Venezuelan bolívar
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| Venezuelan bolívar bolívar fuerte venezolano (Spanish) | |||||
| |||||
| ISO 4217 Code | VEF | ||||
|---|---|---|---|---|---|
| User(s) | Venezuela | ||||
| Inflation | 15.8% | ||||
| Source | The World Factbook, 2006 est. | ||||
| Pegged with | U.S. dollar = Bs. F 2,15 | ||||
| Subunit | |||||
| 1/100 | céntimo | ||||
| Symbol | Bs. F | ||||
| Plural | bolívares fuertes | ||||
| Coins | 1,5,10,12.5,25,50 cénts y 1 Bs.F. | ||||
| Banknotes | 2,5,10,20,50,100 Bs.F. | ||||
| Central bank | Banco Central de Venezuela | ||||
| Website | www.bcv.org.ve | ||||
The bolívar fuerte (plural: bolívares fuertes, ISO 4217 code: VEF; locally abbreviated as Bs. F) is the new currency of Venezuela since January 1, 2008. It is subdivided into 100 céntimos. [1]
Contents |
[edit] History
The Venezuelan government announced on March 7 2007 that the Venezuelan Bolívar would be revalued at a ratio of 1 to 1000 on January 1 2008 and renamed the Bolívar Fuerte, in an effort to facilitate the ease of transaction and accounting. [2]
The Central Bank of Venezuela is promoting the new currency with an ad campaign and the slogan: "A strong economy, a strong bolívar, a strong country". [3]
[edit] Coins
Coins are in denominations of 1, 5, 10, 12½, 25 and 50 céntimos and 1 bolívar. See these images.
[edit] Banknotes
Banknotes are in denominations of 2, 5, 10, 20, 50 and 100 bolivares.
[edit] Former Venezuelan Bolívar
The bolívar (plural: bolívares, ISO 4217 code: VEB; locally abbreviated as Bs.) was the currency of Venezuela between 1879 and 2007. It was subdivided into 100 céntimos.
[edit] History
The bolívar was introduced in 1879, replacing the short-lived venezolano at a rate of 1 venezolano = 5 bolívares. Initially, the bolívar was pegged at par to the French franc. In 1934, the bolívar was pegged to the U.S. dollar at a rate of 3.914 bolívar = 1 dollar, revalued to 3.18 bolívar = 1 dollar in 1937, a rate which continued until 1941. Until the 1970s, the bolívar was the region's most stable and internationally accepted currency. Since that time, however, it has fallen victim to high inflation.
Since March 1, 2005, the former currency was officially pegged to the U.S. dollar at a fixed exchange rate of 2150 bolívares to the dollar by the BCV.[4]
The government announced on March 7 2007 that the bolívar would be revalued at a ratio of 1 to 1000 on January 1 2008 and renamed the bolívar fuerte (ISO 4217 code: VEF), in an effort to facilitate the ease of transaction and accounting. [5] The new name is literally translated as "strong bolívar"[6], but also references an old coin called the Peso fuerte worth 10 Spanish reales.[7].
[edit] Coins
In 1879, silver coins were introduced in denominations of 1⁄5, ½, 1, 2 and 5 bolívares, together with gold 20 bolívares. Gold 100 bolívares were also issued between 1886 and 1889. In 1894, silver ¼ bolívar coins were introduced, followed by cupro-nickel 5 and 12½ céntimos in 1896.
In 1912, production of gold coins ceased, whilst, in 1936, production of the 5 bolívares ended. In 1965, nickel replaced silver in the 25 and 50 céntimos, with the same happening to the 1 and 2 bolívares in 1967. In 1971, cupro-nickel 10 céntimo coins were issued, the 12½ céntimos having last been issued in 1958. A nickel 5 bolívares was introduced in 1973. Clad steel (first copper, then nickel and cupro-nickel) was used for the 5 céntimos from 1974. Nickel clad steel was introduced for all denominations from 25 céntimos up to 5 bolívares in 1989.
In 1998, after a period of high inflation, a new coinage was introduced consisting of 10, 20, 50, 100 and 500 bolívar denominations.
The former coins was:
- 10 bolívares
- 20 bolívares
- 50 bolívares
- 100 bolívares
- 500 bolívares
- 1000 bolívares (introduced in 2006, recalled due to the coins using the old Coat of Arms, new coins are being minted)
All the coins had the same design. On the obverse is depicted the left profile of the Libertador Simón Bolívar, together with the inscription "Bolívar Libertador", within a heptagon, symbolizing the seven stars of the flag. On the reverse is depicted the coat of arms, circled by the official name of the country, with the date and the denomination below. In 2001, the reverse design was changed, putting the denomination of the coin at the right of the shield of the coat of arms, semicircled by the official name of the country and the year of its emission below.
[edit] Banknotes
In 1940, the Banco Central de Venezuela began issuing paper money, introducing by 1945 denominations of 10, 20, 50, 100 and 500 bolívares. 5 bolívar notes were issued between 1966 and 1974, when they were replaced by coins. In 1989, notes for 1, 2 and 5 bolívares were issued.
As inflation took hold, higher denominations of banknotes were introduced: 1000 bolívares in 1991, 2000 and 5000 bolívares in 1994, and 10,000, 20,000 and 50,000 bolívares in 1998. The first 20,000 banknotes were made in a green color similar to the one of the 2,000 banknotes, which caused confusion, and new banknotes were made in the new olive green color.
The following is a list of a former Venezuelan Bolívar banknotes.
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
[edit] See also
[edit] References
- ^ http://abcnews.go.com/International/wireStory?id=4071559
- ^ http://www.reuters.com/article/bondsNews/idUSN0160996920080101
- ^ http://news.scotsman.com/latest.cfm?id=257062007
- ^ List of BCV official exchange rates (2000 - present)
- ^ http://news.scotsman.com/latest.cfm?id=257062007
- ^ tevision advertisements[1] for the new currency repeatedly use "fuerte" as meaning "strong" such as in "Una economía fuerte" (a strong economy) and "¡Aquí hay fuerza!" (There's strength in this!)
- ^ http://numismatica.cheng-ca.com/en/coins/mv-p.htm
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] External links
- Don's World Coin Gallery - Venezuela
- Ron Wise's World Paper Money - Venezuela Mirror site
- The Global History of Currencies - Venezuela
- Global Financial Data data series - Venezuela Bolivar
- Global Financial Data currency histories table (Image:Crystal 128 kspread.png Microsoft Excel format)
- Numismatic Catalog of Venezuela
- Bolivar Fuerte
- History of Venezuelan Currency (Spanish)
- Bolivar Actual vs. Bolivar Fuerte (Spanish)
![[2]](http://www.banknoteworld.com/banknotes/venezuela/VenezuelaP78-10000Bolivares-10021998-donatedth_f.jpg){kind=link}
![[3]](http://www.banknoteworld.com/banknotes/venezuela/VenezuelaP78-10000Bolivares-10021998-donatedth_b.jpg){kind=link}
