Ecuadorian sucre
1 USD = 25.000 ECS
The Sucre is the former currency of Ecuador. The Sucre was issued by the Banco Central del Ecuador, the central bank of the country. In September 2000, the Sucre was replaced by the U.S. dollar as the only legal tender in the country. The ISO code of Sucre was ECS. A Sucre was divided into one hundred centavos.
- 2.1 Recent series sucres coins
- 2.2 Recent series sucres notes
History
Colonial
The time of the colonization of South America in the area of today's Ecuador dominated by the Incas cultures knew no currency, trade based outside of the Inca Empire to barter. Within the Inca Empire, the economy was based on a collective system.
With the Spaniards the first currency in America was introduced. The Spanish coins were based on an 8 system. Commonly were Reales, Pesos (= 8 Reales silver ), Escudos (= 2 pesos) and doubloons (= 2 escudos ).
The first U.S. Mint was the Casa de Moneda de Mexico (1535 ), the first mint of South America, the Casa de Moneda de Lima ( 1565). Until independence more mints in Potosi, Santa Fe de Bogotá, Cartagena, Caracas and were Popayan (1821 relocated to Pasto ) was founded. After the independence of the Republica de Colombia (Great Colombia), the Spanish monetary system was retained. Since the local mints could not meet the demand, mainly Peruvian, Spanish and old coins have been in the area of today's Ecuador used around the world.
Casa de la Moneda de Quito
From the collapse of Gran Colombia in 1830 Ecuador emerged as an independent republic. 1832, the Casa de la Moneda de Quito was founded. Before his own coins were minted Colombian coins were inscribed with the initials MDQ and legalized for circulation in Ecuador.
The first minted in Quito coins continued to use the Spanish system of 8 and the coat of arms of Colombia, called 'El Ecuador en Colombia ". In 1836, the first coins with the name of República del Ecuador are marked. Due to the poor quality stamping of coins they were hardly distinguishable from the increasingly in circulation counterfeit, which even resulted in 1842 that counterfeits were legalized by the government.
A law passed in 1856 provided for the introduction of the decimal system adopted by France, with a transitional period until 1866. But the last reserves of the Casa de la Moneda de Quito for the production of 5 - franc pieces in 1858 were exhausted, whereupon the mint closed and the Franc was withdrawn.
After 1861, the Banco de Guayaquil has been authorized for the production of coins under the previous system and the final introduction of the decimal system in 1872, the Banco del Ecuador for the production of the peso centavos. This period also saw the first banknotes falling issued by different banks.
Sucre
The Sucre was introduced on 22 March 1884 in Ecuador as currency. It is named after Marshal Antonio José de Sucre, a fellow of Bolivar during the South American struggle for independence. Sucre has struck on May 24, 1822 in the Battle of Pichincha, the Spanish troops who had the independence of Quito and the territory of the province of Quito as a colonial precursor of Ecuador consequence.
Several banks have been authorized for the production of Sucre. The coins are minted in Birmingham, Santiago de Chile, Lima or Philadelphia. From 1898, the monetary system was bound to the gold reserves, and there were gold coins minted with the denomination Cóndor Ecuatoriano with a value of 10 sucres.
Private central banks
Since the bankruptcy of the Casa de la Moneda de Quito until the establishment of the Central Bank various private banks were authorized to mint coins and issue such notes. Some of the banks at that time were Banco de Descuento y Circulación, Banco Internacional, Banco de Guayaquil, Banco del Ecuador and Banco Comercial y Agricola in Guayaquil and Banco Unión, Banco del Pichincha and Banco de Quito, which still exists, in Quito.
After the overthrow and subsequent murder of Eloy Alfaro very liberal forces came from the coastal region, and therefore in practice by them, operated banks, especially in Guayaquil, to power. The Banco Comercial y Agrícola was in the 1910s and 1920s as a key institution in the nomination of promising presidential candidates. The banks are in the Ecuadorian historiography in the criticism to have shaped coins without reserve to the precious metal reserves of the country and printed banknotes, which have contributed significantly to the early 20s a total collapse of the Ecuadorian economy. 1925, the government was overthrown in a military coup, which became known as the July Revolution in history. The following year, Isidro Ayora was elected the new president, who previously served as part of a government appointed by the military.
Banco Central del Ecuador
Even during the military junta began planning for a state- organized monetary system with a central bank. These plans were implemented by Ayora into action, and on 10 August 1927, the still-existing central bank, Banco Central del Ecuador was inaugurated. Notes and coins were issued from now on exclusively by the Central Bank. All coins in circulation were replaced by new ones. Even today the word Ayoras is used in everyday language as a synonym for small money. It was introduced by a centavo to 2 sucres and by the American Bank Note Company printed music from 5 to 100 sucres in Birmingham and Philadelphia coin production. As of 1944, an additional 500 - and brought 1,000 sucres notes in circulation.
Ecuador went through various political and economic crises in the 20th century. After a short oil crisis -induced rise in the seventies it went with the Ecuadorian economy steadily from the mid- 90s exponentially down. As a result of inflation larger notes were always output and smaller denominations replaced by coins. 1987 5000 - sucres notes were introduced in 1989 were for the denominations 5, 10, 20 and 50 sucres coins instead of notes, and there were 10,000 first - sucres notes issued. Beginning of the 90 disappeared centavos and 1- sucre coins because of their low value. , 500 - - As of 1995, the be 100 and 1000 sucres notes replaced with coins and 20,000 and 50,000 sucres notes will be introduced.
Dollarization
Beginning of 1999, U.S. $ 1 6,500 sucres. With an inflation rate of over 90 % of the value fell by the end of the year to one-fifth of that value. The short- deposited thereon Ecuadorian President Jamil Mahuad proposed on 9 January 2000 to abolish the Sucre in favor of the U.S. dollar. This proposal has been retained by his successor Gustavo Noboa and carried out. With the introduction of the U.S. dollar ( dollarization ) for the population to convert their savings in the value of 25,000:1 in a transitional phase. Because of the wrong setting the conversion rate ( 45,000:1 would have been the right course roughly) and the associated sharp rise in ( dollar ) amount of money it came to a temporary U.S. dollar inflation. Nevertheless led dollarisation after a short time for an end to high inflation.
On 9 September 2000, the Sucre was finally replaced by the U.S. dollar. In addition to the used U.S. notes and coins imprinted Ecuador continues to own coinage with the Denomination centavo meeting the U.S. cents in size and weight. The official name for these coins is " Centavos del Sucre " is being specified that 100 centavos 25,000 sucres (and thus one U.S. dollar ) match (See also: Coins Ecuador ). Although the official currency of the U.S. dollar, the Sucre exist according to the law still.
Coins & Banknotes
Sucre notes and coins were from 1884 to dollarization in 2000 in circulation. Since 1927 coins and banknotes were exclusively issued by the Banco Central del Ecuador. Due to the late 70s onset of exponential devaluation of the Sucre late 80s denominations from 5 to 50 sucres and mid-90s were the denominations from 100 to 1000 sucres replaced by coins. The in 1988 marked 50 centavos and 1- Sucre coins had already disappeared from circulation due to their low value shortly thereafter. End of the 80 years were 5000 - and 10000 - and the mid-90s 20000 - and 50000 - introduced sucres notes.
After the dollarisation Centavos del Sucre were issued in par with U.S. cents with denominations from 1 to 50 centavos. Besides are U.S. notes and coins - including the barely used in the U.S. 1 dollar coin - outstanding. For more information on these coins are to be found in the article " coins of Ecuador ".