The nuevo sol is the legal tender in Peru since 1991. The nuevo sol is divided into 100 cents.
Origins and history
The origins of the nuevo sol are to be found in the 1929 world crisis, which brought a deep economic and monetary crisis to Peru, and motivated the creation of the Central Reserve Bank of Peru.
In 1990 the “Inti”, the current legal tender at the time, was discarded in favour of the nuevo sol in order to stabilize the currency. One new sol equalled, at the exchange rate of that moment, one million intis or a thousand million old Peruvian soles. The new sol became the official currency in Peru in 1991, during the first year in government of Alberto Fujimori, who tried to balance the country’s hyperinflation with a program for the stabilization of the economy, with the purpose of reordering the country’s economy and set the foundations for future growth.
In 2010, during the process of change of the old coins for new ones the Central Bank of Reserve designed a limited edition of ten million monetary units with a value of one sol.
Nuevo sol Coins and Banknotes
Currently there are coins for 5, 10, 20 and 50 cents and 1, 2 and 5 new soles, each of them bearing a different image on the front and on the back the Coat of Arms of Peru in the centre with the inscription “Central Bank of Reserve of Peru” and the year of minting. Initially 1 cent coins were minted, but these were withdrawn from circulation in May 2011. Check all the information about them at the web page of the Central Bank of Reserve of Perú.
Regarding the banknotes, those in circulation are for 10, 20, 50, 100 and 200 nuevos soles. For more information on the banknotes and the security measures adopted to protect them check the web page of the Central Bank of Reserve of Perú.
Interesting facts of the Peruvian nuevo sol:
- The watermarks, used to avoid banknote counterfeiting, are located on the upper left corner on the front of banknotes.
- The word “sol” (sun) was used for the currency of Peru since 1857, but soles were not actually minted until much later.
- In 1930, during the second government of Augusto B. Leguía, the “sol de oro” was created as a monetary unit.
- The main picture on the 10 nuevos soles banknotes is that of José Abelardo Quiñones Gonzales, a Peruvian war pilot and national hero in the country.