Chilean peso

Chilean peso

Introduction:
The peso is the currency of Chile. The current peso has circulated since 1975, with a previous version current between 1817 and 1960. Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount, $ or Cifrão symbol.svg; the single-bar symbol, available in most modern text systems, is almost always used. Both of those symbols area unit employed by several currencies, most notably the United States dollar, and may be ambiguous without clarification, such as CLP$ or US$. The ISO 4217 code for this peso is CLP. It is formally divided into a hundred centavos, although there are no current centavo-denominated coins. The rate of exchange was around CLP$600 to one us dollar at the tip of 2014 and as of one Gregorian calendar month 2018.

·       First peso, 1817–1960

The first Chilean peso was introduced in 1817, at a value of 8 Spanish colonial reales. Until 1851, the peso was divided into eight reales, with the escudo worth 2 pesos. In 1835, copper coins denominated in centavos were introduced, but it was not until 1851 that the real and escudo denominations ceased to be issued and further issues in centavos and décimos (worth 10 centavos) commenced. Also in 1851, the peso was set equal 5 French francs on the sild, 22.5 grams pure silver. However, gold coins were issued to a special normal thereto of France, with 1 peso = 1.37 grams gold (5 francs equalled 1.45 grams gold). In 1885, a gold standard was adopted, pegging the peso to the British pound sterling at a rate of 13⅓ pesos = 1 pound (1 peso = 1 shilling 6 pence). This was reduced in one926 to forty pesos = 1 pounds (1 peso = six pence). From 1925, coins and banknotes were issued denominated in cóndores, price ten pesos. The gold standard was suspended in 1932 and the peso's value fell further. The escudo replaced thThe escudo was the currency of Chile between 1960 and 1975, divided into 100 centésimos. It replaced the old peso at a rate of 1 escudo = 1000 pesos and was itself replaced by a new peso, at a rate of 1 peso = 1000 escudos. The symbol Eº was used for the escudo.Chile issued gold escudos, worth 16 reales or 2 pesos until 1851.e peso on 1 January 1960 at a rate 1 escudo = 1000 pesos.

·      Coins

Between 1817 and 1851, silver coins were issued in denominations of ¼, ½, one and a pair of reales and one peso (also denominated eight reals), with gold coins for 1, 2, 4 and 8 escudos. In 1835, copper ½ and one fractional monetary unit coins were issued. A full decimal coinage was introduced between 1851 and 1853, consisting of copper ½ and one fractional monetary unit, silver ½ and one décimo (5 and ten centavos), 20 and 50 centavos, and 1 peso, and gold five and ten pesos. In 1860, gold one-peso coins were introduced, followed by cupro-nickel ½, one and a pair of centavos between 1870 and 1871. Copper coins for these denominations were reintroduced between 1878 and 1883, with copper 2½ centavos added in 1886. A new gold coinage was introduced in 1895, reflective the lower gold customary, with coins for 2, 5, 10 and 20 pesos. In 1896, the ½ and 1 décimo were replaced by 5 and 10 centavo coins.

·       Chilean escudo, 1960–1975  Coins

In 1960, aluminium aluminum Al atomic number one 3 metallic element metal 1 fractional monetary unit and aluminum-bronze a pair of, 5 and 10 centésimo coins were introduced, followed by aluminum ½ centesimo in 1962. In 1971, a brand-new coinage was introduced, consisting of aluminum-bronze 10, 20 and 50 centesimos and cupro-nickel 1, 2 and 5 escudos. This coinage was issued for 2 years, with aluminums 5 escudos produced in 1972. In 1974 and 1975, aluminums ten escudos and nickel-brass fifty and a hundred escudos were issued.

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