Peruvian Nuevo Sol (PEN) Profile

Peruvian nuevo sol users

The Peruvian Nuevo Sol is the currency of Peru (officially the Republic of Peru), which is a country in western South America. Peru was taken as a Spanish colony in 1529 and declared independence from Spain on July 28, 1821, eventually obtaining full independence on December 9, 1824.

Peru is a member of the Union of South American Nations (abbreviated as USAN or UNASUL or UNASUR, according to various languages), which is an intergovernmental union established on December 8, 2004, consisting of twelve members and 2 observers (Mexico and Panama). The Union of South American Nations aims to model the European Union and introduce a common currency, possibly by 2019.

Notes:
<1>. The group expects to model the EU with a common currency by 2019.
<2>.  Mexico and Panama are observers of the Union of South American Nations.

Peruvian nuevo sol history

The Peruvian Nuevo Sol replaced the Peruvian Inti (PEI) at a rate of 1 PEN = 1,000,000 PEI and has been in circulation since July 1, 1991. The Peruvian Inti was used from 1985 to 1991, replacing the Peruvian sol (PEH) at a rate of 1 PEI = 1000 PEH. The Peruvian sol was the currency of Peru from 1863 to 1985. If we track even earlier currencies, the Peruvian sol replaced the Spanish dollar at a rate of 1 sol = 10 reales and the Bolivian peso (which had circulated in southern Peru) at 1 sol = 1.25 Bolivian pesos.

The Peruvian Nuevo Sol has so far maintained a low inflation rate of 1.5%, and the exchange rate to the U.S. dollar is around 1 USD = 2.7 PEN.

Peruvian nuevo sol coins and banknotes

The Peruvian Nuevo Sol is subdivided into 100 cents. Its previous currency, the Peruvian sol (PEH), completed its decimalization in 1863.

Currently in circulation, coins are in denominations of 10, 20 & 50 céntimos, 1, 2 & 5 Nuevos Soles, and banknotes are in denominations of 10, 20, 50 & 100 Nuevos Soles. Coins of 1 & 5 céntimos and banknotes of 200 Nuevos Soles are rarely used.

Peruvian nuevo sol and the currency of peso

Peso was originally the name of the Spanish dollar (also known as the piece of eight or the eight-real coin) which was issued by Spain and minted in the Spanish Empire. Hence, Peso has been used or is still being used by many nations that were former Spanish colonies.