| Uruguayan peso peso uruguayo (Spanish) |
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| ISO 4217 Code | UYU | ||
|---|---|---|---|
| User(s) | Uruguay | ||
| Inflation | 6.5% | ||
| Source | The World Factbook, 2006 est. | ||
| Subunit | |||
| 1/100 | centésimo | ||
| Symbol | $ | ||
| Coins | 50 centésimos, $1, $2, $5, $10 | ||
| Banknotes | |||
| Freq. used | $20, $50, $100, $200, $500, $1000, $2000 | ||
| Rarely used | $5, $10 | ||
| Central bank | Banco Central del Uruguay | ||
| Website | www.bcu.gub.uy | ||
The peso has been the name of the Uruguayan currency since 1835. The present currency, known as the peso uruguayo (ISO 4217 code: UYU) has circulated since 1993 and is subdivided into 100 centésimos.
Contents |
History
Peso, 1835-1975
Following independence from Spain and Brazil, Uruguay at first used Argentinean currency. In 1835, the first issues were made of an independent currency. This was the peso, equal to the 8 Argentine reales and, from 1840, subdivided into 100 centésimos, with some paper money also issued in reales. In 1862, the peso (called the peso fuerte, "strong peso") was pegged to gold, at a rate of 1 peso = 1556.149 milligrams. This later changed to a peg to the French franc, at the rate of 1 peso = 5 francs. After leaving the gold standard in 1929, a peg to the U.S. dollar was established in 1941, with 1.9 pesos = 1 dollar, which lasted until 1944.
Nuevo peso, 1975-1993
Following high inflation, the nuevo peso replaced the peso at a rate of 1 nuevo peso = 1000 pesos in November 1973. The nuevo peso was also subdivided into 100 centésimos. The ISO 4217 code for this currency was UYN.
Peso uruguayo, 1993-
After further inflation, the peso uruguayo replaced the nuevo peso, again at a rate of 1000 to 1, on March 1, 1993.
Inflation
Uruguayans have become accustomed to the constant devaluation of their currency. Uruguayans refer to periods of real appreciation of the currency as atraso cambiario, which literally means that "the exchange rate is running late". As a consequence of the instability of the local currency, prices for most big-ticket items (real estate, cars and even executives' salaries) are denominated in U.S. dollars. During the military rule, the peso was on a crawling peg to the dollar. A table of the future value of the dollar was published daily by the government (called the tablita). In 1982, the currency was devalued ("the tablita was broken"), throwing thousands of companies and individuals into bankruptcy. In the 1990s, a new mechanism to provide predictability was introduced, this time in the form of a sliding range, with top and bottom margins, at which the government would intervene. In 2002, after a banking crisis and amid a huge budget deficit, the currency was again allowed to float, losing almost 50% of its value in a couple of weeks, and, again, throwing into bankruptcy thousands of companies and individuals who held debts denominated in US dollars. In 2004 a phenomenon completely new to most Uruguayans developed: the currency appreciated in nominal terms against the US dollar, going from 30 to 24 pesos to the dollar. This revaluation brought protests from the industrial sector, which felt that it lost competitiveness. The government hopes that a floating currency will "de-dollarize" the economy. Uruguay does not seem to have found a mechanism that provides the exchange rate some level of predictability, while at the same time allowing the country to adapt its prices so that its exports remain competitive.
Coins
Peso
In 1840, copper 5, 20 and 40 centésimos were introduced, followed by silver 1 peso coins in 1844. The copper coins were issued until 1857. In 1869, bronze 1, 2 and 4 centésimos were introduced, followed by silver 10, 20 and 50 centésimos. In 1901, cupro-nickel 1, 2 and 5 centésimos were introduced. Aluminium-bronze 10 centésimos were introduced in 1930, with copper replacing cupro-nickel in the 2 and 5 centésimos between 1943 and 1951. The size of the remaining silver coins was reduced in 1942 and 1943, with the last silver coins issued in 1954. In 1953, cupro-nickel 10 centésimos were introduced, with nickel-brass 2, 5 and 10 centésimos issued in 1960, the last year these denominations were issued. In 1965, aluminium 20 and 50 centésimos, and aluminium-bronze 1, 5 and 10 pesos were issued. 1, 5 and 10 pesos were also issued in nickel-brass in 1968, followed by cupro-nickel 20 and 50 pesos in 1970 and 100 pesos in 1973.
Nuevo peso
In 1976, aluminium-bronze 10, 20 and 50 centésimos and 1 nuevo peso were introduced, followed by aluminium 1, 2 and 5 centésimos the next year. In 1980 and 1981, issuance of the centésimo denominations ended and cupro-nickel 1, 5 and 10 nuevos pesos were issued. Following high inflation, stainless-steel 1, 5, 10, 50, 100, 200 and 500 nuevos pesos coins were issued.
Peso uruguayo
In 1994, stainless-steel 10, 20 and 50 centésimos and brass 1 and 2 pesos uruguayos were introduced. 5 and 10 pesos uruguayos were introduced in 2003 and 2000, respectively. Coins in circulation are:
- 50 centésimos
- 1 peso uruguayo
- 2 pesos uruguayos
- 5 pesos uruguayos
- 10 pesos uruguayos
Banknotes
Peso
In 1835, Public Debt Drafts were issued in denominations of 400, 500, 2000 and 5000 pesos. Treasury notes followed in 1855 for 2 and 4 reales, 1, 5, 10, 25, 50 and 100 pesos. Various banks, including the Banco Italiano, the Banco de Londres y Rio de la Plata and the Banco Oriental, issued paper money during the 1860s and 1870s, along with the Junta de Crédito Público which issued notes for 20 and 50 centésimos, 1, 5, 10, 20, 50 and 100 pesos in 1870 and the government, which issued notes for 20 and 50 centésimos, 1, 2, 5, 10, 20, 50 and 100 pesos in 1875. In 1868, copying the U.S. postal currency, the government issued notes for 1, 5, 10, 15 and 20 centésimos which featured images of postage stamps. In 1887, the Banco Nacional began issuing paper money, introducing denominations of 10, 20 and 50 centésimos, 1, 2, 5, 10, 20, 50, 100, 200 and 500 pesos. In 1896, the Banco de la República Oriental del Uruguay took over paper money production, issuing notes for 50 centésimos, 1, 5, 10, 50, 100 and 500 pesos. 20 centésimo notes were issued as an emergency measure in 1918. 1000 peso notes were introduced in 1935. In 1967, the Banco Central del Uruguay took over issuance of paper money. Its first issues were overprints on earlier 10, 50, 100, 500 and 1000 peso notes, the lower denominations having been replaced by coins. These overprints were followed the same year by regular issues of 50, 100, 500, 1000, 5000 and 10,000 pesos.
Nuevo peso
In 1975, provisional issues of banknotes were produced by overprinting peso notes with their new denomination in nuevos pesos. These were notes for 50 centésimos, 1, 5, and 10 nuevos pesos made from 500, 1000, 5000 and 10,000 peso notes. Regular-type notes were also issued in 1975 in denominations of 50 and 100 nuevos pesos. In 1978, 500 and 1000 nuevo peso notes were introduced, followed by 5000 nuevos pesos in 1983, 200 nuevos pesos in 1986, 10,000 nuevos pesos in 1987, 2000, 20,000 and 50,000 nuevos pesos in 1989, 100,000 nuevos pesos in 1991 and 200,000 and 500,000 nuevos pesos in 1992.
Peso uruguayo
In 1994, banknotes in denominations of 5, 10, 20, 50, 100, 200, 500 and 1000 pesos uruguayos were introduced, followed by 2000 pesos uruguayos in 1998. Banknotes in circulation are:
- 5 pesos (Joaquín Torres García)
- 10 pesos (Eduardo Acevedo Vásquez)
- 20 pesos (Juan Zorrilla de San Martín).
- 50 pesos (José Pedro Varela)
- 100 pesos (Eduardo Fabini)
- 200 pesos (Pedro Figari)
- 500 pesos (Alfredo Vázquez Acevedo)
- 1000 pesos (Juana de Ibarbourú)
- 2000 pesos (Dámaso Antonio Larrañaga)
The 5 peso and 10 peso banknotes are in the process of being withdrawn from circulation, given the introduction of the coins of the same value.
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See also
References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
External links
- Don's World Coin Gallery - Uruguay
- Ron Wise's World Paper Money - Uruguay Mirror site
- The Global History of Currencies - Uruguay
- Global Financial Data data series - Uruguay Peso
- Global Financial Data currency histories table (
Microsoft Excel format) - Uruguayan coins
- Monedas del Uruguay - Coins of Uruguay
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| Circulating | Argentine peso · Chilean peso · Colombian peso · Cuban convertible peso · Cuban peso · Dominican peso (peso oro) · Macanese pataca (圓) · Mexican peso · Philippine peso (piso) · Uruguayan peso |
| Obsolete | Argentine peso argentino · Argentine peso ley · Argentine peso moneda corriente · Argentine peso moneda nacional · Bolivian peso · Catalan peseta (pesseta) · Costa Rican peso · Ecuadorian peso · Equatorial Guinean peseta · Guatemalan peso · Guinea Bissau peso · Honduran peso · Japanese government-issued Philippine fiat peso · Nicaraguan peso · Paraguayan peso · Peruvian peseta · Portuguese Timorese pataca · Puerto Rican peso · Salvadoran peso · Spanish peso · Spanish peseta (pesseta, pezeta) · Venezuelan peso |
| See also | Peso sign · Maltese pataca (coin) |
