Peruvian real
Encyclopedia
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.
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.
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.
Under the Protectoral Decree of General José de San Martín
on December 14, 1821, the Emisión Bank was created, better known as the Bank of Emancipation (Banco de la Emancipación). It started to operate on February 7, 1822 but was closed by a decree of President José de la Riva Agüero
on June 4, 1823, with public burning of the bills. The bank issued notes for 2 and 4 reales and 1 peso (8 reales).
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 Perú (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 1863 in Lima
. It became the principal bank in South America and issued notes for 5, 25, 100 and 1000 pesos.
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
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 realSpanish colonial real
The silver real was the currency of the Spanish colonies in the Americas and the Philippines. In the seventeenth century the silver real was established at two billon reals or sixty-eight Spanish maravedís. Gold escudos were also issued...
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
Peruvian sol
The sol, was the currency of Peru between 1863 and 1985. It had the ISO 4217 currency code PEH. It was subdivided into 10 dineros or 100 centavos.-History:...
at a rate of 1 sol = 10 reales.
Coins
Peru-Bolivian Confederation
The Peru–Bolivian Confederation was a short-lived confederate state that existed in South America between 1836 and 1839. Its first and only head of state, titled Supreme Protector, was the Bolivian president, Marshal Andrés de Santa Cruz....
, 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.
Auxiliary Bank of Paper Money
José de San Martín
José Francisco de San Martín, known simply as Don José de San Martín , was an Argentine general and the prime leader of the southern part of South America's successful struggle for independence from Spain.Born in Yapeyú, Corrientes , he left his mother country at the...
on December 14, 1821, the Emisión Bank was created, better known as the Bank of Emancipation (Banco de la Emancipación). It started to operate on February 7, 1822 but was closed by a decree of President José de la Riva Agüero
José de la Riva Agüero
José Mariano de la Riva Agüero y Sánchez Boquete Marquess De Montealegre de Aulestia was a Peruvian soldier, politician, historian and twice President of Peru....
on 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 Banco del Perú (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
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in 1863 which opened its first subsidiary in August 1863 in Lima
Lima
Lima is the capital and the largest city of Peru. It is located in the valleys of the Chillón, Rímac and Lurín rivers, in the central part of the country, on a desert coast overlooking the Pacific Ocean. Together with the seaport of Callao, it forms a contiguous urban area known as the Lima...
. It became the principal bank in South America and issued notes for 5, 25, 100 and 1000 pesos.