Currency of Uruguay
This is an outline of Uruguay's monetary history. For the present currency of Uruguay, see Uruguayan peso. Uruguay's currency was that common to all of Spanish America. During the struggle over this region between Spain and Portugal between Argentina and Brazil, the coinage of both contestants circulated; when the area was annexed to Brazil in 1821 as Provincia Cisplatina, the Portuguese administration put notes of Banco do Brazil into circulation. This was the first paper money to circulate in Uruguay. In 1826–1828, Argentine troops fighting against Brazil were paid in one-peso notes issued by Banco Nacional of Buenos Aires for Provincia Oriental. All parties to the conflict used the Spanish dollar, which circulated with a value of 8 Spanish reales or 960 Brazilian reis. Circulation consisted of coins from mints in Mexico, Potosí, Buenos Aires. During the turbulent period of conflict preceding independence, a considerable amount of poor-quality copper coin from both Buenos Aires and Brazil came into circulation.
Peso = 8 Reales = 800 Centésimos de real Onza de oro = 16 Pesos In 1828, Uruguay's currency was based on the silver peso of eight reales known as the patacón, the gold onza de oro, valued at 16 pesos silver. But a large quantity of debased copper coin circulated. Lacking the means to implement a national coinage, Gen. José Rondeau's provisional government permitted foreign silver and gold coin to circulate at its intrinsic value, but it restricted and prohibited the import of copper coin and the circulation of Buenos Aires bank notes. In January 1831, Gen. Fructuoso Rivera demonetized all copper coin in circulation, i.e. the coppers ceased to be legal tender for individuals and would be neither received nor paid out by public offices. Next, it was withdrawn at one patacón in gold for 13 reales in copper. To meet the need for small change, the government obtained Buenos Aires coins of one-tenth real, put about 1·6 million of them into circulation at half face value; this is considered the first money issued by República Oriental del Uruguay.
The government created a new monetary system, known as Sistema real, with accounts kept in a patacón of 8 reales, each of 100 centésimos. The patacón was a silver coin, 27·06 g, 0·902 fine; the standard gold coin was 0 · 875 fine, equal to 16 silver pesos. Other silver and gold coins were rated in terms of the patacón and onza, according to their intrinsic value. Law 208 authorized the minting of 20,000 pesos in copper coin, but only about 500 pesos in coins, dated 1840, were produced; the Government put the first of these coins into circulation on 15 October 1840. Copper coins and a silver peso were authorized by laws 254 and 255 of 13 December 1843, during Uruguay's long civil war, known as La Guerra Grande; the government established a mint that produced three copper denominations and a silver peso fuerte or peso del Sitio. Uruguay did not issue any paper money during this period; the Law of 26 January 1831 provided for a copper exchange company to issue notes for 1 and 5 pesos in exchange for copper coin.
These notes were payable to bearer at sight after 90 days in gold onzas, silver pesos fuertes or patacones, or in subsidiary Brazilian silver, they were received by government offices at par with silver and gold coin. A law of 29 April 1835 authorized a foreign loan to pay off a portion of the national debt, provided for the issue of up to $700,000 in polizas de deuda pública; these were high-denomination vales for 400, 500, 2000, 5000 pesos, payable to bearer. Uruguay's first coins were two copper, centésimo denominations dated 1840, struck by a private firm in Montevideo, the type being that of a radiate sunface: 5c, 24 mm; the 5c coin was known as the 20c as a vintén. The three copper, centésimo coins of 1843–1844 are of the same type as those of 1840: 5c, 5·38 g, 24 mm; the peso fuerte of 1844 was 27·07 g, 35 mm, ≈0·875 fine, was the only silver coin minted at Montevideo. It was made by melting down silver objects donated by the Montevideo residents. Only about 1226 pieces were produced. First coins were struck on January 19th.
Or 20th. And given to Government authorities on Jan. 22nd. Official issue date was set on 15 February 1844 after production ended, it was a siege coin, issued to city Government be able to pay defending supplies. Its circulation outside the city of Montevideo was prohibited by the government of Gen. Manuel Oribe. Escudo = 10 Reales = 1000 Centésimos de real Patacón = 10 Reales = 1000 Centésimos de real Legislation of 22 July 1854 authorized the minting of gold coins of 1, 2, 4 escudos, silver coins of 1¼, 2½, 5 reales, copper coins of 10, 20, 40 centésimos. Law 414 defined the gold 10 reales as 1·6175 g, 0·875 fine, or 1415·32
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, its ISO 4217 code is ARS. Since the late 20th century, the Argentine peso has experienced a substantial rate of devaluation, reaching 25% year-on-year inflation rate in 2017; the official exchange rate for the United States dollar hovered around 3:1 from 2002 to 2008, climbing to 6:1 between 2009 and 2013. By August 2018, the rate had risen to 40:1. Amounts in earlier pesos were sometimes preceded by a "$" sign and sometimes in formal use, by symbols identifying that it was a specific currency, for example $m/n100 or m$n100 for pesos moneda nacional; the peso introduced in 1992 is just called peso, is written preceded by a "$" sign only. Earlier pesos replaced currencies called peso, sometimes two varieties of peso coexisted, making it necessary to have a distinguishing term to use, at least in the transitional period.
The peso was a name used for the silver Spanish eight-real coin. Following independence, Argentina began issuing its own coins, denominated in reales and escudos, including silver eight-real coins still known as pesos; these coins, together with those from neighbouring countries, circulated until 1881. In 1826, two paper money issues began. One, 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 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.
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 a half grams of fine gold, defined by law 733 of 1875; 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. Gold coins of 5 and 2.5 pesos were to be used, silver coins of one peso and 50, 20, 10 and 5 centavos, copper coins of 2 and 1 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 and again in 1942. The peso m$n was convertible, with a value of one peso oro sellado. Convertibility was maintained off and on, with decreasing value in gold, until it was abandoned in 1929, when m$n 2.2727 was equivalent to one peso oro.
The peso ley 18.188 replaced the previous currency at a rate of 1 peso ley to 100 pesos moneda nacional. The peso argentino replaced the previous currency at a rate of 1 peso argentino to 10,000 pesos ley; the currency was born just before the return of democracy, on June 1, 1983. However, it lost its purchasing power and was devalued several times, was replaced by a new currency called the austral in June 1985; the austral replaced the peso argentino at a rate of 1 austral to 1000 pesos. During the period of circulation of the austral, Argentina suffered from hyperinflation; the last months of President Raul Alfonsín's period in office in 1989 saw prices move up with a consequent fall in the value of the currency. Emergency notes of 10,000, 50,000 and 500,000 australes were issued, provincial administrations issued their own currency for the first time in decades; the value of the currency stabilized. The current peso replaced the austral at a rate of 1 peso = 10,000 australes, it was referred to as peso convertible since the international exchange rate was fixed by the Central Bank at 1 peso to 1 U.
S. dollar and for every peso convertible circulating, there was a US dollar in the Central Bank's foreign currency reserves. After the various changes of currency and dropping of zeroes, one peso convertible was equivalent to 10,000,000,000,000 pesos moneda nacional. However, after the financial crisis of 2001, the fixed exchange rate system was abandoned. Since January 2002, the exchange rate fluctuated, up to a peak of four pesos to one dollar; the resulting export boom produced a massive inflow of dollars into the Argentine economy, which helped lower their price. For a time the administration stated and maintained a strategy of keeping the excha
Juan Zorrilla de San Martín
Juan Zorrilla de San Martín was a Catholic Uruguayan epic poet – he is referred to as the "National Poet of Uruguay" – and political figure. Two of his most famous poems are Tabaré and La leyenda patria, he is author of the Hymn to the Tree a well-known Spanish poem made a song in several Latin-American countries. The internationally well known sculptor José Luis Zorrilla de San Martín was his son and father of internationally known actress China Zorrilla; as a political figure Juan Zorrilla de San Martín served as a Deputy for Montevideo from 1888 to 1891 and served as Ambassador several periods. He was twice widowed, left 13 children when he died, his grandson, Alejandro Zorrilla de San Martín, was to serve as a prominent Deputy and Senator. One of his several granddaughters became the most famous actress of Uruguay, Concepción Zorrilla, A. K. A. China Zorrilla, she was a disciple of Margarita Xirgu and moved to Argentina in 1971 where she had a distinguished career in theater, TV and movies in Spain and other Southamerican countries.
Her big successes in movies, Besos en la frente, Esperando la carroza, Elsa & Fred and Conversations with Mother, for which she won the Moscow Film Festival award for best actress. His granddaughter Guma Zorrilla was a theater costume designer, his house in Montevideo is now a museum. He is featured on the 20-peso note. List of Uruguayan writers Politics of Uruguay List of political families#Uruguay Works by or about Juan Zorrilla de San Martín at Internet Archive Works by Juan Zorrilla de San Martín at LibriVox
The Sahrawi peseta is the currency of the recognized Sahrawi Arab Democratic Republic. It is divided in 100 céntimos, although coins with this denomination have never been minted, nor have banknotes been printed; the official international currency code is EHP. The first Sahrawi pesetas were minted in 1990, but they were not adopted as the national coin of Western Sahara until 1997; as this territory is controlled by Morocco, the circulating currency in that part of the country is the Moroccan dirham, with Algerian dinars and Mauritanian ouguiyas circulating alongside the Sahrawi peseta in the Sahrawi refugee camps and the SADR-controlled part of Western Sahara. As it is not an official currency and not circulating, the exchange rate is not realistic. Despite this, the Sahrawi peseta was pegged at par to the Spanish peseta and, when the latter was phased out for the euro, the rate became €1 for 166.386 Pts. Non-commemorative coins are designated for circulation, they are made from cupronickel.
The denominations are: 2, 5, 50, 100, 200 and 500 pesetas. There have been commemorative issues in copper and gold, as some of those shown here: Spanish peseta Moroccan dirham Algerian dinar Mauritanian ouguiya
José Pedro Varela
José Pedro Varela y Berro was an Uruguayan sociologist, journalist and educator. He was born in Montevideo. Uruguay adopted free and secular education in 1876, thanks to his efforts, it was because of Varela that Uruguay established the 1877 Law of Common Education, which continues to influence Uruguay. Lorenzo Latorre
The peso is the currency of Colombia. Its ISO 4217 code is COP; the official peso symbol is $, with COL$ being used to distinguish it from other peso-denominated currencies. The peso has been the currency of Colombia since 1810, it replaced the real at a rate of 1 peso = 8 reales and was subdivided into 8 reales. In 1847, Colombia decimalized and the peso was subdivided into ten reales, each of 10 décimos de reales; the real was renamed the decimo in 1853, although the last reales were struck in 1880. The current system of 100 centavos to the peso was first used in 1819 on early banknotes but did not reappear until the early 1860s on banknotes and was not used on the coinage until 1872. In 1871, Colombia went on the gold standard, pegging the peso to the French franc at a rate of 1 peso = 5 francs; this peg only lasted until 1886. From 1888, printing press inflation caused Colombia's paper money to depreciate and the exchange rate between coins and paper money was fixed at 100 peso moneda corriente = 1 coinage peso.
Between 1907 and 1914, coins were issued denominated in "peso p/m". In 1910, the Junta de Conversión began issuing paper money and, in 1915, a new paper currency was introduced, the peso oro; this was equal to the coinage peso and replaced the old peso notes at a rate of 100 old paper pesos = 1 peso oro. In 1931, when the U. K. left the gold standard, Colombia shifted its peg to the U. S. dollar, at a rate of 1.05 pesos, a slight devaluation from its previous peg. Although it never appeared on coins, Colombia's banknotes continued to be issued denominated in peso oro until 1993, when the word oro was dropped. Since 2001, the Colombian Senate has debated whether to redenominate the currency by introducing a new peso worth 1000 old pesos, in other words, to remove three zeroes from its face value; such a plan has yet to be adopted. However, the family of banknotes introduced in 2016 have the last three zeroes replaced by the word "mil", making the value easier to read. Between 1837 and 1839, the Republic of New Grenada introduced silver ¼, ½, 1, 2, 8 real coins, along with gold 1, 2, 16 pesos.
These were continuations of coins issued before 1837 in the name of the Republic of Colombia but with the escudo denominations replaced by pesos. In 1847, the currency was decimalized and coins were introduced in denominations of ½ and 1 décimo de real in copper and 1, 2, 8 and 10 reales in silver. ¼ and ½ real coins followed in 1849 and 1850. In 1853, silver ½ and 1 décimo, gold 10 peso coins were introduced, followed by 2 décimos in 1854 and 1 peso in 1855, both in silver. In 1856, gold 5 peso coins were added. Between 1859 and 1862, coins were issued by the Grenadine Confederation in silver for ¼, ½ and 2 reales, ¼, ½ and 1 décimo, 1 peso, in gold for 1, 2, 5, 10 and 20 pesos; the United States of New Grenada issued silver 1 décimo & 1 peso in 1861. Beginning in 1862, coins were issued by the United States of Colombia. Silver coins were struck in denominations of ¼, ½, 1, 2, 5 décimos, 1 peso, together with gold 1, 2, 5, 10 and 20 pesos. With the introduction of the centavo in 1872, silver 2½, 5, 10, 20, 50 centavos were issued, followed by cupro-nickel 1¼ centavos in 1874 and cupro-nickel 2½ centavos in 1881.
In 1886, the country's name reverted to the Republic of Colombia. The first issues were cupro-nickel 5 centavos. Except for silver 50 centavos issued between 1887 and 1889, no other denominations were issued until 1897, when silver 10 and 20 centavos were introduced. Silver 5 centavos were issued in 1902 In 1907, following the stabilization of the paper money, cupro-nickel 1, 2 and 5 pesos p/m were introduced and issued until 1916. In 1913, after the pegging of the peso to sterling, gold 2½ and 5 peso coins were introduced which were of the same weight and composition as the half sovereign and sovereign. Gold 10 pesos were issued in 1919 and 1924, with the 2½ and 5 pesos issued until 1929 and 1930, respectively. In 1918, the 1, 2 and 5 pesos p/m coins were replaced by 1, 2 and 5 centavo coins of the same size and composition. In 1942, bronze 1 and 5 centavo coins were introduced, followed by bronze 2 centavos in 1948. Between 1952 and 1958, cupro-nickel replaced silver in the 20 and 50 centavos.
In 1967, copper-clad-steel 1 and 5 centavos were introduced, together with nickel-clad-steel 10, 20 and 50 centavos and cupro-nickel 1 peso coins, the 2 centavos having ceased production in 1960. In 1977, bronze 2 pesos were introduced. In 1984, production of all coins below 1 peso ended. Higher denominations were introduced in the following years of high inflation. 5 peso coins were introduced in 1980, followed by 10 pesos in 1981, 20 pesos in 1982, 50 pesos in 1986, 100 pesos in 1992, 200 pesos in 1994, 500 pesos in 1993 and 1000 pesos in 1996. However, due to massive counterfeiting problems, the 1000 pesos was withdrawn by stages. By 2002, the coin was out of circulation. In 2012, the Bank of the Republic of Colombia issued a new series of coins with the 500 and 1000 peso coins now struck as Bi-metallic coins. All the coins have in the lower part of the reverse the year of production. Between 1857 and 1880, five of Colombia's provinces, Bolívar, Cundinamarca and Santander issued paper money.
Denominations included 1, 2, 3, 5, 10, 50 and 100 pesos. In the early 1860s, the Tesoría General de los Estados Unidos de Nueva Granada issued notes in denominations of 20 centavos, 1, 2, 3, 10, 20 and 100 pesos, with all denominations given in reales. In 1863, Treasury notes of the Estados Unidos de Colombia were introduced for 5, 10 and 20 centavos, 1, 2, 5, 10, 20 and 50 pesos. More than sixty private banks issued notes between 1865 and 1923. Denominations
Economy of Uruguay
The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. After averaging growth of 5% annually during 1996–98, in 1999–2002 the economy suffered a major downturn, stemming from the spillover effects of the economic problems of its large neighbors and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, causing the 2002 Uruguay banking crisis. In the 19th century, the country had similar characteristics to other Latin American countries: caudillism, civil wars and permanent instability, foreign capitalism's control of important sectors of the economy, high percentage of illiterate people. José Batlle y Ordóñez, President from 1903 to 1907 and again from 1911 to 1915, set the pattern for Uruguay's modern political development and dominated the political scene until his death in 1929.
Batlle introduced widespread political and economic reforms such as a welfare program, government participation in many facets of the economy and a new constitution. Batlle created a modern social welfare system. Income tax for lower incomes was abolished in 1905, secondary schools established in every city, telephone network nationalized, unemployment benefits were introduced, eight-hour working day introduced, etc. Claudio Williman who served between Batlle’s two terms was his supporter and continued all his reforms, as did the next President Baltasar Brum. Around 1900 infant mortality rates in Uruguay were among the world's lowest, indicating a healthy population; the number of trade unionists has quadrupled since 2003, from 110,000 to more than 400,000 in 2015 for a working population of 1.5 million people. According to the International Trade Union Confederation, Uruguay has become the most advanced country in the Americas in terms of respect for "fundamental labour rights, in particular freedom of association, the right to collective bargaining and the right to strike.
Uruguay has a dollarized economy. As of August 2008 60% of bank loans use United States dollars, but most transactions use the Uruguayan peso. Throughout Uruguay's history, their strongest exporting industries have been wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able to reach more distant markets, such as Japan. In the case of wool exports, they have not been doing so well in recent years suffering from other competitors in the market like New Zealand and the fluctuations of its demand during the 2008/09 recession in the developed world. At the same time with timber refining being kept within the country, forestry has become a growth industry in the recent years. Although this is a sector that does not make substantial contributions to the country's economy, in recent years there have been some activity in gold and cement production, in the extraction of granite. Due to two major investments made in 1991 and 1997, the most significant manufactured exports in Uruguay are plastics.
These investments laid the way for most of the substantial exports of plastic-based products which has taken a important role in Uruguay's economy. In spite of having poor levels of investment in the fixed-line sector, the small size of Uruguay's population has enabled them to attain one of the highest teledensity levels in South America and reach a 100% digitalization of main lines. Although the telecommunications sector has been under a state monopoly for some years, provisions have been made to introduce liberalization and to allow for entry of more firms into the cellular sector. In 2013, travel and tourism accounted for 9.4% of the country's GDP. Their tourist industry is characterized for attracting visitors from neighboring countries. Uruguay's major attraction is the interior located in the region around Punta del Este. Cattle were introduced to Uruguay before its independence by Hernando Arias de Saavedra, the Spanish Governor of Buenos Aires in 1603. Beef exports in 2006 amounted to around 37% of Uruguayan exports.
Wool is a traditional product exported to America, followed by the UK and India. Milk and dairy products. Conaprole, National Cooperative of Milk Producers is the main exporter of dairy products in Latin America; the area of the country dedicated to the dairy food is located in the south west. Rice. Fine varieties are produced in the lowlands in the east of the country close to Merin lake on the Uruguay-Brazil border; the national company Saman claims to be the main exporter in Latin America. Countries it exports to include Brazil, Peru, South Africa, Senegal, Paraguay, Ecuador, USA, Canada and China. Tourism: Several seaside resorts, like Punta del Este or Punta del Diablo in the south-eastern departments of Maldonado and Rocha, regarded as a jet set resort in South America, are main attractions of Uruguay. International cruises call at Montevideo from October to March every year. Uruguay hosts many year-round international conferences.. Montevideo is home to the headquarters of, the Common Market of the South, whose full members are Uruguay, Brazil and Venezuela, associate members Bolivia, Colombia and Peru.
Software and consulting. Uruguay's well-educated workforce and lower-than-international wages have put Uruguay on the IT map. A prod