PEN 10 | Bank Note | Ten Peru Sol | Kae Kae | CurrencyStackerKK | Peru | South America

PEN 10 | Bank Note | Ten Peru Sol | Kae Kae | CurrencyStackerKK | Peru | South America

10 – Peru Sol

The Sol (Spanish pronunciation: [ˈsol]; plural: soles; currency sign: S/) is the currency of Peru; it is subdivided into 100 céntimos (“cents”). The ISO 4217 currency code is PEN.

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 (English: 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”), but on November 13, 2015, the Peruvian Congress voted to rename the currency simply sol.

The Spanish colonial real from the 16th to 19th centuries, with 8 reales equal to 1 peso. The Peruvian real from 1822-1863. 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 1863-1985, at 1 sol = 10 reales.
The inti from 1985-1991, 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.

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. Coins denominated in the new unit were introduced on October 1, 1991, and the first banknotes on November 13, 1991. Since that time, the sol has retained an inflation rate of 1.5%, the lowest ever in either South America or Latin America as a whole. Since the new currency was put into effect, it has managed to maintain an exchange rate between 2.2 and 4.13 per the United States dollar.

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