1.
Currency of Uruguay
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This is an outline of Uruguays monetary history. For the present currency of Uruguay, see Uruguayan peso, Uruguays currency was initially that common to all of Spanish America. During the struggle over this region, initially between Spain and Portugal, then 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, then, 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, Brazil, and Buenos Aires. During the turbulent period of conflict preceding independence, an amount of poor-quality copper coin from both Buenos Aires and Brazil came into circulation. But a large quantity of debased copper coin also circulated, lacking the means to implement a national coinage, Gen. Next, it was withdrawn at one patacón in silver or gold for 13 reales in copper, to meet the need for small change, the government obtained Buenos Aires coins of one-tenth real, and 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, finally, 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 coin, 27·06 g, 0·902 fine. The standard gold coin was the onza de oro of 27·06 g, 0·875 fine, other silver and gold coins were rated in terms of the patacón and onza, according to their intrinsic value. Law 208 also authorized the minting of 20,000 pesos in copper coin, 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 Uruguays long civil war, 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. A law of 29 April 1835 authorized a loan to pay off a portion of the national debt. These were high-denomination vales for 400,500,2000, and 5000 pesos, payable to bearer. Uruguays first coins were two copper, centésimo denominations dated 1840, struck by a firm in Montevideo, the type being that of a radiate sunface, 5c,24 mm. The 5c coin was known as cinquiño, the 20c as a vintén
2.
Uruguay
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Uruguay, officially the Oriental Republic of Uruguay, is a country in the southeastern region of South America. It borders Argentina to its west and Brazil to its north and east, with the Río de la Plata to the south and the Atlantic Ocean to the southeast. Uruguay is home to an estimated 3.42 million people, of whom 1.8 million live in the area of its capital and largest city. With an area of approximately 176,000 square kilometres, Uruguay is geographically the second-smallest nation in South America, only larger in size than Suriname. Uruguay was inhabited by the Charrúa people for approximately 4000 years before the Portuguese established Colonia del Sacramento, one of the oldest European settlements in the region, in 1680. Montevideo was founded as a stronghold by the Spanish in the early 18th century. Uruguay won its independence between 1811 and 1828, following a struggle between Spain, Portugal, Argentina and Brazil. It remained subject to influence and intervention throughout the 19th century. Modern Uruguay is a constitutional republic, with a president who serves as both head of state and head of government. Uruguay is ranked first in Latin America in democracy, peace, lack of corruption, e-government, on a per-capita basis, Uruguay contributes more troops to United Nations peace-keeping missions than any other country. It ranks second in the region on economic freedom, income equality, per-capita income, Uruguay is the third-best country on the continent in terms of HDI, GDP growth, innovation and infrastructure. It is regarded as a country by the UN. Uruguay is also the third-best ranked in the world in e-Participation, Uruguay is an important global exporter of combed wool, rice, soybeans, frozen beef, malt and milk. Nearly 95% of Uruguays electricity comes from energy, mostly hydroelectric facilities. The Economist named Uruguay country of the year in 2013, acknowledging the innovative policy of legalizing the production, sale, the name of the namesake river comes from the Spanish pronunciation of the regional Guarani word for it. There are several interpretations, including bird-river, the name could also refer to a river snail called uruguá that was plentiful in the water. The only documented inhabitants of Uruguay before European colonization of the area were the Charrúa, the Portuguese discovered the region of present-day Uruguay in 1512. The Spanish arrived in present-day Uruguay in 1516, the indigenous peoples fierce resistance to conquest, combined with the absence of gold and silver, limited their settlement in the region during the 16th and 17th centuries
3.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
4.
World War I
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World War I, also known as the First World War, the Great War, or the War to End All Wars, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history and it was one of the deadliest conflicts in history, and paved the way for major political changes, including revolutions in many of the nations involved. The war drew in all the worlds great powers, assembled in two opposing alliances, the Allies versus the Central Powers of Germany and Austria-Hungary. These alliances were reorganised and expanded as more nations entered the war, Italy, Japan, the trigger for the war was the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia. Within weeks, the powers were at war and the conflict soon spread around the world. On 25 July Russia began mobilisation and on 28 July, the Austro-Hungarians declared war on Serbia, Germany presented an ultimatum to Russia to demobilise, and when this was refused, declared war on Russia on 1 August. Germany then invaded neutral Belgium and Luxembourg before moving towards France, after the German march on Paris was halted, what became known as the Western Front settled into a battle of attrition, with a trench line that changed little until 1917. On the Eastern Front, the Russian army was successful against the Austro-Hungarians, in November 1914, the Ottoman Empire joined the Central Powers, opening fronts in the Caucasus, Mesopotamia and the Sinai. In 1915, Italy joined the Allies and Bulgaria joined the Central Powers, Romania joined the Allies in 1916, after a stunning German offensive along the Western Front in the spring of 1918, the Allies rallied and drove back the Germans in a series of successful offensives. By the end of the war or soon after, the German Empire, Russian Empire, Austro-Hungarian Empire, national borders were redrawn, with several independent nations restored or created, and Germanys colonies were parceled out among the victors. During the Paris Peace Conference of 1919, the Big Four imposed their terms in a series of treaties, the League of Nations was formed with the aim of preventing any repetition of such a conflict. This effort failed, and economic depression, renewed nationalism, weakened successor states, and feelings of humiliation eventually contributed to World War II. From the time of its start until the approach of World War II, at the time, it was also sometimes called the war to end war or the war to end all wars due to its then-unparalleled scale and devastation. In Canada, Macleans magazine in October 1914 wrote, Some wars name themselves, during the interwar period, the war was most often called the World War and the Great War in English-speaking countries. Will become the first world war in the sense of the word. These began in 1815, with the Holy Alliance between Prussia, Russia, and Austria, when Germany was united in 1871, Prussia became part of the new German nation. Soon after, in October 1873, German Chancellor Otto von Bismarck negotiated the League of the Three Emperors between the monarchs of Austria-Hungary, Russia and Germany
5.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
6.
Coin
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A coin is a small, flat, round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in quantities at a mint in order to facilitate trade. They are most often issued by a government, Coins are usually metal or alloy, or sometimes made of synthetic materials. Coins made of metal are stored in large quantities as bullion coins. Other coins are used as money in transactions, circulating alongside banknotes. Usually the highest value coin in circulation is less than the lowest-value note. In the last hundred years, the value of circulation coins has occasionally been lower than the value of the metal they contain. Exceptions to the rule of face value being higher than content value also occur for some bullion coins made of copper, silver, or gold, while the Eagle, Maple Leaf, and Sovereign coins have nominal face values, the Krugerrand does not. The first coins were developed independently in Iron Age Anatolia and Archaic Greece, India, Coins spread rapidly in the 6th and 5th centuries BCE, throughout Greece and Persia, and further to the Balkans. Standardized Roman currency was used throughout the Roman Empire, important Roman gold and silver coins were continued into the Middle Ages. Fiat money first arose in medieval China, with the paper money. Early paper money was introduced in Europe in the later Middle Ages, the penny was minted as a silver coin until the 17th century. The first circulating United States coins were cents, produced in 1793, Coins were an evolution of currency systems of the Late Bronze Age, where standard-sized ingots, and tokens such as knife money, were used to store and transfer value. In the late Chinese Bronze Age, standardized cast tokens were made and these were replicas in bronze of earlier Chinese currency, cowrie shells, so they were named Bronze Shell. According to Aristotle and Pollux, the first issuer of coins was Hermodike of Kyme The earliest coins are associated with Iron Age Anatolia. Early electrum coins were not standardized in weight, and in their earliest stage may have been ritual objects, such as badges or medals, issued by priests. The first Lydian coins were made of electrum, a naturally occurring alloy of silver, most of the early Lydian coins include no writing, only an image of a symbolic animal. Anatolian Artemis was the Πὀτνια Θηρῶν, whose symbol was the stag, a small percentage of early Lydian/Greek coins have a legend
7.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
8.
Pedro Figari
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Pedro Figari was a Uruguayan painter, lawyer, writer, and politician. Although he did not begin the practice until his later years, in most of his pieces, he attempts to capture the essence of his home by painting local customs that he had observed in his childhood. Figari painted primarily from memory, a technique that gives his work a far more personal feeling, Pedro Figari was born in 1861. Although he showed an interest in art during his childhood, most of his life was devoted to the practice of law, in 1886 he received a degree in law. His position as a counsel for the poor exposed him to many social issues that most likely influenced his art later on. During the same year in which he received his degree, Figari studied under Godofredo Sommavilla, an academically-trained Italian painter, married and it was there that he was exposed to Post-Impressionism, which also greatly influenced his art. On his return to Uruguay he became involved in journalism, law. He was a member of the Uruguayan Parliament, president of the Ateneo of Montevideo, although people repeat that Figari did not actually begin to paint until his later life, he had always painted to some extent. His early paintings were “tight watercolor and oil sketches academic charm the expert domestic intimacy of Manet and it was not until 1921, at the age of 60, that Figari devoted himself completely to painting. He moved to Buenos Aires and left behind the Italian style that he had adopted earlier in his career, when he returned to Paris in 1925, he continued to paint this subject matter from memory, which brought him recognition as a painter. Pedro Figari clearly has a style of his own, although he was heavily influenced by Italian art earlier in his career, he managed to reconnect with a more naïve style when he began to paint seriously. Figari painted during a period in which the members of the art community in South America were in the process of struggling to find their own personal style, mainly, they wanted to separate their style from that of the Europeans. More often than not, paintings of the past depicted highly impersonal scenes, European paintings emphasized quality of technique, attention to purely plastic values, fantasy. Figari is noted as one of the first painters to veer away from this typical European style and instead create something original and he considered that European civilization had entailed the loss of a harmonious and simple life, while America offered the possibility of returning to the origins. His preference for a return to origins mirrors the actual style of his paintings. Rather than painting objects accurately and informatively, Figari painted with the intent to capture the essence and he says himself, “My painting is not simply a way of painting. Rather, it is a way of seeing, thinking, feeling, I am surprised I have been able to paint sensations, and not things, even before mastering completely pictoral techniques. ”He rejects the idea to paint mechanistically determined matters, instead emphasizing energy and life. It is what is considered a style, one that “allowed him to caricature the social conventions of the bourgeoisie in his native Uruguay with a sort of wide-eyed innocence. ”During his travels in Europe
9.
Montevideo
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Montevideo is the capital and largest city of Uruguay. According to the 2011 census, the city proper has a population of 1,319,108 in an area of 201 square kilometres. The southernmost capital city in the Americas, Montevideo is situated in the southern coast of the country, the city was established in 1724 by a Spanish soldier, Bruno Mauricio de Zabala, as a strategic move amidst the Spanish-Portuguese dispute over the platine region. It was also under brief British rule in 1807, Montevideo hosted all the matches during the first FIFA World Cup. Montevideo is the seat of the headquarters of Mercosur and ALADI, Latin America’s leading trade blocs. Montevideo has consistently rated as having the highest quality of life of any city in Latin America. As of 2010, Montevideo was the 19th largest city economy in the continent, in 2015, it has a GDP of $40.5 billion, and a per capita of $24,400. It is classified as a Beta World City, ranking seventh in Latin America, by 2014, is also regarded as the tenth most gay-friendly city in the world, first in Latin America. It is the hub of commerce and higher education in Uruguay as well as its chief port, the city is also the financial and cultural hub of a larger metropolitan area, with a population of around 2 million. There are several explanations about the word Montevideo, all agree that Monte refers to the Cerro de Montevideo, the hill situated across the Bay of Montevideo, but there is disagreement about the etymological origin of the video part. Monte vide eu is the most widespread belief but is rejected by the majority of experts, who consider it unlikely because it involves a mix of dialects. This is the oldest Spanish document that mentions the promontory with a similar to the one that designates the city. With the passing of time, these words were unified to Montevideo, no conclusive evidence has been found to confirm this academic hypothesis nor can it be asserted with certainty which were the other five mounts observable before the Cerro. Ovidio was the bishop of the Portuguese city of Braga, where he was always revered. Between 1680 and 1683, Portugal founded the city of Colonia do Sacramento in the region across the bay from Buenos Aires and this city met with no resistance from the Spanish until 1723, when they began to place fortifications on the elevations around Montevideo Bay. On 22 November 1723, Field Marshal Manuel de Freitas da Fonseca of Portugal built the Montevieu fort, a Spanish expedition was sent from Buenos Aires, organized by the Spanish governor of that city, Bruno Mauricio de Zabala. There was also one significant early Italian resident by the name of Jorge Burgues, a census of the citys inhabitants was performed in 1724 and then a plan was drawn delineating the city and designating it as San Felipe y Santiago de Montevideo, later shortened to Montevideo. The census counted fifty families of Galician and Canary Islands origin, more than 1000 indigenous, mostly Guaraní, in 1776, Spain made Montevideo its main naval base for the South Atlantic, with authority over the Argentine coast, Fernando Po, and the Falklands
10.
Argentine peso
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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 also 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, soles and escudos and these coins, together with those from neighbouring countries, circulated until 1881. In 1826, two paper money issues began, denominated in pesos, 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 also 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, initially, 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, one 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$n was convertible, with a value of one peso oro sellado
11.
Colombian peso
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The peso is the currency of Colombia. Its ISO4217 code is COP and it is also abbreviated as COL$. However, the peso symbol is $. As of August 21,2016, the rate of the Colombian peso is 2,857 Colombian pesos to 1 U. S. dollar. The peso has been the currency of Colombia since 1810 and it replaced the real at a rate of 1 peso =8 reales and was initially subdivided into 8 reales. In 1847, Colombia decimalized and the peso was subdivided into ten 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, 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 Colombias 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 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 standard, Colombia shifted its peg to the U. S. dollar, at a rate of 1.05 pesos =1 dollar. Although it never appeared on coins, Colombias paper money 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, such a plan has yet to be adopted. Between 1837 and 1839, the Republic of New Grenada introduced silver ¼, ½,1,2, and 8 real coins, along with gold 1,2, and 16 pesos. These were mostly continuations of coins issued before 1837 in the name of the Republic of Colombia, 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, and 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, and 1 peso, the United States of New Grenada issued silver 1 décimo &1 peso in 1861
Uruguay
