Currency - Chilean peso

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Chilean peso

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The peso is the currency of Chile. The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960. Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount, $ or ; the single-bar symbol, available in most modern text systems, is almost always used. Both of these symbols are used by many currencies, most notably the United States dollar, and may be ambiguous without clarification, such as CLP$ or US$. The ISO 4217 code for the present peso is CLP. It is officially subdivided into 100 centavos, although there are no current centavo-denominated coins. The exchange rate was around CLP$600 to 1 United States dollar at the end of 2014 and as of 1 April 2018.

The first Chilean peso was introduced in 1817, at a value of 8 Spanish colonial reales. Until 1851, the peso was subdivided into 8 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 different standard to that 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 1926 to 40 pesos = 1 pound (1 peso = 6 pence). From 1925, coins and banknotes were issued denominated in cóndores, worth 10 pesos. The gold standard was suspended in 1932 and the peso's value fell further. The escudo replaced the peso on 1 January 1960 at a rate 1 escudo = 1000 pesos.

Between 1817 and 1851, silver coins were issued in denominations of ¼, ½, 1 and 2 reales and 1 peso (also denominated 8 reales), with gold coins for 1, 2, 4 and 8 escudos. In 1835, copper ½ and 1 centavo coins were issued. A full decimal coinage was introduced between 1851 and 1853, consisting of copper ½ and 1 centavo, silver ½ and 1 décimo (5 and 10 centavos), 20 and 50 centavos, and 1 peso, and gold 5 and 10 pesos. In 1860, gold 1 peso coins were introduced, followed by cupro-nickel ½, 1 and 2 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, reflecting the lower gold standard, with coins for 2, 5, 10 and 20 pesos. In 1896, the ½ and 1 décimo were replaced by 5 and 10 centavo coins.

In 1907, a short-lived, silver 40 centavo coin was introduced following cessation of production of the 50 centavo coin. In 1919, the last of the copper coins (1 and 2 centavos) were issued. The following year, cu pro-nickel replaced silver in the 5, 10 and 20 centavo coins. A final gold coinage was introduced in 1926, in denominations of 20, 50 and 100 pesos. In 1927, silver 2 and 5 peso coins were issued. Cu pro-nickel 1 peso coins were introduced in 1933, replacing the last of the silver coins. In 1942, copper 20 and 50 centavos and 1 peso coins were introduced. The last coins of the first peso were issued between 1954 and 1959. These were aluminum 1, 5 and 10 pesos.

Gold bullion coins with nominals in 100 pesos were minted in 1932-1980 (i.e. they survived into the periods of two later currencies). In addition, there was a special issue of gold coins (100, 200 and 500 pesos) in 1968.

The first Chilean paper money was issued between 1840 and 1844 by the treasury of the Province of Valdivia, in denominations of 4 and 8 reales. In the 1870s, a number of private banks began issuing paper money, including the Banco Agrícola, the Banco de la Alianza, the Banco de Concepción, the Banco Consolidado de Chile, the Banco de A. Edwards y Cía., the Banco de Escobar, Ossa y Cía., the Banco Mobiliario, the Banco Nacional de Chile, the Banco del Pobre, the Banco Sud Americano, the Banco del Sur, the Banco de la Unión and the Banco de Valparaíso. Others followed in the 1880s and 1890s. Denominations included 1, 2, 5, 10, 20, 50, 100 and 500 pesos. One bank, the Banco de A. Edwards y Cía., also issued notes denominated in pound sterling (libra esterlina).

In 1881, the government issued paper money convertible into silver or gold, in denominations of 1, 2, 5, 10, 20, 50, 100 and 1000 pesos. 50 centavo notes were added in 1891 and 500 pesos in 1912. In 1898, provisional issues were made by the government, consisting of private bank notes overprinted with the words "Emisión Fiscal". This marked the end of the production of private paper money.

In 1925, the Banco Central de Chile began issuing notes. The first, in denominations of 5, 10, 50, 100 and 1000 pesos, were overprints on government notes. In 1927, notes marked as "Billete Provisional" were issued in denominations of 5, 10, 50, 100, 500 and 1000 pesos. Regular were introduced between 1931 and 1933, in denominations of 1, 5, 10, 20, 50, 100, 500, 1000, 5000 and 10,000 pesos. The 1 and 20 peso notes stopped production in 1943 and 1947, respectively. The remaining denominations continued production until 1959, with a 50,000 peso note added in 1958.

The 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.

Country

Chile

Chile, officially the Republic of Chile , is a South American country occupying a long, narrow strip of land between the Andes to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far south. Chilean territory includes the Pacific islands of Juan Fernández, Salas y Gómez, Desventuradas, and Easter Island in Oceania. Chile also claims about 1250000 km2 of Antarctica, although all claims are suspended under the Antarctic Treaty.

The arid Atacama Desert in northern Chile contains great mineral wealth, principally copper. The relatively small central area dominates in terms of population and agricultural resources, and is the cultural and political center from which Chile expanded in the late 19th century when it incorporated its northern and southern regions. Southern Chile is rich in forests and grazing lands, and features a string of volcanoes and lakes. The southern coast is a labyrinth of fjords, inlets, canals, twisting peninsulas, and islands.

Language

Chilean peso (English)  Peso cileno (Italiano)  Chileense peso (Nederlands)  Peso chilien (Français)  Chilenischer Peso (Deutsch)  Peso chileno (Português)  Чилийское песо (Русский)  Peso (Español)  Peso chilijskie (Polski)  智利比索 (中文)  Chilensk peso (Svenska)  チリ・ペソ (日本語)  Чилійський песо (Українська)  Чилийско песо (Български)  칠레 페소 (한국어)  Chilen peso (Suomi)  Peso Chili (Bahasa Indonesia)  Čilės pesas (Lietuvių)  Chilské peso (Česky)  Şili pesosu (Türkçe)  Чилеански пезос (Српски / Srpski)  Tšiili peeso (Eesti)  Chilei peso (Magyar)  Čileanski pezo (Hrvatski)  เปโซชิลี (ไทย)  Čilenski peso (Slovenščina)  Čīles peso (Latviešu)  Πέσο Χιλής (Ελληνικά)  Peso Chile (Tiếng Việt) 
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