985, see Peruvian sol (1863–1985). For the 13th–18th century French coin, see Solidus (coin).
Peruvian sol
sol peruano (Spanish)
ISO 4217
CodePEN
Number604
Exponent2
Denominations
Subunit
 ​1⁄100céntimo
Pluralsoles
 céntimocéntimos
SymbolS/
Banknotes
 Freq. used10, 20, 50, 100 soles
 Rarely used200 soles
Coins
 Freq. used10, 20, 50 céntimos, 1, 2, 5 soles
 Rarely used1, 5 céntimos (discontinued, still legal tender)
Demographics
Date of introductionJuly 1, 1991
ReplacedPeruvian inti
User(s) Peru
Issuance
Central bankCentral Reserve Bank of Peru
 Websitewww.bcrp.gob.pe
MintNational Mint (Casa Nacional de Moneda)
Valuation
Inflation2%
 Source[1] January 2014

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 1863 to 1985. Although sol in this usage is derived from the Latin solidus (English: solid), the word also means "sun" in Spanish. There is thus a continuity with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.

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 simply sol.[3][4]

History

Due to 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 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 intis.[6] Coins denominated in the new unit were introduced on October 1, 1991, and the first banknotes on November 13, 1991. Since that time, the sol has retained an inflation rate of 1.5%, the lowest ever in either South America or Latin America as a whole.[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 céntimos and 1 sol.[6] The 2- and 5-sol coins were added in 1994. Although one- and five-céntimo coins are officially in circulation, they are very rarely used. For this reason the aluminium one-céntimo coin, introduced in December 2005,[9] was removed from circulation on May 1, 2011. Also, five-céntimos coin was removed from circulation on January 1, 2019.[10]

For cash transactions, retailers must round down to the nearest ten céntimos or up to the nearest five. Electronic transactions will still be processed in the exact amount. An aluminium five-céntimo coin was introduced 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 each coin shows its denomination. Included in the designs of the bimetallic two- and five-sol coins are the hummingbird and condor figures from the Nazca Lines.[11]

Image Value Diameter (mm) Thickness (mm) Mass (g) Composition Edge
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

Banknotes for 10, 20, 50, and 100 soles were introduced in 1990.[6] The banknote for 200 soles was 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 Gonzales
North American NA-50 “Torito”
A Caproni Ca.113, flying upside-down
2011
 Green
José Quiñones Gonzales
Machu Picchu
2014
 Green
José Quiñones Gonzales
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.com: 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. (in Spanish) Law No. 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
  7. (in Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru Archived 2007-06-09 at the Wayback Machine. Retrieved on July 11, 2007
  8. "Peru's nuevo sol is the most stable currency in region". Peru This Week. July 2, 2012. Archived from the original on December 2, 2016. Retrieved January 28, 2014.
  9. (in Spanish) Circular letter No. 021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
  10. "MONEDAS DE 5 CÉNTIMOS DEJARÁN DE CIRCULAR DESDE EL 1 DE ENERO DE 2019" (PDF). Central Reserve Bank of Peru (in Spanish). October 31, 2018. Retrieved October 31, 2018.
  11. (in Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
  12. (in Spanish) Circular letter N°028-97-EF/90, August 26, 1997, Central Reserve Bank of Peru
  13. (in Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.
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