Peso Coins (currency of Chile)
Peso Coins It establishes in 1817, with the country’s independence, and in 1851 established the decimal system in peso, which was 100 cents. It remained legal tender in Chile until December 31, 1959, when the shield replaced it. 5
By Decree-Law 1123 of 1975, the peso is redeemed as a monetary unit from September 29 of that year four at a conversion rate of one peso per thousand escudos. The subdivision kept in cents until January 1, 1984, when it sharp out, so the whole peso accounting procedure began. One
It creates by the Chilean mint (1743) and subject to the Central Bank of Chile (1925), which is responsible for controlling the amount of money in circulation.
Although the adoption of the peso to replace the suitable colonial dates to 1817, with the beginning of the new homeland, the Spanish monetary system continued to use were eight realis were equivalent to 1 peso and 2 pesos to 1 shield. This custom continued in Chile until 1851, when they adopted a decimal system, where one peso made ten tenths or 100 cents.
In 1925, the newly created Central Bank of Chile controlled the circulation of money control. 7 This year’s monetary law established the peso with a content equivalent to 6pence in gold and that ten units of weight would make up a “condor”; It has also found that on all coins of 10 pesos or more, their value in pesos engraved with letters and numbers, and in smaller notes their equivalent in condors. 8
Beginning in 1932, the peso value gradually began to decline, and in the 1940s, inflation began to rise rapidly. As a result, in 1955 all obligations were paid in whole pesos, without cents.
In the context of the policy of cleaning up the national economy and controlling inflation taken by the government of Jorge Alessandria, between 1960 and 1975, the peso was replaced by
The hyperinflation that existed during the government of Salvador Allende
Which reached figures of 600 and 800%, on October 9 was one of the leading causes of the economic crisis faced by his administration. After the 1973 coup, one of the economic reforms instituted by the Pinochet dictatorship was the switch to the peso. Thus, on September 29, 1975, 1,000 escudos exchange for every 1 pesos by Decree-Law 1123.4
The first coins issued under the new system
were 1, 5, 10, 50 cents and 1 peso; then added the 5 and 10 pesos values. The 1, 5, 10 and 50 cent issues were of limited edition due to the increasing devaluation that occurred during the 1980s 1
Between 1979 and 1982, the exchange rate remained fixed at 39 pesos to the US dollar; 11 However, inflationary pressure made the economy unable to resist this fixation, and in the context of the 1982 crisis, the national currency slowly began to depreciate: the exchange rate rose to $78 per dollar in June 1982, while the peso rose two months later. It became a floating coin. As early as 1984, the rate was 100 pesos to the dollar.
By the 1990s, inflation had wiped out pennies, 5, 10, 50 and 100 pesos, and replaced them with coins. Towards the end of that decade, a bill of 2,000 and 20,000 notes . And also appear along with a 500-peso cash,
Eliminating a statement of the same denomination. And also subsequent changes to the banknotes allowed the introduction of codes to identify the visually impaired . And also polymer banknotes incorporate, replacing paper, for the 1000, 2000 and 5000 banknotes.
All coins minted since 1975,
when the peso adopted as legal tender, are valid in the country. Their denominations and designs changed over time: initially, 1, 5, 10 and 50 centavos and 1 peso coins were issued; Later the cents discontinue and 5, 10, 50, 100 and 500 pesos coins added to replace banknotes of the same denominations. The 500 peso coin was the first bimetallic coin to bent. 12
In 2009, a project to create 20 and 200 pesos coins submitted, but it reject. 14 On April 26, 2016, the Central Bank propose to the Ministry of Finance to send a bill to Congress. And also to remove the 1 and 5 peso coins due to their low use and high manufacturing cost. It 15 16 The following May 2, a draft for a new family of coins presented to President Michelle Bachelet. And also which will enter circulation in the second half of 2017. 17 In August of that year. And also Congress sent a bill to eliminate the 1 and 5 peso coins 18 As of November . And also 1, 2017, 1 and 5 pesos coins