Timeline

• 26.01.1831
• Law [No. 24] on the demonetization of the Buenos Aires and Brazilian copper coins within 15 and 30 days, respectively; effective 15.04.1831 by decree of 07.04.1831:
  - Exchange rate: 1 Patacón of 8 Reals (silver) = 13 Reals (copper)
  - For the conversion, the "Sociedad encambio del cobre" was created to emit paper vouchers of 100, 1 Patacóns which in return could be exchanged within 90 days into Spanish, Brazilian, or Latin American gold and silver coins.
• 31.12.1833
• Decree on the ban of import and usage of Buenos Aires paper money; effective 01.02.1834
• 20.06.1839
• Law [No. 204] on the issuance of copper subsidiary coins of 20, 5 Cents (Real = 100 Cents, Patacón = 800 Cents); effective immediately (the coins were produced privately by Agustín Jouve).
• 13.12.1843
• Law [No. 254] on the issuance of copper subsidiary coins of 40, 20, 5 Cents (Real = 100 Cents, Patacón = 800 Cents); effective immediately (the coins were produced by the Montevideo mint).
• 13.12.1843
• Law [No. 255] on the issuance of emergency silver coins of 1, ½ "Peso Fuerte" (Patacón) during the siege of Montevideo; effective immediately (the ½ Peso was not produced).
• 23.06.1854
• Law [No. 382] on the issuance of copper subsidiary coins of 40, 20 Cents (Real = 100 Cents, Patacón = 800 Cents); effective immediately (not implemented).
• 22.07.1854
• Laws on the issuance of gold coins [No. 414] of 40, 20, 10 Reals, silver coins [No. 415] of 5, 2½, 1¼ Reals, and copper coins [No. 418] of 40, 20, 5 Cents; effective immediately.
  - Only the copper coins were produced privately by Adolfo and Hipólito Tampied in Lyon. By decree of 13.08.1857, they were declared underweighted and devalued by 5%.
  - Weights: 40 Reals at 135 Castilian grains gold 21 carats fine and 5 Reals at 261 Castilian grains silver 10 deniers fine => 14.730.
• 13.06.1857
• Laws on the issuance of gold coins [No. 523] of 16, 8, 4, 2 Pesos Fuertes and silver coins [No. 524] of 1, ½, ¼, ⅛ Peso Fuerte in the weight standard of 1854 (Peso Fuerte = 8 Reals); effective immediately (not implemented).
• 01.08.1857
• Start of paper money issuance by private commercial banks:
  - 02.07.1857: Law on the concession of the Banco Mauá & Cia.; effective upon constitution of the bank on 01.08.1857
  - 23.07.1857: Law on the concession of the Banco Comercial (Montevideo); effective upon constitution of the bank on 21.09.1857 (the bank opened for business on 15.10.1859).

Timeline

• 23.06.1862
• Law [No. 724] on the introduction of the national currency in the bimetallic standard; effective 01.01.1863 (conversion of bank accounts until 01.07.1863).
  - Rating of foreign gold coins at: 1 Spanish/Latin American Onza = 15.36 Pesos, 20'000 Brazilian Réis = 10.56 Pesos, 20 French Francs = 3.60 Pesos, British Sovereign = 4.70 Pesos, 10 US Dollars = 9.60 Pesos.
  - Rating of foreign silver coins at: 1 Spanish/Latin American Peso = 2000 Brazilian Réis = 1 Peso; 5 French Francs = 0.90 Peso.
• 31.08.1867
• Law [No. 903] on the issuance of copper subsidiary coins of 2, 1, ½ Cents; effective immediately.
  - In 1869, subsidiary coins of 4, 2, 1 Cents were produced privately (by Mario Isola and Juan Vizcaíno) in a European mint; they were declared legal tender by decree of 16.05.1869 although they were not conformal with the 1867 law.
• 08.01.1870
• Decree on the establishment of the "Public Credit Authority (Junta de Crédito Público)" with the authority of issuing state paper money; effective upon constitution of the authority by law of 08.05.1870:
  - Additional paper money issuance by laws of 25.01.1875 and 27.03.1875.
  - 17.11.1876: Law on the termination of the state paper money issuance and appointment of the "Commission for the Withdrawal of Banknotes (Comisión de Extinción de Billetes)"; effective 01.01.1877
• 07.06.1876
• Decree on the transition to the gold standard; effective immediately
• 28.09.1876
• Law [No. 1310] on the rating of 45 types of foreign gold and 35 foreign silver coins; effective 01.10.1876:
  - Gold: 1 Spanish/Latin American Onza = 15.12 Pesos, 20'000 Brazilian Réis = 10.56 Pesos, 20 French Francs = 3.73 Pesos, British Sovereign = 4.70 Pesos, 10 US Dollars = 9.68 Pesos.
  - Silver: 1 Spanish/Latin American Peso = 2000 Brazilian Réis = 1 Peso; 5 French Francs = 0.99 Peso.
• 30.12.1876
• Government resolution on the issuance of silver coins of 1 Peso, 50, 20, 10 Cents; effective immediately
• 1877-1893
• Demonetization of foreign coinage:
  - 30.10.1877: Law [No. 1361] on the demonetization of foreign silver coins below 50 Cents; effective 30.11.1877
  - 05.05.1884: Law [No. 1691] on the demonetization of foreign gold coins below 2 Pesos; effective immediately
  - 24.01.1879: Decree on the demonetization of all foreign silver coins except the 2000 Brazilian Réis; effective immediately
  - 28.03.1893: Decree on the demonetization of all foreign silver coins; effective immediately
• 04.08.1896
• Law [No. 2480] on the establishment of the Bank of the Republic as state-owned commercial bank with central bank function; effective upon constitution of the bank on 24.08.1896.
  - 14.08.1935: Law [No. 9496] on the separation of the commercial bank and central bank functions within the bank; effective immediately (formalized in the revised bank law [No. 9808] of 02.01.1939)
• 02.08.1914
• Law [No. 5150] on the banking crisis and suspension of the gold standard; effective immediately
• 06.07.1967
• Law [No. 13594] on the establishment of the "Central Bank of Uruguay", implementing §143 of the revised constitution of 15.02.1967; effective upon constitution of the bank on 01.03.1967 (retroactive)

Valuation Regimes

• 1863-1876
• Currency based on circulating gold and silver coins (mostly foreign)
• 1876-1929
• Fixed rate against gold, suspended around 1914-1918
• 1929-1941
• Variable rate
• 1929-1963
• Fixed rate against US Dollar, multi-tier system
• 1963-1975
• Variable rate: 1963-1972 through repeated devaluations, after 10.04.1972 floating

Timeline

• 16.12.1974
• Law [No. 14316] on the currency reform; effective 01.07.1975
• 01.07.1975
• Start of currency exchange:
  - 01.07.1975: Start of issuance of the new banknotes and coins
  - 31.12.1975: Demonetization of the former currency.

Valuation Regimes

• 1975-1993
• Variable rate, highly inflationary

Timeline

• 29.10.1991
• Law [No. 16622] on balance sheet and budget proposal; effective 01.01.1992:
  - §498 authorized the central bank to carry out a currency redenomination at a date to be established.
  - 22.12.1992: Ordinance [No. 636/992] on the date of the currency redenomination; effective 01.03.1993
• 01.03.1993
• Start of currency exchange:
  - 01.03.1993: Start of issuance of the new banknotes and coins
  - 31.08.1993: Demonetization of the former currency.

Valuation Regimes

• 1993-
• Variable rate