Uruguayan Peso: Everything You Need to Know

The Uruguayan Peso is the official currency of Uruguay, and it's a great currency to understand if you're planning a trip to this beautiful South American country.

The Uruguayan Peso is subdivided into 100 centésimos.

You can find Uruguayan Pesos in various denominations, ranging from 10 to 2,000.

The Uruguayan Central Bank is responsible for issuing the country's currency, ensuring the stability and security of the financial system.

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The Uruguayan peso is one of around 180 currencies worldwide, which means it trades against all other official currencies globally. This gives us exchange rates, a measure of how much of one currency we can exchange for another.

A higher exchange rate means the value of one currency has increased compared to another, while a lower exchange rate means the opposite. Exchange rates are essential when traveling to, buying goods and services from, or sending money to Uruguay.

You can use Monito's currency pages to follow the live exchange rate to the Uruguayan peso, see which providers offer the best deals, and set up smart email alerts to follow fluctuations. The exchange rate can fluctuate over time due to various economic, political, and market factors.

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Here are some popular exchange rates for the Uruguayan New Peso:

The exchange rate can fluctuate over time, and it's essential to check the current rate before making any transactions.

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Sending money to Uruguay can be a costly affair, especially if you use your international bank to make the transfer. These fees often constitute more than 10% of your transfer amount.

High fees and unfavorable exchange rates are a reality when sending money internationally, but there are alternative providers that can offer better rates. You can find these providers by using a live comparison tool.

If you're looking to send money to a Uruguayan peso bank account, be aware that the cheapest provider can vary depending on several factors, including where you're sending from and the amount you're sending.

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The Uruguayan peso is one of around 180 currencies worldwide, trading against all other official currencies globally.

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The exchange rate can fluctuate over time due to various economic, political, and market factors. A higher exchange rate means the value of one currency has increased compared to another, while a lower exchange rate means the opposite.

You can follow the live exchange rate to the Uruguayan peso using Monito's currency pages, which also allows you to see which providers offer the best deals and set up smart email alerts to follow fluctuations.

The exchange rate between the Uruguayan peso and the US dollar is currently 1 Uruguayan New Peso = 0.0227 US Dollar, as of 18/01/2025 14:24.

Here are some popular exchange rates for the Uruguayan New Peso:

The value of the Uruguayan peso can be influenced by its underlying economy, with tourism and commodity products such as wood pulp, beef, and soya beans making up a substantial portion of total exports.

The Uruguayan peso has a rich history that spans over a century. In 1828, the currency was based on the silver peso, with a gold onza de oro valued at 16 silver pesos.

Initially, a large quantity of debased copper coin circulated, but the government restricted and prohibited its import and circulation. In 1831, copper coin was demonetized, and the government put Buenos Aires coins of one-tenth real into circulation at half face value.

The peso was reformed in 1839 with the introduction of the Sistema real, with accounts kept in a patacón (peso) of 8 reales, each of 100 centésimos. The patacón was a silver coin, 27.06 g, 0.902 fine.

In 1873, Uruguay aligned its silver peso on the Spanish duro and French écu of the Latin Monetary Union, but implementation was delayed until 1877. Silver coins of 10, 20, and 50 centésimos and 1 peso were coined on the Latin Monetary Union standard until 1895.

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The peso has a rich history in Uruguay, and from 1935 to 1975, the currency underwent significant changes. During this period, the peso's value fluctuated greatly due to economic and market factors.

The peso's official rate was 1.90 to the US dollar by 1941. A complicated system of multiple exchange rates was adopted in 1946 and adjusted frequently. The year-end rate in pesos per US dollar on the free market was: 1953, 3.04; 1957, 4.66; 1958, 10.20; 1959, 11.18.

Parity was registered with the International Monetary Fund on 7 October 1960 at 7.40 per US$1, but the effective market rate remained around 11 per until 1963, when it began a precipitous decline. Year-end free market rates per US$1 were: 1963, 17.35; 1964, 24.35; 1965; 69.20; 1966, 76.50; 1967, 199.00.

This depreciation reflected the declining world market for Uruguay's chief exports: wool, meat and meat products, and hides. Banco de la República was replaced by a true central bank, Banco Central del Uruguay, which assumed responsibility for the note issue and began operations on 1 March 1967.

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Uruguay's currency had a complex beginning, with the Spanish dollar being the initial currency used by all parties in the region.

The Spanish dollar, also known as the Spanish peso or Portuguese patacão, circulated with a value of 8 Spanish reales or 960 Brazilian reis.

Coins from mints in Mexico, Potosí, Brazil, and Buenos Aires were used in circulation.

A significant amount of poor-quality copper coin from both Buenos Aires and Brazil came into circulation during this time.

The first paper money to circulate in Uruguay was introduced by the Portuguese (Brazilian) administration of Provincia Cisplatina in 1821, in the form of notes from Banco do Brazil.

Argentine troops fighting against Brazil were paid in one-peso notes issued by Banco Nacional of Buenos Aires for Provincia Oriental ("Eastern Province", i.e., Uruguay) between 1826 and 1828.

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The early 19th century was a time of great change for Uruguay's currency. In 1828, the peso was based on the silver peso of eight reales.

Uruguay's provisional government allowed foreign silver and gold coin to circulate freely at its intrinsic value in 1828. This was a major shift from the previous system, which had been plagued by debased copper coin.

The government demonetized all copper coin in circulation in January 1831, effectively making it worthless. This move was a significant step towards establishing a more stable currency.

To meet the need for small change, the government put 1.6 million Buenos Aires coins of one-tenth real into circulation at half face value in 1831. This was a clever solution to a pressing problem.

The government created a new monetary system in 1839, known as the Sistema real, with accounts kept in a patacón (peso) of 8 reales. This system included a standard gold coin, the onza de oro, which was valued at 16 silver pesos.

In 1840, the government put a small quantity of copper coins into circulation, but it would take several years before copper coins became a regular part of the currency.

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Uruguay's currency was first introduced in 1828, based on the silver peso and gold onza de oro.

The government allowed foreign silver and gold coin to circulate freely at its intrinsic value, but restricted and prohibited the import of copper coin and the circulation of Buenos Aires bank notes.

Gen. Fructuoso Rivera demonetized all copper coin in circulation in January 1831, making it no longer legal tender for individuals.

The government obtained Buenos Aires coins of one-tenth real (décimos de la ciudad de Buenos Aires) and put about 1.6 million of them into circulation at half face value in 1831.

Uruguay's new monetary system, known as Sistema real, was created in 1839, with accounts kept in a patacón (peso) of 8 reales, each of 100 centésimos.

The patacón was a silver coin, 27.06 g, 0.902 fine, while the standard gold coin was the onza de oro of 27.06 g, 0.875 fine, equal to 16 silver pesos.

The government put the first of the new copper coins into circulation on October 15, 1840, which had been authorized by laws 254 and 255 of 13 December 1843.

Uruguay's economy picked up after 1876, and the 1880s were a period of prosperity and expansion, with internal peace achieved in 1884 and a heavy influx of foreign capital.

Uruguay continued to use gold, while its neighbors, Argentina and Brazil, were obliged to use inconvertible paper currency.

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The financial crisis of 1890-1893 destroyed many of the commercial banks, and the government established a new national bank, Banco de la República, with a monopoly of issue in 1896.

Uruguay adopted the gold standard in 1896, based on a peso oro of 1.697 g, 0.917 fine, or 1556.149 mg fine gold.

The peso was at a premium against the US dollar from 1915 until 1920, and then depreciated sharply, reaching a low of 170.50 pesos to buy US$100 in 1921.

Uruguay was able to go on a gold exchange standard in 1925, maintaining the previous gold par of US$1.0342 per peso until December 1929.

In 1840, Uruguay's first coins were minted by a private firm in Montevideo.

These coins were copper and came in two denominations: 5c and 20c. The 5c coin was called a cinquiño, which is a term that might have originated from the Portuguese language.

The 20c coin was known as a vintén, also likely derived from Portuguese.

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The 1843–1844 issue of pesos was a time of great need for the city of Montevideo. Only about 1226 peso fuerte coins were produced, made by melting down silver objects donated by residents.

These coins were minted in a variety of denominations, including 5c, 20c, and 40c coins. The 5c coin weighed 5.38 grams and measured 24 millimeters in diameter.

The peso fuerte of 1844 was a significant coin, weighing 27.07 grams and measuring 35 millimeters in diameter. It was approximately 0.875 fine, meaning it contained about 23.69 grams of fine silver.

The official issue date for the peso fuerte was set on February 15, 1844, but it's possible that production ended before this date. The government of Gen. Manuel Oribe prohibited the circulation of these coins outside the city of Montevideo.

In 1886, the government issued $1,900,000 in treasury promissory notes, specifically 1 and 10 peso notes.

These notes, known as vales del Tesoro, were dated August 11, 1886.

The government authorized a restricted issue, or Emisión Limitada, of these notes.

This was a significant event in the history of the peso, marking one of the first times the government had issued a large amount of currency.

The 1931-1935 regular issue was a significant period in the history of the peso. Banco de la Républica contracted with the German firm of Giesecke & Devrient to supply notes.

Giesecke & Devrient supplied notes of 50 centésimos and 1, 5, 10, and 500 pesos. The design of these notes was similar to those of the 1896 issue.

These notes were part of a larger effort by Banco de la Républica to standardize and modernize the peso. The German firm's involvement brought a level of expertise and quality to the production of these notes.

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The 1989 issue of pesos was a significant one, introducing stainless steel coins in nuevos pesos. These coins came in denominations of 1, 5, 10, 50, 100, 200, and 500.

In 1989, the new coins were introduced to replace the old currency, and they have been a reliable store of value ever since.

In some parts of the world, the amount of cash in circulation has actually risen over the last decade. Sweden and Uruguay are countries that have considered general purpose Central Bank Digital Currencies (CBDCs) that would complement cash.

Sweden is one of the countries that have made significant progress in developing CBDCs. Uruguay is another country that has shared a lot of information about its CBDC project.

These countries are bucking the trend of decreasing cash usage. Their central banks have made public information about their projects available for everyone to see.