Time Period: 1821-1863

Currency: Peruvian Peso

Transition
-
Sub-units
Peso / Real (1821-1863)
Peso / 100 Cents (1858-1863)
ISO4217
none

Timeline

15.07.1822
Decree of the provisional government on the nationalization of the coinage (referred to as "Peso de San Martín"); effective immediately:
- The Spanish coinage standard was maintained but with a higher gold-to-silver ratio of 8 Escudos (gold) = 17 Pesos (silver)
- May 1822: Start of production of copper subsidiary coins of ¼, ⅛ Peso, ¼ Real by the private mint of Cayetano Vidaurre
- 17.06.1823: Conquest of Lima mint by Spanish loyalists and cessation of the coin production.
28.05.1825
Law [No. 120] on the nationalization of the coinage, based on a government decree of 25.02.1825 and confirming the provisional decree of 1822; effective immediately
1836-1839
Peruvian-Bolivian Confederation:
- Issuance of coins by Lima mint for the North-Peruvian state
- Issuance of coins by the private Arequipa mint (opened 11.05.1837) for the South-Peruvian state.
11.11.1853
Law on the withdrawal of the Bolivian "Moneda Feble" and exchange at face value into full-weighted coins (75%) and treasury notes (25%); effective immediately but not implemented
02.06.1855
Government decree on the reduction of the weight of the silver coinage from 8½ Pesos to 9⅗ Pesos to the Castilian mark silver 10⁵⁄₆ deniers; effective immediately but no such coins were produced
02.10.1857
Law on the adjustment of the gold-to-silver ratio, the introduction of a gold coin "Sol" of 20 Pesos (silver), and the decimalization of the sub-unit; effective immediately
- No gold and silver coins were produced, but decimal subsidiary coins of 50, 25 Cents.

Valuation Regimes

1825-1863
Metallic currency based on circulating gold and silver coins. Base weight was the Castilian mark / 8 Onzas / 8 Octavos / 72 Granos at 230.047 grams.

Rate Arrangements

28.05.1825
Metallic
Peso: 1'393.02mg AU fine & 24'433.04mg AG fine
68 Escudos of 17 Pesos to the Castilian mark gold 21 carats and 8½ Pesos (68 Reals) to the Castilian mark silver 10⁵⁄₆ deniers => AU : AG = 17.540
02.06.1855
Metallic
Peso: 1'393.02mg AU fine & 21'633.42mg AG fine
68 Escudos of 17 Pesos to the Castilian mark gold 21 carats and Pesos of 480 Castilian grains silver 10⁵⁄₆ deniers => AU : AG = 15.530
02.10.1857
Metallic
Peso: 1'278.29mg AU fine & 21'342.20mg AG fine
Peso of 569 Castilian grains gold 0.900 and of 475 Castilian grains silver 0.900 => AU : AG = 16.696

Time Period: 1863-1897

Currency: 1st Peruvian Sol

Transition
4 : 5
Sub-units
Sol / 100 Cents
ISO4217
none

Timeline

31.01.1863
Law on the currency reform and switch to the bimetallic standard in the French style; effective 14.02.1863
- Relation to the former currency: 1 Sol = 1¼ Peso "Moneda Feble".
15.07.1867
Ordinance, terminates the use of foreign coinage (in particular the sub-standard Bolivian silver) for payments to authorities; effective 31.12.1867
30.12.1872
Law on the transition to the silver standard, orders the minting of gold coins without denomination and without fixed value to the silver coinage; effective immediately (no such gold coins were produced)
- The convertibility between gold and silver had already been lifted on 15.07.1867
17.08.1877
Government decree [Decreto Supremo] on the transfer of the paper money issuance from private commercial banks to the state; effective immediately:
- Private banknotes were exchanged against the banks' debts, then cancelled and destroyed.
30.06.1879
Law on the issuance of state paper money ("billetes fiscales"); effective immediately
- 30.06.1879: Start of issuance of state notes of 500, 100, 50, 20, 10, 5, 2, 1 Soles which were exchanged against metallic currency.
1880-1884
Attempt at re-establishing the gold standard based on the Inca of 10 Soles (paper):
- 23.03.1880: Pesidential decree on the introduction of the Peruvian Inca (of 1.6129 grams gold 0.900) as new currency unit; effective immediately (no gold coins were produced)
- Around August 1880: Start of issuance of silver coins of 1, 0.20, 0.05 Inca (denominated as 5, 1 Pesetas, ½ Real)
- 18.10.1880: Ordinance on the issuance of paper money of 100, 5, 1 Incas with the promise to be exchangable in gold from 01.09.1881 onward; effective immediately (the convertibility into gold was never established)
- 06.12.1883: Start of overprinting of Inca paper money (with values expressed in Sol) due to the high number of counterfeits
- 31.12.1884: Demonetization of the Inca paper money (?); the silver coins remained in circulation.

Valuation Regimes

1863-1877
Metallic currency based on circulating gold and silver coins. The convertibility between gold and silver was lifted end 1872. After the introduction of state paper money in 1877, the specie circulation ceased.
1877-1897
Variable rate. The "Inca" reform attempted to return to the gold standard but convertibility was never achieved.

Rate Arrangements

14.02.1863
Metallic
Sol: 1'451.34mg AU fine & 22'500.00mg AG fine
Sol of 1.6129 grams gold 0.900 and of 25.00 grams silver 0.900 => AU : AG = 15.503

Time Period: 1897-1930

Currency: Peruvian Libra

Transition
1 : 10
Sub-units
Libra / 10 Sols/ 100 Cents
ISO4217
none (informal: PEL)

Timeline

09.04.1897
Presidential decree on the suspension of the free silver minting; effective immediately
24.06.1897
Ordinance, admits British gold coins for the payment of customs fees and other state duties at a rate of 1 Pound (Sovereign) = 10 Sols; effective immediately
18.12.1897
Law on the issuance of gold coins in the standard of the British Sovereign; effective by decree of 10.01.1898
11.10.1900
Law on the relation between gold and (former) silver coinage as 1 Libra (AU) = 10 Sols (AG); effective immediately
14.12.1901
Law on the (formal) establishment of the Libra as national currency, British gold coins remained legal tender; effective immediately
22.08.1914
Law [No. 1968] on the suspension of the gold standard and the issuance of bearers' checks by commercial banks; effective immediately
08.03.1922
Law [No. 4500] on the establishment of the Reserve Bank of Peru and the restoration of the gold standard; effective immediately

Valuation Regimes

1897-1930
Fixed rate against gold (and the British Pound). The gold standard was suspended on 22.08.1914 and restored on 09.03.1922

Rate Arrangements

18.12.1897
Fixed
British Pound at 1 : 1 - [Gold parity] 7'322.39mg AU fine
-

Time Period: 1930-1985

Currency: 2nd Peruvian Sol

Transition
10 : 1
Sub-units
Sol / 100 Cents
ISO4217
PES

Timeline

11.02.1930
Law [No. 6746] on the creation of the Sol as national currency; effective immediately
18.04.1931
Law [No. 7126] on the devaluation of the currency against gold; effective immediately
18.04.1931
Law [Nr. 7137] on the remodeling of the central bank (proposal ba the Kemmerer commission); modified by law [No. 7136] of 09.05.1931 and effective upon constitution of the bank on 03.09.1931

Valuation Regimes

1930-1932
Fixed rate against gold. The gold standard was suspended on 18.05.1932
1932-1940
Variable rate
1940-1949
Fixed rate against US Dollar
1949-1960
Variable rate
1960-1976
Fixed rate against US Dollar, multi-tier system
1976-1985
Variable rate, highly inflationary

Rate Arrangements

11.02.1930
Fixed
US Dollar at 1 : 2.50 - [Gold parity] 601.85mg AU fine
-17.8%
18.04.1931
Fixed
US Dollar at 1 : 3.572 - [Gold parity] 421.27mg AU fine
-30.0%
18.05.1932
Variable
initially: US Dollar at 1 : 5.05
-30.0%
??.05.1940
Fixed
US Dollar at 1 : 6.50 - [Gold parity (18.12.1946)] 136.72mg AU fine
-29.3%
11.11.1949
Variable
initially: US Dollar at 1 : 14.81 - Certificate Rate
-56.1%
17.05.1960
Fixed
US Dollar at 1 : 26.80 - Official Rate
-
31.08.1967
Fixed
US Dollar at 1 : 38.70 - Certificate Rate
-30.7%
29.09.1975
Fixed
US Dollar at 1 : 45 - Official Rate
-14.0%
28.06.1976
Variable
initially: US Dollar at 1 : 65
-30.8%

Time Period: 1985-1991

Currency: Peruvian Inti

Transition
1 : 1'000
Sub-units
Inti / 100 Cents
ISO4217
PEi

Timeline

12.01.1985
Law [No. 24064] on the currency reform; effective 01.02.1985
01.02.1985
Start of currency exchange:
- 01.02.1985: Start of issuance of the new banknotes and coins
- 31.12.1985: Demonetization of the former currency.

Valuation Regimes

1985-1991
Variable rate, highly inflationary

Rate Arrangements

01.02.1985
Variable
initially: US Dollar at 1 : 6.30
±0.0%

Time Period: 1991-

Currency: 3rd Peruvian (New) Sol

Transition
1 : 1'000'000
Sub-units
Sol / 100 Cents
ISO4217
PEN

Timeline

31.12.1990
Law [No. 25295] on the currency reform for 01.07.1991, during the period January-June 1991 all prices must be indicated in million Intis only; effective immediately
01.10.1991
Start of currency exchange:
- 01.10.1991: Start of issuance of the new banknotes and coins
- 31.12.1991: Demonetization of the former currency.
13.12.2015
Law [No. 30381] on the abolition of the "new" in the denomination on banknotes and coins; effective 15.12.2015

Valuation Regimes

1991-
Variable rate

Rate Arrangements

01.07.1991
Variable
initially: US Dollar at 1 : 0.83
±0.0%

End-year Forex Rates (Units per US Dollar)

Year
Code
Ratio
Rate
Delta
Comment
1946
PES
1'000'000'000
6.50
±0.0%
fixed against USD
1947
PES
1'000'000'000
6.50
±0.0%
fixed against USD
1948
PES
1'000'000'000
6.50
±0.0%
fixed against USD
1949
PES
1'000'000'000
14.81
-56.1%
1950
PES
1'000'000'000
14.95
-0.9%
1951
PES
1'000'000'000
15.28
-2.2%
1952
PES
1'000'000'000
15.60
-2.1%
1953
PES
1'000'000'000
19.89
-21.6%
1954
PES
1'000'000'000
19.00
+4.7%
1955
PES
1'000'000'000
19.00
±0.0%
1956
PES
1'000'000'000
19.00
±0.0%
1957
PES
1'000'000'000
19.00
±0.0%
1958
PES
1'000'000'000
24.49
-22.4%
1959
PES
1'000'000'000
27.70
-11.6%
1960
PES
1'000'000'000
26.76
+3.5%
fixed against USD
1961
PES
1'000'000'000
26.81
-0.2%
fixed against USD
1962
PES
1'000'000'000
26.82
0.0%
fixed against USD
1963
PES
1'000'000'000
26.82
±0.0%
fixed against USD
1964
PES
1'000'000'000
26.82
±0.0%
fixed against USD
1965
PES
1'000'000'000
26.82
±0.0%
fixed against USD
1966
PES
1'000'000'000
26.82
±0.0%
fixed against USD
1967
PES
1'000'000'000
38.70
-30.7%
fixed against USD
1968
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1969
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1970
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1971
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1972
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1973
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1974
PES
1'000'000'000
38.70
±0.0%
fixed against USD
1975
PES
1'000'000'000
45.00
-14.0%
1976
PES
1'000'000'000
68.71
-34.5%
1977
PES
1'000'000'000
124.77
-44.9%
1978
PES
1'000'000'000
194.09
-35.7%
1979
PES
1'000'000'000
254.50
-23.7%
1980
PES
1'000'000'000
341.31
-25.4%
1981
PES
1'000'000'000
504.58
-32.4%
1982
PES
1'000'000'000
958.71
-47.4%
1983
PES
1'000'000'000
2'340.35
-59.0%
1984
PES
1'000'000'000
5'454.47
-57.1%
1985
PEI
1'000'000
17.44
-68.7%
1986
PEI
1'000'000
20.05
-13.0%
1987
PEI
1'000'000
54.45
-63.2%
1988
PEI
1'000'000
1'108.93
-95.1%
1989
PEI
1'000'000
14'029.77
-92.1%
1990
PEN
1'000'000
528'640.51
-97.3%
1991
PEN
1
1.01
-47.5%
1992
PEN
1
1.64
-38.5%
1993
PEN
1
2.16
-24.4%
1994
PEN
1
2.14
+0.9%
1995
PEN
1
2.33
-7.9%
1996
PEN
1
2.60
-10.5%
1997
PEN
1
2.73
-4.6%
1998
PEN
1
3.15
-13.4%
1999
PEN
1
3.51
-10.2%
2000
PEN
1
3.53
-0.5%
2001
PEN
1
3.45
+2.3%
2002
PEN
1
3.53
-2.2%
2003
PEN
1
3.48
+1.4%
2004
PEN
1
3.28
+5.9%
2005
PEN
1
3.42
-4.1%
2006
PEN
1
3.20
+7.0%
2007
PEN
1
2.99
+7.0%
2008
PEN
1
3.13
-4.4%
2009
PEN
1
2.88
+8.6%
2010
PEN
1
2.81
+2.5%
2011
PEN
1
2.70
+4.2%
2012
PEN
1
2.55
+5.6%
2013
PEN
1
2.80
-8.8%
2014
PEN
1
2.99
-6.2%
2015
PEN
1
3.41
-12.3%
2016
PEN
1
3.38
+0.9%
2017
PEN
1
3.26
+3.5%
2018
PEN
1
3.37
-3.2%
2019
PEN
1
3.31
+1.7%
2020
PEN
1
3.62
-8.5%
2021
PEN
1
3.97
-8.9%
2022
PEN
1
3.81
+4.2%
2023
PEN
1
3.71
+2.8%