The sol replaced the Peruvian inti in 1991 and the name is a return to that of Peru's historic currency, as the previous incarnation of sol was in use from 1863 to 1985. Although sol in this usage is derived from the Latin solidus (lit.'solid'), the word also means "sun" in Spanish. There is thus a continuity with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.
At its introduction in 1991, the currency was officially called nuevo sol ("new sol"), until November 13, 2015, when Peru's Congress voted to rename the currency simply sol.[4][5]
History
Currencies in use before the current Peruvian sol include:
The Spanish colonial real from the 16th to 19th centuries, with 8 reales equal to 1 peso.
The Peruvian real from 1822 to 1863. Initially worth 1⁄8 peso, reales worth 1⁄10 peso were introduced in 1858 in their transition to a decimal currency system.
The sol or sol de oro from 1863 to 1985, at 1 sol = 10 reales.
The inti from 1985 to 1991, at 1 inti = 1,000 soles de oro.
Due to the bad state of economy and hyperinflation in the late 1980s, the government was forced to abandon the inti and introduce the sol as the country's new currency.[6] The new currency was put into use on July 1, 1991, by Law No. 25,295, to replace the inti at a rate of 1 sol to 1,000,000 intis, or one inti millón.[7] All inti coins and banknotes with a face value below 10,000 intis were demonetized. Coins denominated in the new unit were introduced on October 1, 1991, and the first banknotes on November 13, 1991. The remaining banknotes denominated in intis ceased to be legal tender after 1992. Since that time,[when?] the sol has retained an inflation rate of 1.5%, the lowest ever in either South America or Latin America as a whole.[8][failed verification] Since the new currency was put into effect, it has managed to maintain an exchange rate[9] between S/2.2 and S/4.13 per US dollar.
Coins
Coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 céntimos and S/1.[7] Coins for S/2 and S/5 were added in 1994. The one- and five-céntimo coins fell out of use and the one-céntimo was removed from circulation on May 1, 2011 followed by the five-céntimos on January 1, 2019.[10] (For cash transactions retailers must round down to the nearest ten céntimos or up to the nearest five. Electronic transactions continue to be processed at the exact amount.)
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 each coin shows its denomination. Included in the designs of the bimetallic S/2 and S/5 coins are the hummingbird and condor figures from the Nazca Lines.[11]
Image
Value
Diameter (mm)
Thickness (mm)
Mass (g)
Composition
Edge
10 céntimos
20.5
1.26
3.50
Brass
Smooth
20 céntimos
23
4.40
50 céntimos
22
1.65
5.45
Cu–Zn–Ni
Reeded
S/1
25.5
7.32
S/2
22.2
2.07
5.62
Bimetallic Outside ring: Steel Centre: Cu–Zn–Ni
Smooth
S/5
24.3
2.13
6.67
Reeded (since 2009)
Banknotes
Banknotes for S/10, S/20, S/50, and S/100 were introduced in 1991.[7] The banknote for S/200 was introduced in August 1995.[12] All notes are of the same size (140x65mm) and contain the portrait of a well-known historic Peruvian on the obverse.[13]
A new series of banknotes was issued starting in 2021, beginning with the S/10 and S/100 notes in July 2021[14][15] and followed by the S/20 and S/50 notes in July 2022.[16] A S/200 note was released in December 2023.[17]
During the currency's 30 year past, several series of banknotes were introduced:
The first one being the first Nuevos Sol series first introduced in November 1991 with the 10 and 20 Nuevos Soles banknotes[18] in parallel with coins while higher denonimation banknotes were introduced gradually(50 Nuevos Soles in 22 April 1992[19], 100 Nuevos Soles in 22 July 1992[20] and finally 200 Nuevos Soles in 29 August 1997[21]):
Introduced in 29 August 1997. Color changing circles sprinkled all over the note to prevent counterfeiting, color changing denonimation on the right.
The printers of the banknotes were written on the reverse of the banknotes on the left down corner. These would be eventually removed from the next series.
From the late 2000's a new series of redesigned notes was introduced. The portraits of the banknotes were kept from the previous series but the reverses were changed with adding diverse buildings. These banknotes included even more improved security features compared to it's predecessor. Throughout the circulation of the series, the name of the currency was also changed from Nuevos to Sol to just Sol. The printers of the banknotes were no longer mentioned.
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