You can locate the country of Peru on the western coast of South America. A poor country, it exports copper, zinc, textiles and fishmeal. Its currency is the nuevo sol. Their symbol is PEN. They decimal coinage system is 100 céntimos equal 1 neuvo sol.
History
Although the fabled history of Peru begins with the Incan Empire, its coinage begins with the invasion of the Spaniards under Francesco Pizarro in 1532-1533. The Spanish founded Lima as the capital city and administered, eventually, all of Spanish South America from Panama to Argentina from her. This lasted until the 18th century. Exporting the rich silver mines, the Spaniards quickly opened a mint at Lima. This began to produce the silver coinage of the new viceroyalty of Peru.
From 1668 to 1588, coins came out of the Lima mint. Many featured the symbols of Spanish South America, the Pillars of Hercules. Others had the arms of Spain on the obverse and a cross separating the reverse coin into segments with a castle and llama occupying the divisions. After 1588, however, the Spaniards closed the mints. In 1660 and to as late as 1683, the output became silver coins called “cobs.”
In 1696, gold coins joined the silver cobs as currency in the viceroyalty. These included royal bust designs in 1751 (gold) and 1772 (silver). Meanwhile, in 1698, the Spanish operated a new mint at Cuzco. The situation of fluctuating currency remained until the establishment of independence in the early 19th century.
The Argentineans from the north and Simon Bolivar from the south invaded Peru to obtain the county’s freedom from Spain in the early 1800s. Both minted their own coins, as did the Royalist forces. Counterstamping was common. When the dust settled, Peru had its independence. It began to issue coins as the Republic of Peru in 1826 from the mints in Lima and Cuzco. These were silver reales and gold escudo in the colonial style. Two separate coinage productions circulated for the two regional republics.
Decimal coinage came to Peru in 1858. Between 1858 and 1861, the country tried to harmonize the old and new decimal systems. The currency also faced challenges during the 1879-1883 war of the Pacific. In modern times, the coinage has been confronted by falling silver prices, irregular production and several monetary reforms. In the 1980s, they completely abandoned their currency for a new system based on the Nuevo sol. A fairly stable currency, today, it consists of 1, 5, 10, 20 and 50 céntimos as well as 1, 2, and 5 nuevos soles coins. Banknotes come in denominations of 10, 20, 50, 100 and 200 nuevos soles.
Obtaining Peruvian Nuevos Soles
You can exchange your money for Peruvian currency in several places. There are banks in most towns and cities. You can also change your money with casas de cambios or exchange offices. There is one at Lima Airport. Another alternative is the cambistas or street changers. These may offer good rates, but you are open to various types of ruses and money scams. You are better off with the official changers or the banks.ATMs or ABMs are another way of obtaining the local money. They are gaining popularity in Peru, but you may not be able to locate them in many of the smaller villages and rural sectors.
Protecting Your Currency
Petty crime is prevalent in such places as Lima. Day or night, you need to be careful of break-ins, Purse snatching, pickpocketing and theft. This is particularly true in crowded tourist places and on micro-buses. Watch your money while you hail a taxi or dine in a restaurant. Do not dress affluently or throw money around. Be wary around ATMs.
Using Your Peruvian Nueovos Soles
The use of the local currency is apt everywhere in Peru. It is especially helpful in the rural and more remote regions. Use it if you decide to purchase local specialties such as silver and gold handicrafts. Consider going to the villages of Mantaro Valdey to buy the exquisite engraved gourds or to Puno or Arequipa to buy Alpaca products. You might also consider purchasing hand-woven textiles or llama products such as hats, ponchos, slippers, coats and sweaters. The best artisanal work, however, comes from Ayacucha in the Central highlands, including Saint Mark’s boxes. For chollos or knitted hats, head to the Island of Taquile.
Travel Tips and Warnings
- Do not trek or hike without a professional guide. Never do either solo. The terrain and the climate of the Andes can be fatal.
- The rivers and Ocean have strong currents. Swim carefully. The rivers may also be home to alligators and other dangerous wildlife. Check with locals first.
- Head to the lakes and mountains of Cordillera Blanc.
- Be sure to visit the archeologically significant site of El Brujo.
- See the condors at Colca Canyon.
- Enter the Sacred Valley of the Incas.
- Visit the Many Biosphere Reserve.
- Go to the decorated and crumbling ruins of Chan Chán, the imperial city of the Chimú. Marvel at the compounds and the partially restored Temple of Huaca El Dragón.
- Go to Lima, the capital city and wander its streets. Enter the Museo del Tribunal de la Santa Inquisición, the 16th century Santa Domingo Church and Monastery and the Muse deArte.
Overview
Peru is one of the poorest countries in South America. Its economy of exports barely supports its need for imports. Rich in a majestic Incan and Mesoamerican past, it is a country trying to embrace its future. For factual information and data, go to www.perufacts.org.
Currency Summary
Current currency: nuevos soles
100 céntimos equal 1 neuvo soles
Coins: 1, 5, 10, 20 and 50 céntimos; 1, 2, and 5 nuevos soles
Banknotes: 10, 20, 50, 100 and 200 nuevos soles