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The sol (Spanish pronunciation:; plural: soles; currency sign: S/) [3] is the currency of Peru; it is subdivided into 100 céntimos ("cents"). The ISO 4217 currency code is PEN . The sol replaced the Peruvian inti in 1991 and the name is a return to that of Peru's historic currency, as the previous incarnation of sol was in use from 1863 to 1985.
The sol, later sol de oro (English: gold sol), was the currency of Peru between 1863 and 1985. It had the ISO 4217 currency code PES. It was subdivided into 10 dineros or 100 centavos. It also had two different superunits over its circulation life, the inca (1881–1882) and later the gold pound (1898–1931, abbreviated Lp.), both worth 10 soles.
The National Mint of Peru (Spanish: Casa Nacional de Moneda), also known as the Mint of Lima (Spanish: Casa de Moneda de Lima), is a mint located in the neighbourhood of Barrios Altos, in the city of Lima, Peru. Its origin dates back to 1565. [1] [2]
The nuevo sol ("new sol") was adopted on 1 July 1991, replacing the inti at an exchange rate of a million to one. Thus: 1 new sol = 1,000,000 intis = 1,000,000,000 soles de oro. Inti notes and coins are no longer legal tender in Peru, nor can they be exchanged for notes and coins denominated in the current nuevo sol.
On February 1, 1985, the sol was replaced by the inti with a value of 1,000 soles, although the monetary transition concluded only in January 1986. [ 11 ] Additionally, a diplomatic crisis between Cuba and Peru began when six Cubans made their way into the Peruvian embassy in the country on April 1, 1980, seeking political asylum .
After 1867, the notes for 25 and 100 pesos were exchanged for 20 and 80 soles respectively. The Banco del Perú (Bank of Peru) was established on May 23, 1863 and from August of the same year issued notes for 5, 10, 100 and 500 pesos. Since 1867, this bank has issued notes denominated in soles.
In 1985, Peru switched from Sol Oro – the currency in which the Bonds were issued – to Inti. [24] In 1991, the State once again changed the official currency from the Inti. to the Nuevo Sol. [25] As a result, the nominal equivalent of one Sol de Oro is now equal to 0.000000001 – one billionth – of a Nuevo Sol. [26]
The Order of the Sun of Peru (Spanish: Orden El Sol del Perú), formerly known as the Order of the Sun, is the highest award bestowed by the nation of Peru to commend notable civil and military merit. The award is the oldest civilian award in the Americas, first being established in 1821.