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United States of Venezuela, 1 peso (1811), from the first issue of national paper currency. [1] 100 Bolivares, Banco Mercantil Y Agricola . The currency of Venezuela has been in circulation since the end of the 18th century. The present currency unit in Venezuela is the Venezuelan bolívar.
In September 2014, the currency black market rate for the hard bolívar reached 100 VEF/USD; [65] on 25 February 2015, it went over 200 VEF/USD. [66] on 7 May 2015, it was over 275 VEF/USD and on 22 September 2015, it was over 730 VEF/USD. [67] Venezuela still had the highest inflation rate in the world in July 2015. [68]
On 29 March 1842, the Congress of Venezuela ordered the minting of 1, ½, and ¼ centavo coins, putting an end to the use of foreign coins for this purpose. [2] To define the value of these smaller coins, the peso was subdivided into 10 reales , each of 10 centavos , following the suit of the Colombian currency. [ 4 ]
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The Venezuelan Coinage Act of 31 March 1879, established the Bolivar as the official currency, [3] one locha was equivalent in value to 1 ⁄ 8 bolívar, 2 + 1 ⁄ 2 centavos and 1 ⁄ 4 real; these coins were minted in Germany, the United States and Spain in the years 1896, 1925, 1927, 1929, 1936, 1938, 1944, 1945, 1946, 1948, 1958 and 1969 ...
In 2008, the Chávez government revalued the Venezuela currency by a ratio of 1:1000, thus creating a new currency known as the bolívar fuerte (Eng.: "bolivar") but kept the currency pegged to a higher rate against the dollar than the market value. Since 2003, this has created a scarcity of foreign currency, as confidence in the bolivar ...
The venezolano was the currency of Venezuela between 1872 and 1879. It was divided into 100 centavos , although the names céntimo and centésimo were also used. Venezolano was also the name of two currencies planned in 1854 and 1865 (see Currency of Venezuela ).
The Colombian real circulated in Venezuela from 1821, with some coins struck in Caracas. In 1837, the Colombian real was replaced by the Colombian peso (subdivided into 8 reales), which was itself replaced by the Venezuelan peso (subdivided into 10 reales) in 1842 (though it would take a year for the new coins to enter circulation, replacing ...