The real was the currency of Peru until 1863. Sixteen silver reales equalled 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 = 10 reales.
Coins
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.
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 the Protectoral Decree of General Jose de San Martin on December 14, 1821, the Emision Bank was created, better known as the Bank of Emancipation (Banco de la Emancipacion). It started to operate on February 7, 1822 but was closed by a decree of President Jose de la Riva Aguero in June 4, 1823, with public burning of the bills. The bank issued notes for 2 and 4 reales and 1 peso (8 reales).
Private Banks
The first private bank founded in Peru was the Banco La Providencia in September 1862. Between July 1863 and 1866, notes were issued for 5, 10, 25, 50, 100, 200 and 500 pesos. After 1867, the notes for 25 and 100 pesos were exchanged for 20 and 80 soles respectively.
The Banco del Peru (Bank of Peru) was established on May 23, 1863 and from August of the same year issued notes for 5, 10, 100 and 500 pesos. Since 1867, this bank has issued notes denominated in soles.
The London and South American Bank (later the London Bank of Mexico and South America) was a British bank founded in London in 1863 which opened its first subsidiary in August of 1863 in Lima. It became the principal bank in South America and issued notes for 5, 25, 100 and 1000 pesos.
References
Other pages about Economy of Peru
-Agricultural history of Peru -Bolsa de Valores de Lima -Central Reserve Bank of Peru -Economy of Peru -International rankings of Peru -Peru-United States Free Trade Agreement -Peruvian inti -Peruvian nuevo sol -Peruvian peseta -Peruvian real -Peruvian sol
Other pages about History of Peru
-1992 Peruvian constitutional crisis -2004 South American Summit -Acaray -Agricultural history of Peru -Alto de la Alianza -Amazonas in the Colonial Epoch -Apu Mallku -Aspero -Atacama border dispute -Barrios Altos massacre -Battle of Sipe-Sipe -Bolivar's War -Cenepa War -Chinchay Suyu -Colombia-Peru War -Cultural periods of Peru -Demographic history of Peru -Diego Fernandez -Diego Lopez de Zuniga y Velasco -Ecuadorian-Peruvian war -Expedicion Libertadora del Peru -Felipillo -Francisco Gil de Taboada -Francisco Pizarro -Fray Martin de Murua -Frecuencia Latina bombing -Gabriel de Aviles y del Fierro -Garci Manuel de Carbajal -Gonzalo Pizarro -Guaman Poma -Guayaquil conference -Hernando Pizarro -History of Lima -History of Peru -History of the Ecuadorian-Peruvian territorial dispute -History of the Incas -Huaca de la Luna -Inca Garcilaso de la Vega -Inca road system -Indigenous peoples in Peru -Inti Raymi -Japanese embassy hostage crisis -Jiskairumoko -Joaquin de la Pezuela -Jorge Basadre -Jose Antonio de Areche -Jose Baquijano -Jose Quinones Gonzales -Jose de la Mar -Jose de la Serna e Hinojosa -Juan de Saavedra -La Cantuta massacre -Lanzon -List of DNA tested mummies -List of Norte Chico sites -List of Prime Ministers of Peru -Lope Garcia de Castro -Maitland Plan -Manco Inca Yupanqui -Manuel Arredondo y Pelegrin -Maria Rostworowski -Mariano Felipe Paz Soldan -Mariano Ignacio Prado -Max Uhle -Mercurio Peruano -Movimiento Etnocacerista -Ollantaytambo -Operation Chavin de Huantar -Operation Condor -Paquisha War -Pascual de Andagoya -Pedro Cieza de Leon -Peru-Bolivian Confederation -Peruvian Ancient Cultures -Peruvian Inquisition -Peruvian War of Independence -Peruvian inti -Peruvian nuevo sol -Peruvian peseta -Peruvian prison massacres -Peruvian real -Peruvian sol -Qoriwayrachina -Raimondi Stela -Ransom Room -Repartimiento -Republic of North Peru -Republic of South Peru -Rio Protocol -Royal Audience of Quito -Shining Path -Simon Bolivar -Spanish conquest of the Inca Empire -Tacna-Arica compromise -Tacnazo -Tarata bombing -Teodoro de Croix -Third Council of Lima -Timeline of Peruvian history -Toribio Rodriguez de Mendoza -Toro Submarino -Treaty of Lima -Truth and Reconciliation Commission (Peru) -Tumi -Tunnels of San Antonio -Tupac Amaru -Tupac Amaru Revolutionary Movement -Upper Peru -Vilcabamba, Peru
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article Peruvian_real
