Peruvian real

The real was the currency of Peru until 1863. Sixteen silver reales equaled one gold escudo. The silver coin of 8 reales was also known as the peso.

History

Initially, the Spanish colonial real was minted. This was replaced by Peruvian currency following liberation in 1826, although the first issues of the Peruvian Republic were made in 1822. The real was replaced in 1863 by the sol at a rate of 1 sol = 8 reales.

Coins

Golden coins of 8 escudos. The left is the reverse side with the coat of arms of Peru and the right is the head side, with a woman on the symbol of 8E (8 escudos).

During the colonial period, silver coins were minted in denominations of ¼, ½, 1, 2, 4 and 8 reales, with gold coins for ½, 1, 2, 4 and 8 escudos. In 1822, a provisional coinage was issued in the name of the Republic of Peru in denominations of ¼ real, ⅛ and ¼ peso (equal to 1 and 2 reales) and 8 reales. Except for the silver 8 reales, these coins were minted in copper. From 1826, a regular coinage was issued which consisted of the same silver and gold denominations as had been issued during the colonial period.

Golden coins of 8 escudos from South Peru. The left is the reverse side with the coat of arms of Peru-Bolivian Confederation and the right is the head side, with the image of Sacsayhuamán, the symbol of 8E (8 escudos) and the state motto: "Firme por la Unión".

During the period 1836-1839, when Peru was part of the Peru-Bolivian Confederation, the States and then Republics of North and South Peru issued their own coins. North Peru issued ½, 1, and 8 reales, ½, 1, 2, 4 and 8 escudos whilst South Peru issued ½, 2, 4 and 8 reales, ½, 1 and 8 escudos.

In 1856, production of all coins ceased. Smaller ½ and 1 real coins were introduced in 1858 and 1859, respectively, along with 50 centimos in 1858 and then 25 and 50 centavos in 1859. Redesigned 4 and 8 reales coins were minted in 1862 and 1863. This transitional phase of coinage was replaced by a fully decimalized system in 1863.

Banknotes

Auxiliary Bank of Paper Money

Under Protectoral Decree of general José de San Martín on december 14, 1821, was created the Emisión Bank, was better known as bank of Emancipation. It started to operate febraury 7, 1822 but it was closed by a decree of President José de la Riva Agüero given in june 4, 1823, with public burning of the bills. The bank introduces notes for 2 reales, 4 reales and 1 peso (8 reales).

Private Banks

Banknote of the Bank of Peru for 100 pesos (800 reales) put in circulation in 1863 and took away from it in 1864.

The first private bank founded in Peru was La Providencia Bank in september 1862. Since july 1863 until 1866 to put in circulation bills in pesos (8 reales each peso) for 5, 10, 25, 50, 100, 200 and 500 pesos. After 1867, the notes for 25 and 100 pesos were changed for 20 and 80 soles respectively.

The Banco del Perú (Bank of Peru) was established on may 23, 1863 and issued since august of the same year, bills of pesos for 5, 10, 100 and 500 pesos. Since 1867 issued notes in soles.

The London, Mexico and South American Bank was a british bank founded in London in 1863 and opened its first subsidiary in august of 1863 in Lima. Became the principal bank in south america. It introduced notes for 5, 25, 100 and 1000 pesos.

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Carlos Camprubí (1957). Historia de los Bancos en el Peru (1860-1879). Editorial Lumen S.A.
• Cesar Fishman (1979). Monedas del Perú de 1751 a 1978 (1th ed. ed.). Servicios de Artes Gráficas S.A. {{cite book}}: |edition= has extra text (help)
• Anibal Zarauz Castelnau (1979). Paper Money of Peru (1822-1977) (1th ed. ed.). Leoncio Prado Military School. {{cite book}}: |edition= has extra text (help)