Venezuelan Currency Name Evolution and Changes

The Venezuelan currency has undergone significant changes over the years, and understanding its evolution is crucial for anyone interested in the country's economic history. The Bolivar Fuerte was the first major change, introduced in 1989.

The Bolivar Fuerte was replaced by the Bolivar, which was subdivided into 100 centimos. This change was made in 2008.

The Bolivar has been the official currency of Venezuela since 2008, but its value has fluctuated significantly due to inflation and economic instability.

The history of Venezuelan currency is a complex one, with various coins and currencies being used over the years. The country's first monetary laws were established in 1821, prohibiting the circulation of all copper coin and old royalist coin that had not been counterstamped at Bogotá.

In 1826, a new monetary law was implemented, providing for a gold coinage based on the Colombian gold peso and a silver coinage based on the Colombian silver peso. The Colombian gold peso weighed 1.797238 grams.

The Caracas mint was reopened in 1829 and produced a silver peseta and a copper cuartillo, but it closed for good in 1830. Here's a brief timeline of some of the key events in Venezuelan currency history:

In the late 19th and early 20th centuries, copper centavos were produced in London and Birmingham, while cupronickel coins were minted in Berlin and Philadelphia.

During the pre-independence era, Venezuela shared a common Spanish-American monetary system based on the silver peso and the gold escudo. This system was used throughout Spanish America.

The colony's trade, especially in cacao, brought in a lot of money in the form of coin from the Mexico money supply, which increased significantly after the Compañía Guipuzcoana de Caracas obtained a trade monopoly in 1729.

In 1787, Caracas petitioned for distinctive coins with an intrinsic value below standard that would only circulate locally, citing a shortage of circulating coin. This request was granted by a royal ordinance of December 25, 1786.

The special coinage authorized 200,000 pesos in coins only 60 percent of standard weight, minted at Mexico City and shipped on April 16, 1787. However, some officials learned that the coins were not distinctive and protested the issue, fearing they could be passed as regular coin.

A royal ordinance of August 20, 1787 ordered the coins withdrawn and they were recalled and melted down in 1788. This was a significant setback for the colony's monetary system.

To deal with the inadequate money supply, merchants used tokens (señas or fichas) to facilitate retail trade. By 1795, the use of tokens was very widespread, but their unregulated issue and use was considered a problem.

Official copper tokens were authorized by the Caracas Cabildo (council), and Venezuela's first mint opened at Caracas in November 1802.

Here are some examples of the tokens and coins in circulation during this period:

The history of Venezuelan currency is a fascinating story that spans centuries.

In the early 19th century, Venezuela was part of Gran Colombia, and the monetary laws in force were those of Colombia. Bolívar prohibited the circulation of all copper coin and post-1810 royalist coin that had not been counterstamped at Bogotá, but allowed milled coin and the old Spanish macuquina to circulate.

The monetary law of 1826 provided for a gold coinage based on the Colombian gold peso and a silver coinage based on the Colombian silver peso. This laid the foundation for the country's currency system.

José Antonio Páez reopened the Caracas mint in 1829 and authorized a silver peseta and a copper cuartillo, but the mint closed for good in 1830. This marked the end of an era for Venezuelan currency.

The bolívar was introduced in 1879, replacing the venezolano at a rate of five bolívares to one venezolano. The coin was defined on the silver standard, equal to 4.5 g fine silver.

The monetary law of 1887 made the gold bolívar unlimited legal tender, and the gold standard came into full operation in 1910. Venezuela went off gold in 1930, and the bolívar exchange rate was fixed in terms of the US dollar at a rate of Bs. 3.914 = US$1 in 1934.

Here's a brief timeline of Venezuelan currency:

The bolívar remained stable until the 1970s, when rampant inflation began to erode its value, leading to the introduction of the new bolívar fuerte (VEF) currency in 2008.

The Venezolano, introduced in 1854, was a national coinage based on both gold and silver. The gold coins included the onza, media onza, doblón, escudo, and venezolano de oro.

The government planned to establish a mint in Caracas to produce these coins, but unfortunately, it was unable to do so. As a result, no coins were produced.

In 1855, the Compañía de Accionistas was formed with a capital of $600,000. This company issued notes for 5 pesos sencillos and provided services to the Treasury until it closed in 1858.

The peso fuerte, also known as the Venezolano de oro, was equivalent to 10 Reales or 100 Centavos.

The public debt certificates issued by the Venezuelan government between 1859 and 1861 were a unique aspect of the country's currency history. These certificates were legal tender and payable to bearer.

Many of these certificates bore the signatures of respected merchants, lending an air of authenticity to their value. The government issued certificates for various denominations, including 8 reales, 5, 10, 20, 50, and 100 pesos.

The first decree for issuing these certificates was made on October 20, 1859, and the last one was issued on January 15, 1861. Separate issues were made for different regions, including Caracas, Carabobo, and Aragua.

The Bolívar soberano was equivalent to 100 Céntimos soberanos, providing a reference point for the value of these certificates.

The Venezuelan currency has undergone several changes over the years. The bolivar fuerte (VEF) was introduced in 2008 as a replacement for the old bolivar, with a conversion rate of 1 bolivar fuerte for 1000 old bolivares.

The bolivar soberano (VES) was introduced in 2018, replacing the bolivar fuerte at a conversion rate of 1 bolivar soberano for 100,000 bolivares fuertes. This change was made to address the hyperinflation that had made the currency almost worthless.

The bolivar soberano is one of the 180 currencies worldwide and trades against all other official currencies, giving us exchange rates that can fluctuate over time due to economic, political, and market factors.

Private Bank Notes were issued by El Banco de Londres y Venezuela, Limitado, which was established in 1865 with a capital of £500,000 sterling.

The bank issued notes for "5 pesos sencillos" on the face, but in English, it was referred to as "5 dollars currency" on the back. These notes were dated January 23, 1865.

The bank was liquidated in 1867, marking the end of its operations.

The Bolivar is the official currency of Venezuela, named after the Latin American independence fighter and hero, Simón Bolívar. It was introduced by President Guzman Blanco in 1879, replacing the venezolano at a rate of five bolívares to one venezolano.

The Bolivar has undergone several iterations throughout its existence, including a change to the gold standard in 1910 and a devaluation in 1934, which fixed the exchange rate to the US dollar at a rate of Bs. 3.914 = US$1. This rate lasted until 1941.

In 2003, exchange controls were imposed to limit capital flight, and the rate was pegged to the US dollar at a fixed exchange rate of Bs. 1,600 to the dollar. The Bolivar has also been subject to hyperinflation, leading to a 96% devaluation in August 2018.

The Bolivar has been replaced by several other currencies, including the Bolívar fuerte (VEF), the Bolívar soberano (VES), and the Bolívar digital (VED). The Bolívar soberano was introduced in 2018, replacing the Bolívar fuerte at a rate of 1 Bolívar soberano = 100,000 Bolívares fuertes.

Here are some key facts about the Bolivar and its various iterations:

The Bolivar has undergone significant changes over the years, with each iteration aimed at addressing the country's economic challenges. Despite these efforts, the currency remains subject to hyperinflation and devaluation, making it difficult for citizens to access funds and purchase goods and services.

Coins have been a significant part of Venezuelan currency throughout history. The Caracas mint produced coins such as the cuartillo or 1/4 real, weighing 14.38 grams, in 1821, 1822, 1829, and 1830.

The Venezuelan peso, also known as the peso fuerte, is made up of 10 reales, which is equivalent to 100 centavos.

You can see the different types of coins that were produced, including the Bs. 10, type 1930, which measured 19 mm and weighed 2.2258 grams, with a production run of 0.5 million in 1930.

Here's a breakdown of the different Venezuelan coins mentioned:

The Hard (Bs.F) bolivar is a type of Venezuelan currency that was introduced in 2008. It replaced the old bolivar at a rate of 1 bolivar fuerte for 1000 old bolivars.

The Hard bolivar was used in conjunction with the old bolivar until January 1, 2009, when old notes ceased to be legal tender. This transition period allowed for a smooth exchange of currencies.

The Hard bolivar has undergone several iterations, with the 2008 series featuring a range of denominations, including 2, 5, 10, 20, 50, and 100 bolivars fuertes. Each denomination had its own unique design and features.

Here's a breakdown of the 2008 series denominations:

The Hard bolivar was eventually replaced by the Sovereign bolivar, which was introduced in 2016 and 2017.