This article provides a historical summary of the currency used in Ecuador. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is For a topic outline on this subject see List of basic Ecuador topics. The present currency of Ecuador is the United States dollar. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been
Pre-independence currency
Peso = 8 Reales (silver)
Escudo = 2 Pesos (gold)
History
Ecuador, known in the colonial period as Quito (and then four times its present size), was administered as part of New Granada, along with Colombia and Venezuela. This article provides an outline of the Currency of Spanish America ( las Indias, the Indies from Spanish colonization in the 15th century until independence in the Quito, officially San Francisco de Quito, is the Capital of Ecuador in northwestern South America. It shared the common Spanish-American monetary system, based on the silver peso and the gold escudo, current throughout Spanish America. Gold dust and silver bars, smelted at Riobamba, circulated, often in preference to coin.
In December 1821, the Viceroy of New Granada ordered the Popayán mint moved to Quito, where it could produce money for royalist forces in the field. Popayán is a municipality and def is a capital city of the Colombian department of Cauca, with a population of about 215000 people But Simón Bolívar's army was advancing, so the mint equipment was installed at Pasto, the last royalist stronghold, where it began producing coin January 24, 1822. Simón José Antonio de la Santísima Trinidad Bolívar Palacios y Blanco,Venezuelan or commonly known as Simón Bolívar ( July 24, 1783 &ndash Events 41 - Gaius Caesar (Caligula, known for his eccentricity and cruel Despotism, is Assassinated by his disgruntled Year 1822 (MDCCCXXII was a Common year starting on Tuesday (see link for calendar of the Gregorian calendar (or a Common year starting on Sunday of the
Coin
Pasto mint
■ 2 reales
1822-1830 Gran Colombia
- 1821-1830 Gran Colombia
Peso = 8 Reales (silver)
Onza = 8 Escudos = 16 Pesos (gold)
Quito was part of Gran Colombia until 1830 as Departamento del Sur. Spanish colonial coinage See also Currency of Spanish America Peso = 8 RealesEscudo = 2 Pesos (after 1686 During the Spanish colonial period present-day Colombia Gran Colombia ( Spanish for Great Colombia) is a name used today for the Republic of Colombia of the period 1819-1831 Gran Colombia's monetary regulations retained the old Spanish colonial system, with both milled and hammered coin circulating. Gold and silver were minted at Popayán and Bogotá, copper at Caracas. On July 28, 1823, Bolívar authorized a mint at Quito, but almost a decade would pass before one opened there. Events 1540 - Thomas Cromwell is executed at the order of Henry VIII of England on charges of Treason. Year 1823 ( MDCCCXXIII) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian Calendar (or a Common Cobs (macuquina) were ordered withdrawn in 1826, but because of the lack of other coin, they continued to circulate. All kinds of foreign coin circulated on the coast as a result of foreign trade, but in the interior provinces only old Spanish colonial coin and macuquina circulated, mostly Peruvian.
1830-1845 Peso
1830-1836 State of Ecuador
History
Quito separated from Gran Colombia and adopted a constitution on September 23, 1830 as Estado del Ecuador en la República de Colombia (State of Ecuador in the Republic of Colombia), which reflected the desire of President Juan José Flores for confederation. Events 1122 - Concordat of Worms. 1459 - Battle of Blore Heath, the first major battle of the English For the game see 1830 (board game. Year 1830 ( MDCCCXXX) was a Common year starting on Friday (link will display Juan José Flores y Aramburu ( July 19, 1800 &ndash October 1, 1864) called "The founder of the Republic" was a military general
President Flores asked Congress to etablish a mint at Quito, and on November 8, 1831 Congress passed its first monetary law, authorizing coin "like that minted at Popayán". Events 1519 - Hernán Cortés enters Tenochtitlán and Aztec ruler Moctezuma welcomes him with great a Celebration Year 1831 ( MDCCCXXXI) was a Common year starting on Saturday (link will display the full calendar of the Gregorian Calendar (or a This resulted in the Quito mint producing silver only 666 fine. Millesimal fineness is a system of denoting the purity of Platinum, Gold and Silver Alloys by parts per thousand of pure metal by mass in The Quito mint did not begin regular production until 1833. Meanwhile, the shortage of coin was met by foreign coin and counterfeit coin.
Flores authorized (December 26, 1832) the import for circulation of all coin of Spain and the new American states, except for the "reales" minted at Popayán. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht. Year 1832 ( MDCCCXXXII) was a Leap year starting on Sunday (link will display the full calendar of the Gregorian Before coins from Granada (Colombia), could be imported, they had to be presented at the Quito mint and, if of good quality, countermarked on the reverse with the letters "MdQ" (for moneda de Quito, coin of Quito) in monogramed script.
Paper
The Flores government issued credit notes (notas de cédito del Tesoro) in 1830, a forerunner of paper money. These notes were issued with a term of one year to pay government debts and were accepted by customs houses at par for 50% of import duties. The amount authorized was 100,000 pesos yearly, raised to 150,000 in 1837. None of these notes are known to exist [2006].
Countermarked coin
The 1832 countermark was intended solely for coin minted at Bogotá (Cundinamarca) between 1815 and 1821. But coins of below-standard fineness had been minted at Bogotá in 1823-1826, but dated 1821, and most were put into circulation in the Quito department during the Gran Colombia period.
Coins of Cundinamarca and Granada, dated 1818-1821, counterstamped 'MdQ' (quantities unknown):
■ 1/4 real
■ 1/2 real
■ real
■ 2 reales
■ 8 reales
Silver coin
Obv. arms of Colombia, rim inscription EL ECUADOR EN COLOMBIA and QUITO below the arms; rev. denomination, rim inscribed EL PODER EN LA CONSTITUCION; below the year and GJ (assayer's initials). A 1-real coin was authorized February 28, 1833. Events 202 BC - coronation ceremony of Liu Bang as Emperor Gaozu of Han takes place initiating four centuries of the Han Dynasty 's rule Year 1833 ( MDCCCXXXIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian Calendar (or a Common Minting of the medio real began September 30, 1832, before its characteristics had been established, which explains why some have the letter "M" (according to the law) while others have "1/2". Events 1399 - Henry IV is proclaimed King of England. 1744 - France and Spain defeat the Year 1832 ( MDCCCXXXII) was a Leap year starting on Sunday (link will display the full calendar of the Gregorian
silver 666 fine dated 1833-1836
■ 1/2 real 16 mm
■ real, 20 mm, 3·00-3·95 g
■ 2 reales, 25 mm
Gold coin
Obv. Indian head with band reading LIBERTAD, the rim inscribed EL ECUADOR EN COLOMBIA, and below the head QUITO. The minting of 2-escudo pieces began in 1834. Some have their value expressed as 2-E (2 escudos), others as 1-D (1 doblón).
gold 875 fine dated 1833-1835
■ escudo, 18 mm, 3·383 g
■ doblón, 22 mm, 6·766 g
1836-1843 Republic of Ecuador
History
After Ecuador became "República del Ecuador" (June 28, 1835), the inscription (rev. Events 1098 - Fighters of the First Crusade defeat Kerbogha of Mosul. Year 1835 ( MDCCCXXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian Calendar (or a Common ) "EL ECUADOR EN COLOMBIA" was changed to "REPUBLICA DEL ECUADOR" (but the Colombian arms were retained). The minting of 1 and 2 escudo coins ceased because of an influx of counterfeits of these coins. In their place, President Vicente Rocafuerte authorized a media onza (4-escudo or doblón de a quatro). Vicente Rocafuerte y Bejarano ( May 1, 1783 - May 16, 1847) was an influential figure in Ecuadorian politics and President of Ecuador
After more minting equipment was obtained from Chile and installed at Quito, the minting of onzas (8-escudo pieces) was authorized (February 1838). A 4-real coin was authorized October 8, 1841 with the same features as the other denominations, but with the added inscription "MORAL INDUSTRIA" around the circumference, making the coin more difficult to counterfeit. Events 314 - Roman Emperor Licinius is defeated by his colleague Constantine I at the Battle of Cibalae, and loses For the game see 1841 (board game. Year 1841 ( MDCCCXLI) was a Common year starting on Friday (link
Poor quality and counterfeit coin from Colombia and Bolivia entered circulation in Ecuador, and the coins produced by the Quito mint had many flaws, so that currency standards were difficult to maintain. The use of merchant tokens became widespread. In the study of Numismatics, token coins or tokens are coin-like objects used instead of Coins The field of tokens is part of Exonumia. In an attempt to end the use of tokens, the government introduced a cuartillo (1/4 real) in 1842. The cuartillo was 333 fine and was called a calé (the name given in Spain to the 4-maravedí coin and which in Ecuador came to be applied to any small coin of low value).
Silver coin
silver 333 fine
■ cuartillo, 16 mm (1842)
silver 666 fine
■ 1/2 real, 17 mm (1838, 1840)
■ real, 20 mm (1836-1841)
■ 2 reales, 25 mm, 5·80-6·10 g (1836-1841)
■ 4 reales, 31·5 mm (1841-1843)
Gold coin
gold 875 fine
■ 1/2 onza (4 escudos), 28 mm, 13·500 (1836-1839, 1841)
■ onza (8 escudos), 34 mm, 27·064 g (1838-1843)
1843 monetary law and coin
Counterfeiting had reached alarming proportions during 1842. At this time, Ecuador was on the verge of bankruptcy, and since legitimate coins had such imperfections that it was impossible to tell them from the bad coin, the government legalized the circulation of false coin.
The National Convention passed a new monetary law in June 1843, changing the coin type (design) in an effort to distinguish good money from bad. It adopted a new coat of arms for the obverse and placed a bust of Simón Bolívar on the reverse on both gold and silver. It authorized a gold onza (E. 8), 1/2 onza (E. 4), doblón (E. 2), escudo, and 1/2 escudo (never minted). Silver coins were the peso fuerte (R. 8), medio peso (R. 4), peseta (R. 2), real, medio (R. 1/2), and cuarto (R. 1/4). But the absurdly low quantities of coin minted in 1844-1845 resulted in an influx of worn coin and coin of inferior quality from neighboring countries.
■ medio peso (R. 4), 33 mm (1844, 1845)
■ onza (E. 8), 36 mm (1844, 1845)
1846-1856 Peso fuerte
History
On December 29, 1845, President Vicente Ramón Roca authorized a coin to compete with the fuertes (full-bodied coin) of other countries. Events 1170 - Thomas Becket: Thomas Becket Archbishop of Canterbury is assassinated inside Canterbury Cathedral by followers of King Henry II Year 1845 ( MDCCCXLV) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common Vicente Ramón Roca Rodríguez (b 1792 d 1858 was President of Ecuador from 8 December 1845 to 15 October 1849. This was the peso fuerte, 903 fine. The standard of 875 fine for gold was identical to that of Ecuador's neighbors and presented no problem. The standard of 903 fine for silver, however, resulted in a heavy export of the coin. It disappeared as soon as it entered circulation (Gresham's law), grabbed up by the merchants of Guayaquil. Gresham's law is commonly stated "Bad money drives out good Guayaquil (waʝaˈkil officially Santiago de Guayaquil, is the largest and the most populous City in Ecuador, as well as that nation's main port On July 7, 1846, the value of the fuerte was raised from 8 to 9 reales in a vain attempt to keep it in circulation. Events 1456 - A retrial verdict acquits Joan of Arc of heresy 25 years after her death For the game see 1846 (board game. Year 1846 ( MDCCCXLVI) was a Common year starting on Thursday (link will display
The November 1846 monetary law adopted a new type with a bust of Bolívar for gold and a Liberty bust for silver. These appeared on coins dated 1847. The bulk of the circulating currency consisted of poor quality, worn coins. As soon as the new silver coins appeared, they were clipped and perforated in order to reduce their value to that of the circulating currency, while gold coins immediately disappeared abroad.
By the 1850s the Quito mint was not receiving enough precious metals to justify its operation. It had to coin a minimum of 6,000 pesos a year just to meet overhead. The mint was shut down during 1853 while the government considered the options of keeping it open or shutting it down. The mint equipment was worn and could not produce coin in sufficient quantity to compete with the foreign coin that entered Ecuador, especially through the port of Guayaquil.
Many coins in circulation were pierced with a hole, and this was causing problems in financial transactions. The governor of Pichincha Province proclaimed that anyone piercing a coin minted after 1855 would be punished according to existing penal regulations and that anyone receiving such a pierced coin had to make note of the person passing it. Pichincha is a province of Ecuador located in the northern sierra region its capital and largest city is Quito.
Silver coin
silver 666 fine dated 1847-1852
■ 1/4 real, 12 mm, 1849-1862
■ 1/2 real, 17 mm, 1848-1849
■ 2 reales, 27 mm, 1847-1852
silver 903 fine dated 1846
■ peso fuerte, 38 mm, 27·000 g (1,386 pieces)
Gold coin
gold, 875 fine dated 1847-1856
■ onza, 37 mm, 27·064 g
1856-1871 Franco
Peso = 5 Francos = 10 Reales
History
Congress passed a new monetary law on December 5, 1856, adopting the French decimal system, a standard of 0·900 for silver, and the Ecuadorian franco, equal to 4·500 g fine silver or 290·3225 mg fine gold. Events 63 BC - Cicero reads the last of his Catiline Orations. Year 1856 ( MDCCCLVI) was a Leap year starting on Tuesday (link will display the full calendar of the Gregorian Calendar (or a Leap year The peso remained a unit of account equal to 5 francos. This measure was intended to avoid the error committed with the peso fuerte of 1846. Only decimal standard coins were to be accepted after October 15, 1866. Events 533 - Byzantine General Belisarius makes his formal entry into Carthage, having conquered it from the Year 1866 ( MDCCCLXVI) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common
The Ecuadorian silver coinage had been debased ever since 1833. The government wanted to produce coins of high silver content to finance foreign exchange, so the debased silver had to be withdrawn and replaced with 900 fine silver. This was the reason for the 5-franco coin, but its appearance in October 1858 caused some confusion. The decimal system was quite unfamiliar to the public and, despite the franco's introduction, the custom of counting in pesos of 8 reales or tostones of 4 reales continued.
Production of the 5 francos could not be sustained and it proved impossible to replace all the poor coin (moneda feble, i. e. , coin 666 fine). The 1859 earthquake closed the Quito mint until 1861.
Banco Particular de Guayaquil obtained permission in June 1861 to have 200,000 pesos in coin 666 fine minted on the pre-1856 octal system (Sistema Octavario). Dies for the coins were engraved in Paris and arrived in Quito in October 1862. These were the last coins produced at the Quito mint. In February 1863 the mint equipment gave out and the government did not attempt to replace it. Besides, Banco de Guayaquil had no wish to continue minting: in minting 35,580 pesos, it had suffered a loss of 6,776 pesos (19%). Thus, after 1863, all Ecuadorian coin was minted abroad.
To keep coin in circulation, President Gabriel García Moreno prohibited the export of coin 666 fine. Gabriel Gregorio García y Moreno y Morán de Buitrón ( December 24, 1821 – August 6, 1875) was an Ecuadorian Statesman The circulation of various kinds of tokens became common. Imbabura Province, in the north, was authorized to allow the free circulation of Colombian francos. Imbabura is a province in Ecuador. The capital is Ibarra. The people speak Imbabura Quechua language.
Paper
Banco de Circulación y Descuento de Manuel Antonio de Luzarraga, Guayaquil, issued Ecuador's first banknotes in 1859 in denominations of 1, 4, 5, 10, and 20 pesos. All its notes were redeemed.
La Caja de Amortización, Guayaquil, opened in 1860, issuing notes for 5 and 10 pesos in the amount of 100,000 pesos. It closed in 1861.
Banco Particular de Descuento i Circulación de Guayaquil, founded in 1861 by an association of 50 merchants, began issuing notes in 1862 in denominations of 1, 5, 10, and 20 pesos, adding a 50 and 100 in 1864, and notes for 2 and 4 reales in 1865. This bank did much to popularize the use of paper money. It merged into Banco del Ecuador in 1870.
Banco de Circulacion y Descuento de Planas, Pérez y Obarrio opened at Guayaquil in 1865 and, without government authorization, issued 300,000 pesos in notes of 4 reales and 1, 5, 10, and 20 pesos. In 1867 it was obliged to recall its notes and close its doors.
Banco del Ecuador, founded in 1867, began operations at Guayaquil in 1868, issuing overprinted notes of the Luzarraga bank for 1, 4, 5, and 10 pesos. It issued new notes in 1870 for 2 and 4 reales and 1 peso.
Coin
silver 666 fine
■ 1/4 real, 12 mm (1855, 1856, 1862)
■ 2 reales, 26 mm (1857, 1862)
■ 4 reales, 33·5 mm (1855, 1857, 1862)
silver 900 fine
■ 5 francos, 37·5 mm, 25·000 g (1858)
1871-1884 Peso
Peso = 10 Reales = 100 Centavos
Conversion: 1 peso = 5 francos
History
The silver peso of 25·000 g 900 fine was made the monetary unit on November 21, 1871, and it was decimalized November 21, 1873. Events 164 BC - Judas Maccabaeus, son of Mattathias of the Hasmonean family restores the Temple in Jerusalem. Year 1871 ( MDCCCLXXI) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common Events 164 BC - Judas Maccabaeus, son of Mattathias of the Hasmonean family restores the Temple in Jerusalem. Year 1873 ( MDCCCLXXIII) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common The issue of 1 and 2 centavo copper coins (minted in Birmingham) was decreed June 8, 1872, and President García Moreno provided that the new coins would be received by the government at the rate of 10 centavos per real or 100 centavos per peso fuerte of 10 reales. Events 68 - The Roman Senate accepts emperor Galba. 536 - St Silverius becomes Pope (probable Year 1872 ( MDCCCLXXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian Calendar (or a Leap year This estabished a legal equivalence between the old money and the new. It was further arranged to have Banco del Ecuador import coin based on the French decimal system. García Moreno thus settled the basic problems of Ecuador's currency.
In 1877 President Ignacio de Veintimilla authorized the free circulation of coin less than 900 fine, with the immediate result that good quality coin disappeared from circulation, replaced by coin from Chile and Bolivia that was only 500 fine. Mario Ignacio Francisco Tomás Antonio de Veintemilla y Villacís ( Quito, 31 July 1828 - Quito, 19 July 1908) was
Paper
Banco del Ecuador issued notes for 2 & 4 reales and 1, 5, 10, 20, 100, 500 & 1000 pesos.
Banco Nacional, Guayaquil, issued notes briefly in 1871 for 2 and 4 reales and for 1, 5, 10, 20, and 100 pesos. It was taken over by Banco del Eduador, which began withdrawing Banco Nacional's notes in 1872.
Banco de Quito was the first Quito-based bank. It began issuing notes in 1874 for 2 reales and 1, 2, 5, 10, 20, 50, and 100 pesos. A new series appeared in 1880 for 1, 5, 10, 20, and 100 pesos.
Banco de la Union, Quito, issued notes from 1882 for 1, 5, 10, 20, and 100 pesos. It handled the personal finances of President Veintimilla.
Banco Anglo-Ecuatoriano was established in 1884 at Montecristi, later movng to Guayaquil. It issued notes for 1, 5, and 10 pesos.
Coin
copper, Birmingham, dated 1872
■ centavo, 25·5 mm
■ 2 centavos, 31 mm
1884-1898 Sucre (silver standard)
Sucre = 10 Décimos = 100 Centavos
Conversion: 1 sucre = 1 peso
History
Ecuador's monetary unit, the peso, was renamed sucre (decree of March 22, 1884, effective April 1), equal to 22. Events 238 - Gordian I and his son Gordian II are proclaimed Roman emperor. Year 1884 ( MDCCCLXXXIV) was a Leap year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Leap year Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne 500 g fine silver. The 1884 monetary law permitted free circulation of gold coin of France, Italy, Belgium, Switzerland, Colombia, Peru, and the United States. As for silver, the law permitted the import of 5-franc pieces of France, Italy, Belgium, and Switzerland, of the pesos of Chile and Colombia, of the Peruvian sol, and of the United States dollar and its fractions. Copper (vellón) was made legal tender to 5 décimos. Bank reserves were in silver coin and banknotes were convertible solely into silver. Ecuador was on a de facto silver standard and did not coin any gold between 1884 and 1892. The government had silver coin minted abroad through the offices of the private banks, usually taking 25% of the profit.
The Government signed a contract, October 6, 1887, with Banco del Ecuador to withdraw Chilean coin and low-quality national coin and replace it with coin of standard fineness. Events 105 BC - Battle of Arausio: The Cimbri inflict the heaviest defeat on the Roman army of Gnaeus Mallius Maximus Year 1887 ( MDCCCLXXXVII) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a Common A decree of April 12, 1889 made the Bolivian coin circulating in the southern part of Ecuador equal to other coin, since its holders had been losing 20% on exchange. Events 467 - Anthemius is elevated to Emperor of the Western Roman Empire. Year 1889 ( MDCCCLXXXIX) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common Banco Internacional was entrusted with withdrawing the Bolivian coin, paying partly in good coin and partly in notes. In 1890 Colombian coin 835 fine was exchanged at its face value.
Between 1887 and 1892 over 1·75 million sucres worth of substandard coin was withdrawn, so that only high quality silver coin remained in circulation. President Antonio Flores Jijón (son of Presidente Juan José Flores) announced that from August 15, 1890 only national coin was allowed to circulate in Ecuador, and Ecuador's monetary system was finally unified. Juan Antonio María Flores y Jijón de Vivanco ( 23 October 1833 - 30 August 1915) was President of Ecuador 17 August Events 778 - The Battle of Roncevaux Pass, at which Roland is killed Year 1890 ( MDCCCXC) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common But the total face value of coin in circulation had been reduced. In order to allevite the shortage of small change, the President authorized (June 14, 1890) the minting of 30,000 sucres in copper coins of 1/2 and 1 centavo. Events 1276 - While taking exile in Fuzhou in southern China, away from the advancing Mongol invaders, the remnants of the Year 1890 ( MDCCCXC) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common
The fall in the price of silver had been gradual in 1884-1890, but became very pronounced after 1893, and the government began looking at ways to adopt the gold standard. In 1897, the Monetary Commission reported that of the 4,790,730 sucres that had been minted up to then, 2,810,850 had been in 1-sucre coins and 2,079,000 in halves, tenths, and twentieths. It also reported that of the total, 2,931,081·15 was deposited with the banks and that half of the remainder was still in circulation, the other half either exported or usd by industry.
Paper
Banco del Ecuador issued notes of 1, 2, 5, 10, 20, 50, 100, 500 & 1000 sucres. It was one of the most powerful banks of the period.
Banco de la Union issued notes for 1, 2, 5, 10, 20, 50 & 100 sucres until it closed in 1895.
Banco Anglo-Ecuatoriano issued notes for 1, 5 & 10 sucres until it was reorganized as Banco Internacional in 1887.
Banco de Londres y Ecuador, Quito, evidently issued notes for 1, 5, and 10 sucres. (No information about this bank is available. )
Banco Internacional was reorganized in 1885 from Banco Anglo-Ecuatoriano. It issued notes for 1, 5, 10, 20, 100, 500 & 1000 sucres. New designs of the 50 & 100 appeared in 1889. It was reorganized in 1894 as Comercial y Agricola.
Banco Comercial y Agricola, reorganized in 1894 from Banco Internacional, issued notes for 1, 5, 20, 100, 500 & 1000 sucres. The color of the 1-sucre note was changed in 1897,
Coin
copper-nickel, dated 1884-1886
■ centavo, 17·5 mm
■ medio décimo, 25 mm
silver 900 fine dated 1884-1916
■ medio décimo, 15 mm, 1·250 g
■ décimo, 18 mm, 2·500 g
■ 2 décimos, 23 mm, 5·000 g
■ medio sucre, 30 mm, 12·500 g
■ sucre, 37 mm, 25·000 g
1898-1914 Sucre (gold standard)
Sucre (S/. ) = 10 Décimos = 100 Centavos
History
The gold standard was adopted November 3, 1898, the gold coin to be called the cóndor ecuatoriano, 8·136 g, 900 fine, with a value of 10 sucres. Events 644 - Umar ibn al-Khattab, the second Muslim Caliph, is killed by a Persian slave in Medina. Year 1898 ( MDCCCXCVIII) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a Common This made the sucre equal to 732·22382 mg fine gold or 2 shillings sterling. Gold par was 10 sucres per pound sterling, 2·055 per US$1, and 2·522 francs per sucre. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency Silver pieces were the peseta (2 décimos), the real or décimo (10 centavos), and the medio (5 centavos). The 1898 law also made the sovereign legal tender. A Gold Sovereign is a Gold coin first issued in 1489 for Henry VII of England and still in production as of 2008 A subsequent decree (October 29, 1908) authorized a gold 1/5 cóndor and vellón coins (75% copper, 25% nickel) of 1/2, 1, 2, and 5 centavos. Events 437 - Valentinian III, Western Roman Emperor, marries Licinia Eudoxia, daughter of his cousin Theodosius II Year 1908 ( MCMVIII) was a Leap year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Leap year
Paper
Banco del Ecuador and Banco Comercial y Agricola continued issuing. They were joined by two new issuing banks.
Banco del Pichincha, Quito, issued notes for 1, 5, 10, and 20 sucres from 1906. A second issue was for 1, 5, 10, 20, 50 & 100 sucres.
Banco del Azuay, Cuenca, issued notes from 1913 for 1, 2, 5, and 10 sucres.
Coin
copper-nickel, Heaton mint, dated 1909
■ 1/2 centavo, 15 mm (4 million)
■ centavo, 17 mm (3 million)
■ 2 centavos, 19 mm (2·5 million)
■ 5 centavos, 21 mm (2 million)
gold 900 fine dated 1899-1900 (Heaton mint)
■ 10 sucres, 22 mm, 8·136 g (100,000 pieces)
To mint the cóndor, the government sold 3 million sucres in silver coin (all the half-sucre coins and all the foreign silver that it had taken from circulation in southern Ecuador). The cóndor was minted at Birmingham and issued through the private banks Banco Comercial y Agrícola and Banco del Ecuador.
1914-1927 Sucre (inconvertible paper)
History
The gold standard was suspended in 1914 and banknotes were declared inconvertible tender. The price of silver rose and its export was embargoed. The exchange rate remained at par (2·055 per US$1) until 1918, when progressive depreciation set in. The government established a complete monopoly on foreign bills of exchange. Late in 1922 the free market rate fell to 5·405 per dollar. The government took draconian measures, requiring exporters to surrender foreign exchange earnings at a rate set by the Exchange Commission (3·60/US$). The government struggled with the foreign exchanged poblem until the sucre was finally stabilized in 1926 at 5 sucres per US dollar.
The economic situation was disastrous, due in part to the fraud of the commercial banks, the most notorious of which was Banco Comercial y Agrícola's issue of notes in excess of the legal limit in the huge amount of 18 million sucres. The Junta de Gobierno produced by the July Revolution (Revolución Juliana, July 9, 1925) wished to create a central bank, despite violent opposition. Events 455 - Roman military commander Avitus is proclaimed Emperor of the Western Roman Empire. Year 1925 ( MCMXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar. There were then six banks of issue: del Ecuador, Commercial y Agricola, de Pichincha, Credito Agricola e Industrial, del Azuay, and the recently opened (1920) Banco de Descuento.
Coin
copper-nickel, Philadelphia mint, dated 1917, 1918
■ 2-1/2 centavos, 19 mm (1·60 million 1917)
■ 5 centavos, 21 mm (1·20 million 1917, 1·98 million 1918)
■ 10 centavos, 22 mm (1·00 million 1918)
copper-nickel, Providence mint, dated 1919
■ 5 centavos, 20 mm (12·00 million)
■ 10 centavos, 25 mm (2·00 million)
copper-nickel, Heaton mint, dated 1924
■ 5 centavos, 16·5 mm (10·00 million)
■ 10 centavos, 19·5 mm (5·00 million)
1927-1932 Sucre (gold exchange standard)
Sucre = 100 Centavos
Cóndor = 25 Sucres
History
A government decree of October 9, 1925 authorized a central bank, and on June 23, 1926 President Isidro Ayora created the Caja Central de Emisión y Amortización (central office for note issue and withdrawal) in anticipation of the central bank. Events 768 - Carloman I and Charlemagne are crowned Kings of The Franks. Year 1925 ( MCMXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar. Events 1180 - First Battle of Uji, starting the Genpei War in Japan 1305 - The Flemish Year 1926 ( MCMXXVI) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar. Isidro Ayora (1879 - 1978 was an Ecuadorian Political figure. Its main task was to assume control of the notes and metallic reserves of the six private banks of issue, and to withdraw their notes in exchange for notes of its own. Caja began exchanging private banknotes for notes of its own in December 1926, continuing its operations until August 12, 1927. Events 1099 - First Crusade: Battle of Ascalon - Crusaders under the command of Godfrey of Bouillon defeat Fatimid Year 1927 ( MCMXXVII) was a Common year starting on Saturday (link will display full calendar of the Gregorian calendar.
The Kemmerer Financial Mission (Comisión de Expertos Financieros) arrived in 1926, and its report was the basis for the monetary reform of March 4, 1927, which created El Banco Central del Ecuador and put the sucre on the gold exchange standard, with devaluation (58·8%) to 300·933 mg Au (equivalent to US$0·20). Events 51 - Nero, later to become Roman Emperor, is given the title Princeps iuventutis (head of the youth Year 1927 ( MCMXXVII) was a Common year starting on Saturday (link will display full calendar of the Gregorian calendar. The new cóndor was 8·35925 g 900 fine, valued at 25 sucres (equivalent to the US half eagle). The Half Eagle is a United States Coin that was produced from 1795 to 1929 Banco Central's statutes were approved June 3, it was formally inaugurated August 10, and it began operations October 1. Events 350 - Roman usurper Nepotianus, of the Constantinian dynasty, proclaims himself Roman Emperor, entering Events 612 BC - Killing of Sinsharishkun, King of Assyrian Empire Events 331 BC - Alexander the Great defeats Darius III of Persia in the Battle of Gaugamela. Ecuadorian gold was recoined at Birmingham, silver at Philadelphia.
Paper
Private banknotes ceased to circulate after 1927.
Caja Central de Emisión y Amortización overprinted certain private banknotes of 1, 2, 5, and 10 sucres with its own name, domiciled them Quito, and put them into circulation in December 1926. This was a provisional series to prepare for a central bank of issue.
El Banco Central del Ecuador, Sociedad Anonima released notes for 5, 10, 20, 50, and 100 sucres in 1928. These notes had a gold redemption clause, e. g. , “Pagará al portador á la vista CINCO SUCRES en oro ó giros oro” (promises to pay the bearer at sight FIVE SUCRES in gold or gold exchange). The gold clause was retained on Banco Central's notes until 1939.
Coin
The great variety in type and size of the copper and nickel coins introduced between 1914 and 1925 was awkward and confusing, so they were all replaced by coins minted at Philadelphia and dated 1928.
bronze, Philadelphia mint, dated 1928
■ centavo, 20·5 mm (2·016 million)
copper-nickel, Philadelphia mint, dated 1928
■ 2-1/2 centavos, 18·5 mm (4 million)
■ 5 centavos, 19·5 mm (16 million)
■ 10 centavos, 21 mm (16 million) silver 720 fine dated 1928, 1930, 1934 (Philadelphia)
■ 50 centavos, 18 mm, 2·500 g
■ sucre, 23·5 mm, 5·000 g
■ 2 sucres, 28·75 mm, 10·000 g
Banco Central sent 63,680 cóndores of the 1898 standard to Birmingham to be recoined into 20,000 new cóndores, the remainder to be sold as bullion.
gold 900 fine dated 1928 (Birmingham)
■ cóndor (25 sucres), 22 mm, 8·35925 g (20,000 pieces)
1932-2000 Sucre
The gold exchange standard was suspended February 8, 1932. The sucre was the Currency of Ecuador between 1884 and 2000 Its ISO code was ECS and it was subdivided into 10 decimos or 100 Events 421 - Constantius III becomes co- Emperor of the Western Roman Empire. Year 1932 ( MCMXXXII) was a Leap year starting on Friday of the Gregorian calendar. Exchange controls were adopted April 30 and the official rate was fixed at 5·95 (buying) per US dollar. Events 313 - Roman emperor Licinius unifies the entire Eastern Roman Empire under his rule After the price of silver rose above the nominal value of most silver coins in the 1930s, Ecuador emabrgoed the export of silver (May 17, 1935). Events 1521 - Edward Stafford 3rd Duke of Buckingham, is executed for Treason. Year 1935 ( MCMXXXV) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. This was followed by numerous adjustments to the foreign exchange system as the sucre continued to depreciate. Foreign exchange controls were finally lifted in September 1937 and the official rate was set at 13·50 per US dollar. The sucre was devalued to 14·77 per dollar on June 4, 1940 and exchange controls were reimposed. Events 781 BC - The first historic Solar eclipse is recorded in China. Year 1940 ( MCMXL) was a Leap year starting on Monday (link will display the full 1940 calendar of the Gregorian calendar. The official rate became 14·00 per in 1942 and 13·50 per in 1944.
Parity was registered with the International Monetary Fund on December 18, 1946 at 65·827 mg fine gold (13·50 per US$), but a system of multiple exchange rates was adopted in 1947. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic Events 218 BC - Second Punic War: Battle of the Trebia - Hannibal 's Carthaginian forces defeat those of the Year 1946 ( MCMXLVI) was a Common year starting on Tuesday (link will display full 1946 calendar of the Gregorian calendar. The sucre's IMF par was devalued to 15 per dollar in 1950, to 18 per in 1961, and to 25 per in 1970.
The sucre maintain a fairly stable exchange rate against the US dollar until 1983, when it was devalued to 42 per dollar and a crawling peg was adopted. Crawling peg is an Exchange rate regime usually seen as a part of Fixed exchange rate regimes which allows Depreciation or Appreciation in an Depreciation gained momentum and the free market rate was over 800 per dollar by 1990 and almost 3000 per in 1995.
The sucre lost 67% of its foreign exchange value during 1999, then in one week nosedived 17%, ending at 25,000/US$1 on January 7, 2000. Events 1325 - Alfonso IV becomes King of Portugal. 1558 - France takes Calais, the last continental 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. On January 9, President Jamil Mahuad announced that the US dollar would be adopted as Ecuador's official currency. Events 475 - Byzantine Emperor Zeno is forced to flee his capital at Constantinople. Jorge Jamil Mahuad Witt (born July 29, 1949) was President of Ecuador from August 10, 1998 to January 21, Protests led to his removal. Vice President Gustavo Noboa became president, only to confirm the government's commitment to dollarization. Gustavo Noboa Bejarano (born in Guayaquil, Ecuador on 21 August, 1937 - Dollarization occurs when the inhabitants of a country use foreign Currency in parallel to or instead of the domestic currency
On March 9, 2000, Noboa signed a law passed by Congress, replacing the sucre with the United States dollar at an official exchange rate of 25,000 sucres per US$1. Events 590 - Bahram Chobin is crowned as king Barham VI of Persia. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Both currencies were to circulate, the dollar being used for all but the smallest transactions. Only coins would continue in the local currency.
2000 Dollarization
US Dollar
Conversion: 1 US dollar = 25,000 sucres
The US dollar became legal tender in Ecuador March 13, 2000 and sucre notes ceased being legal tender on September 11. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Events 1138 - Cardinal Gregorio Conti is elected Antipope as Victor IV, succeeding Anacletus II. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Events 9 - The Battle of the Teutoburg Forest ends 506 - The Bishops of Visigothic Gaul Sucre notes remained exchangeable at Banco Central until March 30, 2001 at 25,000 sucres per dollar. Events 240 BC - 1st recorded Perihelion passage of Halley's Comet. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Ecuador now only issues its own centavo coins. Ecuadorian centavo coins were introduced in 2000 when Ecuador converted its currency from the sucre to the U
References
Banco Central del Ecuador Museo Numismatico, Archivo base de numismática, <http://www.museos-ecuador.com/bce/downloads/originales/numismatica.zip>. Retrieved on 7 May 2008 (Spanish) Digital publication of Banco Central del Ecuador Museo y biblioteca virtuales. Zipped PDF file, 220 pages.
Bruce II, Colin R. , ed. (2007), 2008 Standard catalog of world coins 1901-2000 (35th ed. ), Iola, WI: Krause, pp. 712-717, ISBN 978-0-89689-500-3.
Cribb, Joe; Cook, Barrie & Carradice, Ian (1990), The coin atlas, New York: Facts on File, p. 302-303, ISBN 0-8160-2097-3.
Krause, Chester L. & Mishler, Clifford, eds. , Standard catalog of world coins 1801-1900 (3rd ed. ), Iola, WI: Krause, pp. 295-299, ISBN 0-87349-305-2.
Sédillot, René (1955), Toutes les monnaies du monde, Paris: Recueil Sirey, pp. 166, 394, 502-504.
Shafer, Neil & Cuhaj, George S. , eds. (2002), Standard catalog of world paper money: specialized issues, vol. 1 (9th ed. ), Iola, WI: Krause, pp. 554-565, ISBN 0-87349-466-0.
Las casas de moneda españolas en América del sur, <http://www.tesorillo.com/articulos/libro/02.htm>. Retrieved on 7 May 2008 (Spanish) On-line book detailing the history of the Spanish mints in South America.
Numismática, <http://www.museos-ecuador.com/bce/html/numismatica/#>. Retrieved on 7 May 2008 (Spanish) Historical information on Ecuadorian currency by Banco Central del Ecuador's Museo y biblioteca virtuales.
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