The Dominican peso is the currency of the Dominican Republic. Its symbol is $, with RD$ used when distinction from other pesos is required, each peso is divided into 100 centavos, for which the ¢ symbol is used. It is the currency that is legal tender in the Dominican Republic for all monetary transactions. The first Dominican peso was introduced with the independence from Haiti in 1844. It replaced the Haitian gourde at par and was divided into 8 reales, the Dominican Republic decimalized in 1877, subdividing the peso into 100 centavos. A second currency, the franco, was issued between 1891 and 1897 but did not replace the peso, however, in 1905, the peso was replaced by the U. S. dollar, at a rate of 5 pesos to the dollar. The peso oro was introduced in 1937 at par with the U. S. dollar, only one denomination of coin was issued by the Dominican Republic before decimalization. This was the ¼ real, issued in 1844 in bronze, decimalization in 1877 brought about the introduction of three new coins, the 1, 2½ and 5 centavos. 1¼ centavo coins were issued between 1882 and 1888.
After the franco was abandoned, silver coins were introduced in 1897 in denominations of 10 and 20 centavos, the designs of these coins were very similar to those of the franco. OLDER COINS Coins were introduced in 1937 in denominations of 1,5,10,25 centavos, all coins bore the national arms on the reverse while all except the 1 centavo bore a crowned allegorical Indian head on the obverse. The 1 centavo instead depicted a tree, the symbol of the ruling Dominican Party. The coins were all of identical weights and composition to U. S. coins of the era. Two denominations appeared on coins, one in centavos or pesos. A two coin set of 1955 commemorative coins were minted for the 25th anniversary of Rafael Trujillos reign and these consisted of a gold 30 peso and a silver one peso, both showing him in profile. 50,000 of the one peso coins were produced in issued into circulation. In 1963 the silver content in the 10,25,50, the 1963 issue distinctively commemorated the centennial of the republic and the crowned Indian head was added to the 1 centavo, replacing the palm.
After 1963 the Peso Oro became a currency and base metals replaced silver in the higher denominations, with the 10
The franc is the currency of Burundi. It is nominally subdivided into 100 centimes, although coins have never issued in centimes since Burundi began issuing its own currency. Only during the period when Burundi used the Belgian Congo franc were centime coins issued, the franc became the currency of Burundi in 1916, when Belgium occupied the former German colony and replaced the German East African rupie with the Belgian Congo franc. Burundi used the currency of Belgian Congo until 1960, when the Rwanda, Burundi began issuing its own francs in 1964. There are plans to introduce a currency, a new East African shilling. In 1965, the Bank of the Kingdom of Burundi issued brass 1 franc coins, in 1968, Bank of the Republic of Burundi took over the issuance of coins and introduced aluminum 1 and 5 francs and cupro-nickel 10 francs. The 5 and 10 francs have continuous milled edges, second types of the 1 and 5 franc coins were introduced in 1976, featuring the coat of arms. In 2011 new 10 and 50 franc coins were introduced and these were followed in 1964 and 1965 by regular issues in the same denominations by the Banque du Royaume du Burundi.
In 1966, notes for 20 francs and above were overprinted by the Bank of the Republic of Burundi, regular issues of this bank began in denominations of 10,20,50,100,500,1,000 and 5,000 francs. 10 francs were replaced by coins in 1968,2,000 franc notes were introduced in 2001, followed by 10,000 francs in 2004. Photographer Kelly Fajacks image of school kids in Burundi was used on the back of the Burundian 10,000 franc note, on 3 January 2006, the franc was valued at 925 per $1. On January 1,2008, the franc was valued at 1,129.40 per US dollar, on January 1,2009, the franc was valued at 1,234.33 per U. S. dollar. On 10 July, the franc was valued at 1,587.60 per US dollar Economy of Burundi
The peso is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using dollar currencies. It is subdivided into 100 centavos and its ISO4217 code is ARS. Several earlier currencies of Argentina were called peso, as inflation progressed a new currency with a few zeroes dropped, since 1970, thirteen zeroes have been dropped. As of October 2014, the rate was about 8 pesos per dollar, by February 2015, it was 10 per US dollar. The peso introduced in 1992 is just called peso, and is preceded by a $ sign only. The peso was an often used for the silver Spanish eight-real coin. Following independence, Argentina began issuing its own coins, denominated in reales and escudos and these coins, together with those from neighbouring countries, circulated until 1881. In 1826, two paper money issues began, denominated in pesos, the peso fuerte was a convertible currency, with 17 pesos fuertes equal to one Spanish ounce of 0.916 fine gold. It was replaced by the peso moneda nacional at par in 1881, the non-convertible peso moneda corriente was introduced in 1826.
It started at par with the peso fuerte, but depreciated with time, although the Argentine Confederation issued 1-, 2- and 4-centavo coins in 1854, with 100 centavos equal to 1 peso =8 reales, Argentina did not decimalize until 1881. The peso moneda nacional replaced the earlier currencies at the rate of 1 peso moneda nacional =8 reales =1 peso fuerte =25 peso moneda corriente, one peso moneda nacional coin was made of silver and known as patacón. However, the 1890 economic crisis ensured that no silver coins were issued. At the beginning of the 20th century, the Argentine peso was one of the most traded currencies in the world. The Argentine gold coin from 1875 was the gold peso fuerte and two-thirds of a gram of gold of fineness 900, equivalent to one and this unit was based on that recommended by the European Congress of Economists in Paris in 1867 and adopted by Japan in 1873. The monetary system before 1881 has been described as anarchistic. Law 1130 of 1881 put an end to this, it established the unit as the peso oro sellado, a coin of 1.612 grams of gold of fineness 900.
Gold coins of 5 and 2.5 pesos were to be used, silver coins of one peso and 50,20,10 and 5 centavos, the depreciated peso moneda corriente was replaced in 1881 by the paper peso moneda nacional at a rate of 25 to 1. This currency was used from 1881 until January 1,1970 The design was changed in 1899, initially the peso m$n was convertible, with a value of one peso oro sellado
The pound, known as the lira, was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the level the Turkish lira. The Cypriot pound was replaced by the euro as currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP0.585274 per EUR1.00. The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one to 180 Turkish piastres and it remained equal in value to the pound sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. Initially the Cyprus pound was divided into 20 shillings, in common with its United Kingdom counterpart, unlike the United Kingdom shilling, the Cyprus shilling was divided into 9 piastres, thus establishing a nomenclature link to earlier Ottoman currency. The piastre was divided into 40 para.
The para denomination did not appear on any coins or banknotes but was used on postage stamps, the 1⁄4-piastre coin was equal to 10 para and called δεκάρα in Greek and the 1⁄2-piastre coin was equal to 20 para and called εικοσάρα. A question on the legality of introducing the pound in Cyprus was raised by the British Member of Parliament, Mr. Although this system was never adopted in the United Kingdom, it was used in several British colonies, including Hong Kong from 1863 to 1866, and the British Palestine Mandate from 1926 until 1948. This latter example may have been the impetus to use a system in Cyprus as the Palestinian pound was for a brief period accepted as legal tender in Cyprus. Cyprus decimalized in 1955 with 1000 mils to the pound, the 5-mil coin was known as a piastre and the 50-mil coin as a shilling. The subdivision was changed to 100 cents to the pound on 3 October 1983, at that time, the smallest coin still in circulation was that of 5 mils. This was renamed as 1⁄2 cent, but soon was abolished, mil-denominated coins are no longer legal tender.
Towards the end of the Cypriot pound era, some cashiers omitted the 1-, owner-operated businesses often rounded down the net amount to be paid to the nearest multiple of 5 cents. The Cypriot national currency was replaced by the euro on 1 January 2008, the currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of CYP0.585274 ±15% per euro. A formal application to adopt the euro was submitted on 13 February 2007. On May 16,2007, along with Malta, received the European Commissions approval for this and was confirmed by the European Parliament on 20 June 2007 and the EU leaders on 21 June 2007. The permanent exchange rate, EUR1.00 = CYP0.585274, was decided by the EU Finance Ministers on 10 July 2007, from 12 July 2007 to 5 December 2007, the exchange rate remained at 0.5842
The austral was the currency of Argentina between June 15,1985 and December 31,1991. It was subdivided into 100 centavos, the symbol was an uppercase A with an extra horizontal line, codepoint U+20B3 Austral sign ₳. This symbol appeared on all issued in this currency, to distinguish them from earlier currencies. The ISO4217 code is ARA, finance Minister Juan Vital Sourrouille devised the Austral plan. The austral replaced the peso argentino at a rate of 1 austral =1000 pesos argentinos and it was itself replaced by the peso at a rate of 1 peso =10,000 australes. In 1985, coins were introduced for ½,1,5,10 and 50 centavos. The ½ centavo was only issued in 1985, whilst production of the 1 centavo ceased in 1987,5 centavo ceased in 1988, and that of the other centavo coins ended in 1989. In 1989,1,5 and 10 austral coins were issued, followed in 1990 and 1991 by 100,500 and 1,000 austral denominations. In 1985, provisional issues were made consisting of 1000,5000 and 10,000 peso argentino notes over stamped with the values 1,5 and 10 australes.
Between 1985 and 1991, the notes were issued by the Banco Central, All banknotes except the provisional types show on the back an image of Liberty with a torch. The provisional banknotes were produced from modified peso ley plates, on the obverses, the word PESOS were erased, whilst the reverse designs substituted the picture with the denomination written in words without spaces in several rows. The denomination was shown on both faces in the form A10 MIL, A50 MIL and A500 MIL, official website of the Banco Central de la República Argentina Argentine Notes
Cook Islands dollar
The dollar is the currency of the Cook Islands. The dollar is subdivided into 100 cents, although some 50 cent coins carry the denomination as 50 tene, until 1967, the New Zealand pound was used on the Cook Islands, when it was replaced by the New Zealand dollar. In 1972, coins were issued specifically for the Cook Islands, the Cook Islands dollar is pegged at par to the New Zealand dollar. The currency of New Zealand and the Cook Islands circulate concurrently within the country, coins have been struck on different occasions mainly by the Royal Australian Mint, the Franklin Mint, and the Perth Mint with the paper currency being printed by De La Rue. In 1972, bronze 1 and 2 cents, and cupro-nickel 5,10,20 and 50 cents, and 1-dollar coins were introduced. All were the size and composition as the corresponding New Zealand coins, however. Each coin depicted plants and items unique to the Cook Islands, in 1983, production of the 1 and 2-cent coins was ceased and the two coins were demonetized. In 1987, a smaller, lighter scallop-edged $1 coin with a similar size and this coin was issued to replace its bulky predecessor. 2003 saw the reintroduction of a 1-cent coin, this time composed of aluminium rather than bronze and these were issued with five different reverses, each commemorating a few of the nations historical themes.
A large, stainless steel 5 cent coin was issued in 2000 centred on FAO, the Cook Islands has a long reputation for frequent monetary oddities. It was one of the last countries to hold on to large crown-sized coins while elsewhere,1988 brought the redesign of the 50-cent piece, quite unique in becoming the first coin in the country to bear a denomination name. Although widely recognized as cents this coin depicts tene, the language equivalent to the English word cent. It abandoned its 1 and 2-cent pieces almost 10 years before both New Zealand and Australia, only to bring the 1 cent back 20 years later. It replaced $1 and $2 notes for two years before New Zealand did, even though the Cook Islands dollar is pegged to the NZD at par. Amidst minting $2 and $5 coins, it issued an oddball $3 note in between the dollar coins as part of the same series. With the reduction in size of the New Zealand 10,20 and 50-cent coins in 2006, however, $1, $2, and $5 pieces remained in use. As part of a reform, new coins were minted in 2015 by the Royal Australian Mint.
The new coins carry similar designs to the ones with the 10,20, and 50 cents struck in nickel-plated steel, while the 1,2
Netherlands Antillean guilder
The Netherlands Antillean guilder is the currency of Curaçao and Sint Maarten, which until 2010 formed the Netherlands Antilles along with Bonaire and Sint Eustatius. It is subdivided into 100 cents, the guilder was replaced by the US dollar on 1 January 2011 on Bonaire and Sint Eustatius. On Curaçao and Sint Maarten, the Netherlands Antillean guilder is planned to be replaced by the newly created Caribbean guilder, in Papiamentu, the local language of Aruba and Curaçao, the guilder is called a florin. The ISO-4217 code, ANG, is derived from ANtilliaanse Gulden, while the currency symbol, in the 18th century, the Dutch guilder circulated in the Netherlands Antilles. This was supplemented in 1794 by an issue of coins specific for the Dutch holdings in the West Indies, at this time, the guilder was subdivided into 20 stuiver. Between 1799 and 1828, the reaal circulated on the islands, the Dutch guilder was reintroduced in 1828, now subdivided into 100 cents. The name Netherlands Antilles was introduced in 1952, in 1940, following the German occupation of the Netherlands, the link to the Dutch currency was broken, with a peg to the U. S. dollar of 1.88585 guilders =1 dollar established.
The peg was adjusted to 1.79 guilders =1 dollar in 1971, since it has been updated to 1.77 guilders =1 dollar but unsure of the date. In 1986, Aruba gained a status aparte and thereby left the Netherlands Antilles, shortly after that, Aruba began to issue its own currency, the Aruban florin, which replaced the Netherlands Antillean guilder at par. In 1892, the Curaçaosche Bank introduced notes in denominations of 25 and 50 cents,1 and this was the only issue of the cent denominations. Notes for 5,10,25,50,100,250 and 500 guilders followed in 1900, the 1 and 2 1⁄2 guilder notes were suspended after 1920 but reintroduced by the government in 1942 as muntbiljet. From 1954, the name Nederlandse Antillen appeared on the reverse of the notes of the Curaçaosche Bank and, from 1955, in 1962, the banks name was changed to the Bank van de Nederlandse Antillen. Starting in 1969, notes dated 28 AUGUSTUS1967 began to be introduced, the front of these notes all feature the Statuut monument at front left instead of the allegorical seated woman found on the preceding issues, and on the back there is a new coat of arms.
In 1970, an issue of muntbiljet was made in denominations of both 1 and 2 1⁄2 guilders. The 500 guilder note was not issued after 1962, economy of the Netherlands Antilles Central banks and currencies of the Caribbean Banknotes of the Netherlands Antilles
The Deutsche Mark, abbreviated DM or D-Mark, was the official currency of West Germany and unified Germany until the adoption of the euro in 2002. In English, but not in German, it is called the Deutschmark. Mark coins and banknotes continued to be accepted as valid forms of payment in Germany until 28 February 2002. However, in 2012, it was estimated that as many as 13.2 billion marks were in circulation, with polls showing a narrow majority of Germans favouring the currencys restoration. The Deutsche Bundesbank has guaranteed that all German marks in form may be changed into euros indefinitely. Banknotes and coins can even be sent to the Bundesbank by mail, on 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM1.95583 = €1. One Deutsche Mark was divided into 100 Pfennig, a mark had been the currency of Germany since its original unification in 1871. Before that time, the different German states issued a variety of different currencies, though most were linked to the Vereinsthaler, a silver coin containing 16 2⁄3 grams of pure silver.
Although the mark was based on rather than silver, a fixed exchange rate between the Vereinsthaler and the mark of 3 marks =1 Vereinsthaler was used for the conversion. The first mark, known as the Goldmark, was introduced in 1873, with the outbreak of World War I, the mark was taken off the gold standard. The currency thus became known as the Papiermark, especially as inflation, hyperinflation occurred. The Papiermark was replaced by the Rentenmark from November 15,1923, due to the strains between the Allies each zone was governed independently as regards monetary matters. The US occupation policy was governed by the directive JCS1067, as a consequence a separate monetary reform in the U. S. zone was not possible. Each of the Allies printed its own occupation currency, the Deutsche Mark was officially introduced on Sunday, June 20,1948 by Ludwig Erhard. Large amounts were exchanged for RM10 to 65 Pfennig, in addition, each person received a per capita allowance of DM60 in two parts, the first being DM40 and the second DM20.
A few weeks Erhard, acting against orders, issued an edict abolishing many economic controls which had been implemented by the Nazis. He did this, as he confessed, on Sunday because the offices of the American, British. He was sure if he had done it when they were open
The Djiboutian franc is the currency of Djibouti. Its ISO4217 currency code is DJF, historically, it was subdivided into 100 centimes. From 1884, when the French Somaliland protectorate was established, the French franc circulated alongside the Indian rupee and these coexisted with 2 francs =1 rupee and 4.2 francs =1 Maria Theresa thaler. From 1908, francs circulating in Djibouti were legally fixed at the value of the French franc, starting in 1910, banknotes were issued for the colony by the Bank of Indochina. Chamber of Commerce paper money and tokens were issued between 1919 and 1922, in 1948, the first coins were issued specifically for use in Djibouti, in the name of the Côte Française des Somalis. In 1949, an independent Djiboutian franc came into being when the currency was pegged to the US dollar at a rate of 214.392 francs =1 dollar. This was the value which the French franc had had under the Bretton Woods system until a few months before, the Djiboutian economy was not affected by the further devaluations of the French franc.
In 1952, the Public Treasury took over the production of paper money, French Somalilands change of name in 1967 to the French Territory of the Afars and the Issas was reflected on both the territorys coins and notes. In 1971 and 1973, the franc was revalued against the US dollar, first to a rate of 197.466 to the dollar, 177.721, a further change in coin and banknote design followed independence in 1977. Between 1920 and 1922, the Chamber of Commerce issued tokens struck in zinc, shapes included round and octagonal. In 1948, aluminium 1,2 and 5 francs were introduced, aluminium-bronze 20 francs were introduced in 1952, followed by 10 francs in 1965. Cupro-nickel 50 and 100 francs were introduced in 1970, with aluminium-bronze 500 francs added in 1989, from 2013, new coins of 250 francs were put in circulation to complement the other denominations. Between 1910 and 1915, banknotes were introduced in denominations of 5,20 and 100 francs, Chamber of Commerce notes were introduced in 1919 in denominations of 5,10 and 50 centimes and 1 franc.
The decline in the value of the French franc following World War I caused 500 and 1000 franc banknotes to be introduced in 1927 and 1938,10 franc notes were introduced in 1946. When the Public Treasury took over the production of money in 1952. In 1970, the 50 and 100 franc notes were replaced by coins, in 1977, the National Bank took over production of banknotes. The only subsequent changes have been the introduction of 10,000 franc notes in 1984, Rates obtained from these websites may contradict with pegged rate mentioned above Economy of Djibouti
The sucre was the currency of Ecuador between 1884 and 2000. Its ISO code was ECS and it was subdivided into 10 decimos or 100 centavos, the sucre was named after Antonio José de Sucre. The Ecuadorian peso was renamed sucre on March 22,1884, the sucre was defined as 22.5 g fine silver Substandard coins were withdrawn from 1887 to 1892, with only high-quality silver remaining in circulation. The fall in the price of silver accelerated in the 1890s. On November 3,1898, Ecuador switched to the gold standard, like so many other currencies, the sucre became inconvertible shortly after World War I began in 1914. The exchange rate kept falling, despite extensive measures to support it and it was finally stabilized during 1926, and on March 4,1927 Ecuador went on the gold exchange standard, with the sucre equal to 300.933 mg fine gold or US$0.20. The gold exchange standard was suspended February 8,1932, exchange controls were adopted April 30 and the official rate was fixed at 5.95 per U. S. dollar.
After the price of silver rose above the value of most silver coins in the 1930s. This was followed by adjustments to the foreign exchange system as the sucre continued to depreciate. Foreign exchange controls were lifted in September 1937 and the official rate was set at 13.5 sucre per U. S. dollar. The sucre was devalued to 14.77 sucre per dollar on June 4,1940, the official rate became 14 in 1942 and 13.5 in 1944. Parity was registered with the International Monetary Fund on December 18,1946 at 65.827 mg fine gold, the sucres IMF par was devalued to 15 sucre per dollar in 1950, to 18 in 1961, and to 25 in 1970. The sucre maintained a stable exchange rate against the U. S. dollar until 1983, when it was devalued to 42 per dollar. Depreciation gained momentum and the market rate was over 800 per dollar by 1990. The sucre lost 67% of its exchange value during 1999, in one week nosedived 17%. On January 9, President Jamil Mahuad announced that the US dollar would be adopted as Ecuadors official currency, the US dollar became legal tender in Ecuador March 13,2000, and sucre notes ceased being legal tender on September 11.
Sucre notes remained exchangeable at Banco Central until March 30,2001, in 1884, cupro-nickel ½ and 1 centavo, and ½ decimo, and silver 1 and 2 decimos, ½ and 1 sucre coins were introduced. Centavo coins minted as subdivisions of the continued to circulate after the introduction of the sucre
The manat is the currency of Azerbaijan. It is subdivided into 100 qəpik, the word manat is borrowed from the Russian word Монета moneta which is pronounced as manta and is a loanword from Latin. Manat was the designation of the Soviet ruble in both the Azerbaijani and Turkmen languages, the Azerbaijani manat symbol, ₼, was assigned to Unicode U+20BC in 2013. Can be used as a substitute for the manat symbol, the Azerbaijan Democratic Republic and its successor the Azerbaijani Soviet Socialist Republic issued their own currency between 1919 and 1923. The currency was called the manat in Azeri and the ruble in Russian, the manat replaced the first Transcaucasian ruble at par and was replaced by the second Transcaucasian ruble after Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic. No subdivisions were issued, and the currency only existed as banknotes, the second manat was introduced on 15 August 1992. It had the ISO4217 code AZM and replaced the Soviet ruble at a rate of 10 rubles to 1 manat, from early 2002 to early 2005, the exchange rate was fairly stable.
At the end of 2005, one dollar was worth 4591 manat, Banknotes below 100 manat had effectively disappeared by 2005, as had the qəpik coins. Coins were issued in denominations of 5,10,20 and 50 qəpik, although brass and cupro-nickel were used for some of the 1992 issues, issues were all in aluminium. On 1 January 2006, a new manat was introduced at a value of 5,000 old manat, since 1 October 2005, prices have been indicated both in new manats and in old manats to ease transition. Coins denominated in qəpik, which had not been used from 1993 onwards due to inflation, have been reintroduced with the redenomination, the former manat remained valid through 31 December 2006. The new banknotes and Azeri Manat symbol, ₼, were designed by Robert Kalina in 2006, and the symbol was added to Unicode in 2013, after failed addition proposals between 2008 and 2011. The final Azeri Manat symbol design was inspired by the design of the Euro sign, based on a proposal by Mykyta Yevstifeyev. Coins in circulation are 1,3,5,10,20 and 50 qəpik, most coins closely resemble the size and shape of various euro coins.
Most notably the bimetallic 50 qəpik and the 10 qəpik, Coins were first put into circulation during January 2006 and do not feature a mint year. Banknotes in circulation are 1,5,10,20,50 and 100 manat and they were designed by Austrian Robert Kalina, who designed the current banknotes of the euro and the Syrian Pound. Therefore, the look quite similar to those of the euro. In 2009 the Azərbaycan Milli Bankı was renamed the Azərbaycan Mərkəzi Bankı, in 2011 the Azerbaijani ministry of finance announced it was considering to issue notes of 2 and 3 manat as well as notes with values larger than 100 manat
The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL and it is divided into 100 centavos. At the time it was meant to have approximately fixed 1,1 exchange rate with the United States dollar. It suffered a sudden devaluation to a rate of about 2,1 in 1999, reached almost 4,1 in 2002, the exchange rate as of September 2015 was BRL4.05 to USD1.00. However Unicode considers the difference to be only a matter of font design, the new currency replaced the short-lived cruzeiro real. The reform included the demonetisation of the real and required a massive banknote replacement. At its introduction, the real was defined to be equal to 1 unidade real de valor a non-circulating currency unit. At the same time the URV was defined to be worth 2750 cruzeiros reais, as a consequence, the real was worth exactly one U. S. dollar as it was introduced. Combined with all previous currency changes in the history, this reform made the new real equal to 2.75 ×1018 of Brazils original réis.
Soon after its introduction, the real unexpectedly gained value against the U. S. dollar, during that period it attained its maximum dollar value ever, about US$1.20. In January 1999 the deterioration of the markets, disrupted by the Russian default, forced the Central Bank, under its new president Arminio Fraga. This decision produced a major devaluation, to a rate of almost R$2, many Brazilians feared another default on government debts or a resumption of heterodox economic policies, and rushed to exchange their reais into tangible assets or foreign currencies. In October 2002 the exchange rate reached its low of almost R$4 per US$1. The value of the real in dollars continued to fluctuate but generally upwards, so that by 2005 the exchange was a little over R$2, US$1. Brazil, and sometimes used in bordering countries, especially Brazil/Uruguay and Brazil/Paraguay borders in every year millions of Brazilians go shopping at the duty-free stores etc. It is accepted in Argentina, not only in shops and duty-free stores in border cities like Puerto Iguazú but in shops and restaurants in the capital city.
Along with the first series of currency, coins were introduced in denominations of 1,5,10 and 50 centavos and 1 real, all were struck in stainless steel. The original 1-real coins dated 1994-1997 have been withdrawn from circulation since 31 December 1997, in 1998, a second series of coins was introduced