The peso was a currency of Ecuador until 1884. 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.
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History
Peso was the name of the 8 reales coins circulating in Ecuador since the Spanish colonial period. In 1856, the currency was pegged to the French franc, with 1 peso = 5 francs. The franc (represented by the franc sign ₣ or more commonly just F) is a former Currency of France. From 1862, paper money was issued denominated in reales and pesos. The peso was formally adopted as the currency of Ecuador in 1871, replacing the real at a rate of 1 peso = 8 reales. The real was the Currency of Ecuador until 1871 There were no subdivisions but 16 Silver reales equalled 1 Gold Escudo, with the It was subdivided into 100 centavos. Centavo is a Spanish and Portuguese word derived from the Latin centum, meaning "one hundred" and the suffix -avo In 1884, the peso was replaced by the sucre at par. 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
Coins
The only coins issued between 1871 and 1884 were 1 and 2 centavos, struck in cupro-nickel at the Heaton mint in Birmingham). Birmingham ( ˈbɜːmɪŋəm Ber -ming-um These coins continued to circulate after the sucre was adopted.
Banknotes
Paper money was only issued by private banks. The Banco Particular de Descuento I Circulación de Guayaquil issued notes between 1862 and 1866 in denominations of 2 and 4 reales, 1, 5, 10, 20, 50 and 100 pesos. The Banco del Ecuador issued denominations of 2 and 4 reales, 1, 4, 5 and 10 pesos between 1868 and 1887. Some 1 and 5 pesos notes were later overprinted for use as 80 centavos and 4 sucres notes, due to a conversion rate of 5 pesos = 4 sucres for the notes of this bank.
The Banco de Circulación y Descuento issued 4 reales, 1, 4, 5, 10 and 20 pesos notes in the 1860s, whilst the Banco Nacional issued notes in the 1870s in denominations of 2 and 4 reales, 1, 5, 10, 20 and 100 pesos. The Banco de Quito issued notes in denominations of 2 reales, 1, 5, 10, 20 and 100 pesos between 1874 and 1880, the Banco de la Unión issued notes between 1882 and 1893 in denominations of 1, 5, 10, 20 and 100 pesos, and the Banco Anglo-Ecuatoriano issued notes in 1884 for 1, 5 and 10 pesos.
See also
References
- Krause, Chester L. The real was the Currency of Ecuador until 1871 There were no subdivisions but 16 Silver reales equalled 1 Gold Escudo, with the 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 The economy of Ecuador is based mainly on exports of bananas oil shrimp other primary agricultural products and money transfers from nearly a million Ecuadorian immigrants and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed. The Standard Catalog of World Coins is a series of numismatic Catalogs commonly known as the Krause catalogs in the Numismatic hobby , Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues, Colin R. The Standard Catalog of World Paper Money is a very well-known catalogue of Banknotes that is published by Krause Publications in three volumes Bruce II and Neil Shafer (editors), 6th ed. , Krause Publications. ISBN 0-87341-149-8.
External links
- The Global History of Currencies - Ecuador
- Global Financial Data data series - Ecuadorian peso
- Global Financial Data currency histories table (
Microsoft Excel format)
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