Venezuela sits on the tip of South America, bordered by Colombia, Guyana and Brazil. It has the Andes at its back and the Caribbean washing its shores. It major export is oil. The currency trades as VEP. Currently the coinage is 100 céntimos equal to 1 Bolivares Fuertes.
History
The Spaniards first colonized Venezuela in 1528. Its administrative head was the Spanish Province of New Granada. By 1567, the Spanish coinage was the official currency. Another option, however, was pearls.
In 1802, the colonial power began to issue copper coins for Venezuela. These consisted of 1/8 and ¼ reales. Between 1808 and 1813, the country was involved in a conflict of independence. The Royalists and the Insurgents both minted their own currency. With independence in 1821, a move was directed towards a unified system of coinage. Yet, Venezuela was now apart of Colombia. The currency was a combination of Spanish colonial and Colombian money.
The union of Greater Colombia broke up in 1830. By 1843, Venezuela was producing its own currency minted in Great Britain. At first, it was copper centavos. Later they added reales. The second edition came from the mint in Paris. However, in 1873, new coins, the Venezolano came into being. It consisted of 100 centavos. It matched the silver bolivar.
The bolivar continued to appear, less silver and in different metals into the 1960s. Paper money had also been circulating by the Banco de Venezuela since 1940 in bolivares. Sometimes the paper money replaced coinage; other times coins replaced paper money. As the century progressed and inflation increased, paper denomination appeared more frequently sporting larger denominations. This has increasingly been the problem with the currency for the last decade. The decision to release the Bolivar Fuertes in 2007 has done but a little to deal with the situation. It was marketed as a temporary measure. Now 1,000 bolívares correspond to 1 -Bolivar Fuerte.
Currently there are coins in denominations of 1, 5, 10, 12½, 25 and 50 céntimos as well as a 1-Bolivar Fuerte. Banknotes now come in 2, 5, 10, 20, 50 and 100 Bolivares Fuertes.
Obtaining Venezuelan Bolivares Fuertes
You can exchange your currency at banks and exchange houses. Exchange houses or casas de cambio may not exist outside major cities and larger towns. Beware of street traders. They may offer you a better rate but they could also rip you off. The easiest way to obtain cash is still ATMs. Check your bank for rates and locations.
Protecting Your Currency
Be very aware of your money and valuables in Venezuela. It is a country with one of the highest crime rates in the world. Incidents of petty crime are common, especially in the poverty-stricken areas of Caracas, in Cumana, Maracaibo, Paraguana, Valencia, and on the islands of Margarita and Los Testigos. Watch out for pickpockets in subway and crowded bus stations.
Using Your Venezuelan Bolivares Fuertes
The best way to use your local currency is on public transport and in small cafés and restaurants. You can also buy food and souvenirs from street venders. Consider ceramics, baskets and wooden crafts. You may also want to purchase the “chinchorros” a hand made hammock or some CDs of traditional music to take home with you.
Travel Tips and Warnings
- Be aware of the problems of border violence. Colombian guerillas may operate on both sides of the border. They have targeted foreigners in the past. Sectors to be wary of kidnapping and robbery include the Amazonas, Zulia, Bolivar, Apure and Tachira States. Exercie extreme caution.
- Demonstrations are common throughout the country. Hurricane season is a factor in the timing of any visit.
- Visit Henri Pittier National Park to bird watch and admire the ragged scenery.
- Other parks worth going to include Sierra Nevada National Park and Mochima National Park.
- Do not miss Angel Falls.
- Go to Caracas to see the City Hall, and the Museum of Colonial Art.
- There is the cathedral in Valencia and the sand dunes of Coro.
- Small Santo Domingo has many handicraft shows for you to explore.
- Take a holiday on the Isla Mararita or the Isla los Rogues with long sandy beaches, crystal-clear water and reefs.
Overview
Venezuela is a country with oil revenue but massive poverty and high inflation. It is currently experimenting with a new system, the Bolivares Fuertes, in an attempt to regain some sense of monetary order.
Currency Summary
Current currency:100 céntimos equal 1 Bolivares Fuertes
Coins: 1, 5, 10, 12½, 25 and 50 céntimos, 1 Bolivares Fuertes
Banknotes: 2, 5, 10, 20, 50 and 100 Bolivares Fuertes