Peruvian nuevo sol

Peruvian nuevo sol
Nuevo Sol peruano  (Spanish)
1 Nuevo Sol (Obverse) 1 Nuevo Sol (Reverse)
ISO 4217 code	PEN
Central bank	Central Reserve Bank of Peru
Website	www.bcrp.gob.pe
User(s)	Peru
Inflation	2%
Source	[1] January 2014
Subunit
1/100	céntimo
Symbol	S/.
Plural	Nuevos Soles
céntimo	céntimos
Coins
Freq. used	10, 20 & 50 céntimos, 1, 2 & 5 Nuevos Soles
Rarely used	1 & 5 céntimos
Banknotes
Freq. used	10, 20, 50 & 100 Nuevos Soles
Rarely used	200 Nuevos Soles
Mint	National Mint (Casa Nacional de Moneda)

The Nuevo Sol (Spanish pronunciation: [ˈnweβo ˈsol], (new sun) plural: Nuevos Soles; currency sign: S/.) is the currency of Peru. It is subdivided into 100 cents, called céntimos in Spanish. The ISO 4217 currency code is PEN. It is most commonly referred to just as Sol.

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.

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.^[2] 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.^[3] 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.^[4] Since the new currency was put into effect, it has managed to maintain a stable exchange rate^[5] between 2.3 and 3.65 per United States dollar.

Coins

The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 cents and 1 Nuevo Sol.^[3] The 2 and 5 Nuevo 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.,^[6] and a five-cent coin in 2007.^[7] 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 Nuevo Sol coins are the hummingbird and condor figures from the Nazca Lines.^[8]

Image	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 nuevo sol	25.5 mm	1.65 mm	7.32 g	Cu–Zn–Ni	Reeded
	1 nuevo sol	25.5 mm	1.65 mm	7.32 g	Cu–Zn–Ni	Reeded
	1 nuevo sol	25.5 mm	1.65 mm	7.32 g	Cu–Zn–Ni	Reeded
	2 nuevos soles	22.2 mm	2.07 mm	5.62 g	Bi-metallic Outside ring: Steel Centre: Cu–Zn–Ni	Smooth
	5 nuevos 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 Nuevos Soles were introduced.^[3] The banknote for 200 Nuevos Soles was subsequently introduced in August 1995.^[9] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.^[10]

See also

• Numismatic series Wealth and Pride of Peru
• Numismatic series Natural Resources of Peru
• Economy of Peru
• Peruvian inti
• Peruvian sol

References

Notes

Sources

External links

• Banknotes and Coins from the Central Bank of Peru

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