The Nuevo Sol (plural: Nuevos Soles) is the currency
of Peru. It is subdivided into 100 cents, called céntimos in Spanish.
The name is a return to that of Peru's historical currency, the Sol 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.
Summary information about Peruvian Nuevo Sol
- ISO 4217 Code:
- Currency sign:
- 1 céntimo, 2 céntimos, 10 céntimos, 20 céntimos, 50 céntimos, 1 Nuevo Sol, 2 Nuevos Soles, 5 Nuevos Soles
- 10 Nuevos Soles, 20 Nuevos Soles, 50 Nuevos Soles, 100 Nuevos Soles, 200 Nuevos Soles
- Central bank:
- Central Reserve Bank of Peru
The first Spaniards explored Peru in the 1520s, and in 1533 the Inca Empire of Peru fell to the Spanish conquistadores. Lima was founded in 1835, and the Spanish set up the Viceroyalty of Peru in 1542 after discovering the region was rich in silver. Peru gained its independence on July 28, 1821 when Lima was liberated by General Jose San Marin. In 1836, Andrés de Santa Cruz, President of Bolivia, attempted to confederate Peru and Bolivia. The South Peruvian state was proclaimed on March 17, 1836 and the North Peruvian State on August 11, 1836. The Confederation between Peru and Bolivia ceased on February 20, 1839. Peru was reconstituted on August 25, 1838. Chile occupied Peru from September 28, 1881 until October 23, 1883.
In 1565 King Philip II authorized a mint for Lima. The first silver coins were struck in Lima between 1568 and 1570, and the first gold Doubloons in 1675. After gaining its independence, Peru adopted the Peso following the Spanish monetary system. Between 1835 and 1839 Lima issued coins for the North Peru Republic and Cuzco and Arequipa issued coins for South Peru. In 1858 the coinage was decimalized, though 12.5 Centimos (1 Real) coins were issued. This system lasted until 1861.
The Silver Sol (PES) replaced the silver Peso on February 14, 1863, linking the Sol to the French Franc Germinal at the rate of 1 Sol equal to 5 Francs Germinal. Coins were issued by both North Peru and South Peru during the confederacy with Bolivia between 1836 and 1838. On March 23, 1880, the Inca, equivalent to 5 Pesetas was introduced. Coins were minted and on October 18, 1880, an issue of 5 million Incas in banknote was authorized. During the Chilean occupation, the capital was moved to Ayacucho, and Inca banknotes (PER), were set equal to 10 Soles or 100 Reales de Inca. The banknotes were withdrawn in 1882.
On December 14, 1901, Peru went on the Gold Standard, introducing the Libra (PEL) at par with the British Pound
Sterling and equal to 10 Soles de Oro. Peru issued gold coins, mainly for international consumption, from 1898 to 1969. The Sol was reintroduced as the primary currency on May 18, 1932 when Peru left the gold standard and depreciated the currency. The Sol was divisible into 10 Dineros or 100 Centavos. The inflation of the 1980s forced Peru into two currency reforms. The Inti replaced the Sol on February 1, 1985 at the rate of 1 Into equal to 1000 Pesos. The Sol Nuevo replaced the Inti on July 1, 1991 at the rate of 1 Sol Nuevo equal to 1,000,000 Inti. The Nuevo Sol is divisible into 100 Centimes.
The government issued banknotes until 1922 when the Banco de Reserva del Peru was established. The Banco de Reserva del Peru was reconstituted as the Banco Central de Reserva del Peru in 1931 and became the sole note-issuing authority.
Because of the bad state of economy in the 1980s 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. The currency was put into use on July 1, 1991 (by Law N° 25,295) to replace the Inti at a rate of 1.00 Nuevo Sol = 1,000,000.00- Intis. 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%. Since the new currency was put into effect, it has managed to maintain a stable exchange rate
between 2.3 and 3.65 Nuevo Soles per United States dollar.
Out of all the currencies of the Latin-American region, the Peruvian Nuevo Sol has been one of the most - if not the most - stable and reliable currencies, also being the currency least affected by the weak dollar global tendency. During the late months of 2007 and the first months of 2008, the rate fell to 2.69 Nuevos Soles per USD
, a rate not seen since 1997. As of June 2008, the dollar went up again and was trading at 2.94 nuevos soles per USD. For most of 2011 the Peruvian Nuevo Sol was trading at 2.75 against the USD. As of August 10, 2012 the Peruvian Nuevo Sol is trading at S/. 2.60 per USD.
The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 cents and 1 Nuevo Sol. 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.
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 bimetallic 2 and 5 Nuevo Sol coins are the hummingbird and condor figures from the Nazca Lines.
In 1990, banknotes for 10, 20, 50 and 100 Nuevos Soles were introduced. The banknote for 200 Nuevos Soles was subsequently introduced in August 1995. All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.
PEN banknotes pictures gallery
|10 Peruvian Nuevos Soles|
|Banknote of 10 Peruvian Nuevos Soles has dimensions 140×65 mm and main colors are sand, copper, pale carmine, hunter green, fallow, dark sea green and dark tan. The banknote of 10 Peruvian Nuevos Soles was issued in 2011.|
Obverse side of the 10 Peruvian Nuevos Soles is showing the portrait of air force hero José Abelardo Quiñones, who immolated himself in the conflict with Ecuador. In the center background are a replica of the plane Quiñones flew the day he lost his life and the frontispiece of the Peruvian Air Force School for Officers.
Reverse side of the 10 Peruvian Nuevos Soles is showing an image of the pre-Columbian Inca site of Machu Picchu, which lies on a peak on the eastern edge of the Andes above the Urubamba Valley on the northwest of Cuzco.
|20 Peruvian Nuevos Soles|
|Banknote of 20 Peruvian Nuevos Soles has dimensions 140×65 mm and main colors are fawn, french beige, bole, chamoisee, tan, pearl and desert sand. The banknote of 10 Peruvian Nuevos Soles was issued in 2011.|
Obverse side of the 20 Peruvian Nuevos Soles is showing the portrait of Raúl Porras Barrenechea, historian, career diplomat, and university professor on the right, and the main inner courtyard of the Casona of the Universidad Nacional Mayor de San Marcos in the center.
Reverse side of the 20 Peruvian Nuevos Soles is showing a photograph of a wall of the archaeological site of Chan Chan, which was the religious and administrative capital of the Chimu Empire until the Chimu were conquered by the Incas.
|50 Peruvian Nuevos Soles|
|Banknote of 50 Peruvian Nuevos Soles has dimensions 140×65 mm and main colors are pale copper, rose vale, old rose, pastel brown, tumbleweed, almond and white smoke. The banknote of 10 Peruvian Nuevos Soles was issued in 2011.|
Obverse side of the 50 Peruvian Nuevos Soles is showing the portrait of Abraham Valdelomar Pinto, writer, poet, and journalist on the right, and the front of the Palais Concert, the place where intellectuals used to meet at that time.
Reverse side of the 50 Peruvian Nuevos Soles is showing the Lagoon of Huacachina, which is located in Ica, Valdelomar birthplace.
|100 Peruvian Nuevos Soles|
|Banknote of 100 Peruvian Nuevos Soles has dimensions 140×65 mm and main colors are cadet grey, manatee, arsenic, eggplant, cambridge blue and isabelline. The banknote of 10 Peruvian Nuevos Soles was issued in 2011.|
Obverse side of the 100 Peruvian Nuevos Soles is showing the portrait of Peruvian historian Jorge Basadre Grohmann, who also reorganized the National Library of Peru. In the center is a view of the main square of Tacna, Basadre hometown.
Reverse side of the 100 Peruvian Nuevos Soles is showing the façade of the National Library, of which Basadre was appointed Director in 1943.
|200 Peruvian Nuevos Soles|
|Banknote of 200 Peruvian Nuevos Soles has dimensions 140×65 mm and main colors are puce, tea rose, rose taupe, pale chestnut and white smoke. The banknote of 10 Peruvian Nuevos Soles was issued in 2011.|
Obverse side of the 200 Peruvian Nuevos Soles is showing the portrait of Saint Rose of Lima, the patron saint of the Americas, the Indies, and the Philippines. The wishing well located at the Convent of Santa Rosa de Lima, ornamented with stylized silhouettes of flying swallows, is in the center background.
Reverse side of the 200 Peruvian Nuevos Soles is showing the inside of the Convent of Santo Domingo, as well as some roses with intertwined stems.
- About Central Reserve Bank of Peru:
- Central Reserve Bank of Peru
- List of currencies:
- Security and design features of PEN banknotes:
- PEN banknotes
- PEN currency on Wikipedia:
- Peruvian Nuevo Sol
- Official Website of Central Reserve Bank of Peru:
- Commemorative coins:
- Commemorative Coins