Ecuadorian sucre
Encyclopedia
The sucre was the currency
of Ecuador
between 1884 and 2000. Its ISO code
was ECS and it was subdivided into 10 decimos or 100 centavo
s. The sucre was named after Antonio José de Sucre
.
was renamed the sucre on March 22, 1884, and firmly placed on the silver standard
. The sucre was defined as 22.5 g fine silver (equivalent to 5 francs
of the Latin Monetary Union
). Substandard coins were withdrawn between 1887 and 1892, only high-quality silver remaining in circulation.
The fall in the international price of silver accelerated in the 1890s, and on November 3, 1898 Ecuador switched to the gold standard
, with the sucre defined as 732.224 mg fine gold (equivalent to 2 shillings sterling
).
Like so many other currencies, the sucre became inconvertible shortly after World War I
began in 1914. The exchange rate kept falling, despite extensive measures to support it. It was finally stabilized during 1926, and on March 4, 1927 Ecuador went on the gold exchange standard, with the sucre equal to 300.933 mg fine gold or US$0.20 (a devaluation of 58.8%).
The gold exchange standard was suspended February 8, 1932. Exchange controls were adopted April 30 and the official rate was fixed at 5.95 (buying) per U.S. dollar. After the price of silver rose above the nominal value of most silver coins in the 1930s, Ecuador embargoed the export of silver (May 17, 1935). This was followed by numerous adjustments to the foreign exchange system as the sucre continued to depreciate. Foreign exchange controls
were finally lifted in September 1937 and the official rate was set at 13.5 sucre per U.S. dollar. The sucre was devalued to 14.77 sucre per dollar on June 4, 1940 and exchange controls were reimposed. The official rate became 14 in 1942 and 13.5 in 1944.
Parity was registered with the International Monetary Fund
on December 18, 1946 at 65.827 mg fine gold (13.5 per US$), but a system of multiple exchange rates was adopted in 1947. The sucre's IMF par was devalued to 15 sucre per dollar in 1950, to 18 in 1961, and to 25 in 1970.
The sucre maintained a fairly stable exchange rate against the U.S. dollar until 1983, when it was devalued to 42 per dollar and a crawling peg
was adopted. Depreciation gained momentum and the free market rate was over 800 per dollar by 1990 and almost 3000 in 1995.
The sucre lost 67% of its foreign exchange value during 1999, then in one week nosedived 17%, ending at 25,000 sucre = 1 U.S. dollar on January 7, 2000. On January 9, President Jamil Mahuad
announced that the US dollar would be adopted as Ecuador's official currency. The US dollar became legal tender in Ecuador March 13, 2000 and sucre notes ceased being legal tender on September 11. Sucre notes remained exchangeable at Banco Central until March 30, 2001 at 25,000 sucres per dollar.
In 1909, cupro-nickel ½, 1, 2 and 5 centavo coins were issued, followed by 2½ centavos in 1917 and 10 centavos in 1918. Production of silver coins was suspended in 1916. In 1928, a new coinage was introduced consisting of a bronze 1 centavo, nickel 2½, 5 and 10 centavos, silver 50 centavos, 1 and 2 sucres, and gold 1 condor. The 1 sucre coin was reduced from 25 grams of 90% silver to 5 grams of 72% silver, while the condor, worth 25 sucres, was equivalent to a U.S. quarter eagle
coin. The new coins were dubbed Ayoras after the president, Isidro Ayora
. In 1937, nickel 20 centavo and 1 sucre coins were introduced, followed by brass 5, 10 and 20 centavos in 1942 and silver 5 sucres in 1943. The last silver coins (2 and 5 sucres) were struck in 1944.
Cupro-nickel replaced brass in the 5, 10 and 20 centavos in 1946, with a cupro-nickel 1 sucre introduced in 1959. 1959 also saw the introduction of nickel-clad steel 20 centavos, with this metal replacing others in the 5, 10 and 50 centavos and 1 sucre between 1963 and 1970.
In 1988, nickel-clad steel coins for 10, 20 and 50 sucres were introduced, while high inflation in the 1990s lead to bi-metallic coins for 100, 500 and 1000 sucres being introduced between 1995 and 1996.
The Banco de la Unión issued notes between 1887 and 1895 in denominations of 1, 5, 10, 20 and 100 sucres, while the Banco Internacional issued notes between 1887 and 1894 in denominations of 1, 5, 10, 20, 100, 500 and 1000 sucres. The Banco Comercial y Agricola issued notes between 1895 and 1925 in denominations of 1, 5, 10, 20, 50, 100, 500 and 1000 sucres. The Banco del Pinchincha issued notes for 1, 5, 10, 20, 50 and 10 sucres between 1907 and 1924. The Banco del Azuay issued 1, 2, 5 and 10 sucres notes between 1914 and 1924. The Campañia de Crédito Agricola e Industrial issued 2 and 10 sucres notes in 1921. Finally, the Banco de Decuento issued 5 and 50 sucres notes in 1923 and 1924.
In 1926, the Caja Central de Emisión y Amortización was established to effect the transition of currency issues from private banks to a central bank. It issued notes in 1926 and 1927 in denominations of 1, 2, 5, 10 and 1000 sucres which were overprints on the notes of private banks.
The first notes of the Central Bank (Banco Central del Ecuador Sociedad Anonima) were issued in 1928 in denominations of 5, 10, 20, 50 and 100 sucres. These notes had a gold redemption clause, e.g.,Pagará al portador á la vista CINCO SUCRES en oro ó giros oro (promises to pay the bearer at sight FIVE SUCRES in gold or gold exchange). The gold clause
was retained on Banco Central's notes until 1939, when the text was modified to Pagará al portador á la vista CINCO SUCRES. Additional denominations of 500 and 1000 sucres were authorized in 1944.
In 1949-1950 Banco Central introduced new notes of reduced size (157 × 68 mm) in denominations of 5, 10, 20, 50 and 100 sucres, and dropped the phrase Pagará al portador á la vista (will pay to the bearer at sight), leaving only the literal counter (i.e., the denomination). All banknotes circulated since 1928 had been printed by the American Bank Note Company, but Waterlow and Sons
were now given the contract for the 5 and 50 sucre notes, which were the first Ecuadorian notes to have a security thread. In the late 1950s Waterlow was dropped in favour of Thomas de La Rue, which printed 5, 20, 50 and 100 sucre notes, while American Bank Note continued printing 5, 10, 20 and 100 sucre notes. Notes of both printers shared the same basic design, but while American Bank Note used collared planchets as a security device, de La Rue used a metal thread. These notes went through several modifications, and inflorescent security ink was introduced about 1970. A small-size 1000-sucre note was finally put into circulation in 1973.
The next change came in 1975, when the back of all circulating notes was redesigned to show the new national coat of arms. A small-size 500 sucre note appeared at the end of the 70s.
Beginning in 1984, the title Banco Central del Ecuador appears on the notes, without Sociedad Anonima. And a printer's imprint no longer appears on the notes. As inflation gained momentum, higher denominations were introduced: 5000 in 1987, 10,000 in 1988, 20,000 in 1995 and 50,000 in 1996.
Notes used during the last years of the sucre (together with 100, 500 and 1000 sucre coins) include:
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Ecuador
Ecuador
Ecuador , officially the Republic of Ecuador is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to the west. It is one of only two countries in South America, along with Chile, that do not have a border...
between 1884 and 2000. Its ISO code
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
was ECS and it was subdivided into 10 decimos or 100 centavo
Centavo
Centavo is a Spanish and Portuguese word, derived from the Latin centum, meaning "one hundred", and the suffix -avo, meaning "portion" or "fraction"...
s. The sucre was named after Antonio José de Sucre
Antonio José de Sucre
Antonio José de Sucre y Alcalá , known as the "Gran Mariscal de Ayacucho" , was a Venezuelan independence leader. Sucre was one of Simón Bolívar's closest friends, generals and statesmen.-Ancestry:...
.
History
The Ecuadorian pesoEcuadorian peso
-History:Peso was the name of the 8 real coins circulating in Ecuador since the Spanish colonial period. In 1856, the currency was pegged to the French franc, with 1 peso = 5 francs. From 1862, paper money was issued denominated in reales and pesos. The peso was formally adopted as the currency of...
was renamed the sucre on March 22, 1884, and firmly placed on the silver standard
Silver standard
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. The silver specie standard was widespread from the fall of the Byzantine Empire until the 19th century...
. The sucre was defined as 22.5 g fine silver (equivalent to 5 francs
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...
of the Latin Monetary Union
Latin Monetary Union
The Latin Monetary Union was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver...
). Substandard coins were withdrawn between 1887 and 1892, only high-quality silver remaining in circulation.
The fall in the international price of silver accelerated in the 1890s, and on November 3, 1898 Ecuador switched to the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
, with the sucre defined as 732.224 mg fine gold (equivalent to 2 shillings sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
).
Like so many other currencies, the sucre became inconvertible shortly after World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
began in 1914. The exchange rate kept falling, despite extensive measures to support it. It was finally stabilized during 1926, and on March 4, 1927 Ecuador went on the gold exchange standard, with the sucre equal to 300.933 mg fine gold or US$0.20 (a devaluation of 58.8%).
The gold exchange standard was suspended February 8, 1932. Exchange controls were adopted April 30 and the official rate was fixed at 5.95 (buying) per U.S. dollar. After the price of silver rose above the nominal value of most silver coins in the 1930s, Ecuador embargoed the export of silver (May 17, 1935). This was followed by numerous adjustments to the foreign exchange system as the sucre continued to depreciate. Foreign exchange controls
Foreign exchange controls
Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents.Common foreign exchange controls include:...
were finally lifted in September 1937 and the official rate was set at 13.5 sucre per U.S. dollar. The sucre was devalued to 14.77 sucre per dollar on June 4, 1940 and exchange controls were reimposed. The official rate became 14 in 1942 and 13.5 in 1944.
Parity was registered with the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
on December 18, 1946 at 65.827 mg fine gold (13.5 per US$), but a system of multiple exchange rates was adopted in 1947. The sucre's IMF par was devalued to 15 sucre per dollar in 1950, to 18 in 1961, and to 25 in 1970.
The sucre maintained a fairly stable exchange rate against the U.S. dollar until 1983, when it was devalued to 42 per dollar and a crawling peg
Crawling peg
Crawling peg is an exchange rate regime usually seen as a part of fixed exchange rate regimes which allows depreciation or appreciation in an exchange rate gradually...
was adopted. Depreciation gained momentum and the free market rate was over 800 per dollar by 1990 and almost 3000 in 1995.
The sucre lost 67% of its foreign exchange value during 1999, then in one week nosedived 17%, ending at 25,000 sucre = 1 U.S. dollar on January 7, 2000. On January 9, President Jamil Mahuad
Jamil Mahuad
Jorge Jamil Mahuad Witt is an Ecuadorian lawyer and politician and the 51st President of Ecuador from August 10, 1998 to January 21, 2000. There was a severe economic crisis in Ecuador , which had led to a 60% cut in the armed forces budget...
announced that the US dollar would be adopted as Ecuador's official currency. The US dollar became legal tender in Ecuador March 13, 2000 and sucre notes ceased being legal tender on September 11. Sucre notes remained exchangeable at Banco Central until March 30, 2001 at 25,000 sucres per dollar.
Coins
In 1884, cupro-nickel ½ and 1 centavo, and ½ decimo, and silver 1 and 2 decimos, ½ and 1 sucre coins were introduced. Centavo coins minted as subdivisions of the peso continued to circulate after the introduction of the sucre. Copper replaced cupronickel in the ½ and 1 centavo in 1890, while silver ½ decimo coins were introduced in 1893. The 10-centavo coin was called a real, with the 5-centavo coin known as a medio (meaning half). Gold 10 sucres were issued in 1899 and 1900.In 1909, cupro-nickel ½, 1, 2 and 5 centavo coins were issued, followed by 2½ centavos in 1917 and 10 centavos in 1918. Production of silver coins was suspended in 1916. In 1928, a new coinage was introduced consisting of a bronze 1 centavo, nickel 2½, 5 and 10 centavos, silver 50 centavos, 1 and 2 sucres, and gold 1 condor. The 1 sucre coin was reduced from 25 grams of 90% silver to 5 grams of 72% silver, while the condor, worth 25 sucres, was equivalent to a U.S. quarter eagle
Quarter Eagle
The quarter eagle was a coin issued by the United States with a denomination of two hundred and fifty cents, or two dollars and fifty cents. It was given its name in the Coinage Act of 1792, as a derivation from the US ten-dollar eagle coin...
coin. The new coins were dubbed Ayoras after the president, Isidro Ayora
Isidro Ayora
Isidro Ayora Cueva was an Ecuadorian political figure. He served as the president of Ecuador from 1926 to 1931. Isidro Ayora, a town in Guayas, and Puerto Ayora, are named after him. Some people name coins ayora because this were introduced by him.-External links:...
. In 1937, nickel 20 centavo and 1 sucre coins were introduced, followed by brass 5, 10 and 20 centavos in 1942 and silver 5 sucres in 1943. The last silver coins (2 and 5 sucres) were struck in 1944.
Cupro-nickel replaced brass in the 5, 10 and 20 centavos in 1946, with a cupro-nickel 1 sucre introduced in 1959. 1959 also saw the introduction of nickel-clad steel 20 centavos, with this metal replacing others in the 5, 10 and 50 centavos and 1 sucre between 1963 and 1970.
In 1988, nickel-clad steel coins for 10, 20 and 50 sucres were introduced, while high inflation in the 1990s lead to bi-metallic coins for 100, 500 and 1000 sucres being introduced between 1995 and 1996.
Banknotes
The first sucre-denominated banknotes were issued by private banks. The Banco del Ecuador issued provisional notes for 80 centavos and 4 sucres between 1885 and 1887 due to a conversion rate of 5 pesos = 4 sucres for the earlier notes of this bank. Regular notes were issued until 1926 in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 1000 sucres. 1 sucre notes were issued by the Banco Anglo-Ecuatoriano in 1885 and 1886, and by the Banco de Quito in 1885.The Banco de la Unión issued notes between 1887 and 1895 in denominations of 1, 5, 10, 20 and 100 sucres, while the Banco Internacional issued notes between 1887 and 1894 in denominations of 1, 5, 10, 20, 100, 500 and 1000 sucres. The Banco Comercial y Agricola issued notes between 1895 and 1925 in denominations of 1, 5, 10, 20, 50, 100, 500 and 1000 sucres. The Banco del Pinchincha issued notes for 1, 5, 10, 20, 50 and 10 sucres between 1907 and 1924. The Banco del Azuay issued 1, 2, 5 and 10 sucres notes between 1914 and 1924. The Campañia de Crédito Agricola e Industrial issued 2 and 10 sucres notes in 1921. Finally, the Banco de Decuento issued 5 and 50 sucres notes in 1923 and 1924.
In 1926, the Caja Central de Emisión y Amortización was established to effect the transition of currency issues from private banks to a central bank. It issued notes in 1926 and 1927 in denominations of 1, 2, 5, 10 and 1000 sucres which were overprints on the notes of private banks.
The first notes of the Central Bank (Banco Central del Ecuador Sociedad Anonima) were issued in 1928 in denominations of 5, 10, 20, 50 and 100 sucres. These notes had a gold redemption clause, e.g.,Pagará al portador á la vista CINCO SUCRES en oro ó giros oro (promises to pay the bearer at sight FIVE SUCRES in gold or gold exchange). The gold clause
Gold clause
Gold clauses specified within business contracts allow the creditor the option to receive payment in gold or gold equivalent. A gold clause may prove valuable to the creditor in long term contracts, wherein questions may arise as to whether a currency in use at the time the contract was entered...
was retained on Banco Central's notes until 1939, when the text was modified to Pagará al portador á la vista CINCO SUCRES. Additional denominations of 500 and 1000 sucres were authorized in 1944.
In 1949-1950 Banco Central introduced new notes of reduced size (157 × 68 mm) in denominations of 5, 10, 20, 50 and 100 sucres, and dropped the phrase Pagará al portador á la vista (will pay to the bearer at sight), leaving only the literal counter (i.e., the denomination). All banknotes circulated since 1928 had been printed by the American Bank Note Company, but Waterlow and Sons
Waterlow and Sons
The Waterlow and Sons Limited was a major worldwide engraver of currency, postage stamps, stocks and bond certificates established in 1897, in England.-Portuguese Bank Note Crisis:...
were now given the contract for the 5 and 50 sucre notes, which were the first Ecuadorian notes to have a security thread. In the late 1950s Waterlow was dropped in favour of Thomas de La Rue, which printed 5, 20, 50 and 100 sucre notes, while American Bank Note continued printing 5, 10, 20 and 100 sucre notes. Notes of both printers shared the same basic design, but while American Bank Note used collared planchets as a security device, de La Rue used a metal thread. These notes went through several modifications, and inflorescent security ink was introduced about 1970. A small-size 1000-sucre note was finally put into circulation in 1973.
The next change came in 1975, when the back of all circulating notes was redesigned to show the new national coat of arms. A small-size 500 sucre note appeared at the end of the 70s.
Beginning in 1984, the title Banco Central del Ecuador appears on the notes, without Sociedad Anonima. And a printer's imprint no longer appears on the notes. As inflation gained momentum, higher denominations were introduced: 5000 in 1987, 10,000 in 1988, 20,000 in 1995 and 50,000 in 1996.
| Obverse & Reverse | Value (S/.) | Dimensions | Main colour | Depicted person (obverse) |
|---|---|---|---|---|
 |
5 | 140 x 65 mm | Red | Antonio José de Sucre Antonio José de Sucre Antonio José de Sucre y Alcalá , known as the "Gran Mariscal de Ayacucho" , was a Venezuelan independence leader. Sucre was one of Simón Bolívar's closest friends, generals and statesmen.-Ancestry:... |
 |
10 | 140 x 65 mm | BlueOrange | Sebastián de Belalcázar Sebastián de Belalcázar Sebastián de Belalcázar was a Spanish conquistador.-Early life:He was born Sebastián Moyano in the province of Córdoba, Spain, in either 1479 or 1480. He took the name Belalcázar as that was the name of the castle-town near to his birthplace in Córdoba... |
 |
20 | 140 x 65 mm | Brown | la Compañía de Jesús, Quito |
 |
50 | 140 x 65 mm | Green | Monumento a los Proceres del 9 de octubre de 1820 |
 |
100 | 140 x 65 mm | Black | Simon Bolivar Simón Bolívar Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader... |
 |
500 | 140 x 65 mm | Purple and yellow | Dr. Eugenio de Santa Cruz y Espejo Eugenio Espejo Francisco Javier Eugenio de Santa Cruz y Espejo was a medical pioneer, writer and lawyer of mestizo origin in colonial Ecuador. Although he was a notable scientist and writer, he stands out as a polemicist who inspired the separatist movement in Quito. He is regarded as one of the most important... |
 |
1000 | 140 x 65 mm | Brown | Rumiñahui Rumiñahui (Inca warrior) Rumiñahui, Ruminavi, Rumiñagui, or alternatively Rumiaoui, born late 15th century, died June 25, 1535, was an Inca warrior who, after the death of Emperor Atahualpa, led the resistance against the Spanish in the northern part of the Inca Empire in 1533.Born in Pillaro in the modern province of... |
 |
5,000 | 140 x 65 mm | Brown and blue | Juan Montalvo Juan Montalvo Juan María Montalvo Fiallos was an Ecuadorian author and essayist.Born in Ambato to José Marcos Montalvo and Josefa Fiallos, he studied philosophy and law in Quito before returning to his hometown in 1854. He held diplomatic posts in Italy and France from 1857 to 1859... |
 |
10,000 | 140 x 65 mm | Brown | Vicente Rocafuerte Vicente Rocafuerte Vicente Rocafuerte y Bejarano was an influential figure in Ecuadorian politics and President of Ecuador from September 10, 1834 to January 31, 1839.... |
 |
20,000 | 140 x 65 mm | Brown | Gabriel Garcia Moreno Gabriel García Moreno Gabriel Gregorio Fernando José María García y Moreno y Morán de Buitrón was an Ecuadorian statesman who twice served as President of Ecuador and was assassinated during his second term, after being elected to a third term... |
 |
50,000 | 140 x 65 mm | Orange and green | Eloy Alfaro Eloy Alfaro José Eloy Alfaro Delgado was the President of Ecuador from 1895 to 1901 and from 1906 to 1911. He became one the strongest opponents of pro-Catholic conservative President Gabriel Garcia Moreno... |
Notes used during the last years of the sucre (together with 100, 500 and 1000 sucre coins) include:
- S/. 5,000 (Obverse: writer/author Juan MontalvoJuan MontalvoJuan María Montalvo Fiallos was an Ecuadorian author and essayist.Born in Ambato to José Marcos Montalvo and Josefa Fiallos, he studied philosophy and law in Quito before returning to his hometown in 1854. He held diplomatic posts in Italy and France from 1857 to 1859...
from Ambato. Reverse: Galápagos tortoiseGalápagos tortoiseThe Galápagos tortoise or Galápagos giant tortoise is the largest living species of tortoise, reaching weights of over and lengths of over . With life spans in the wild of over 100 years, it is one of the longest-lived vertebrates...
), worth (at dollarizationDollarizationDollarization occurs when the inhabitants of a country use foreign currency in parallel to or instead of the domestic currency. The term is not only applied to usage of the United States dollar, but generally to the use of any foreign currency as the national currency.The biggest economies to have...
time) US$ 0.20 - S/. 10,000 (Obverse: EcuadorEcuadorEcuador , officially the Republic of Ecuador is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to the west. It is one of only two countries in South America, along with Chile, that do not have a border...
's second (first Ecuadorian born) president Vicente RocafuerteVicente RocafuerteVicente Rocafuerte y Bejarano was an influential figure in Ecuadorian politics and President of Ecuador from September 10, 1834 to January 31, 1839....
. Reverse: Independence Monument at QuitoQuitoSan Francisco de Quito, most often called Quito , is the capital city of Ecuador in northwestern South America. It is located in north-central Ecuador in the Guayllabamba river basin, on the eastern slopes of Pichincha, an active stratovolcano in the Andes mountains...
's main square (Plaza Grande)), worth US$ 0.40 - S/. 20,000 (Obverse: former ConservativeConservatismConservatism is a political and social philosophy that promotes the maintenance of traditional institutions and supports, at the most, minimal and gradual change in society. Some conservatives seek to preserve things as they are, emphasizing stability and continuity, while others oppose modernism...
president Gabriel García MorenoGabriel García MorenoGabriel Gregorio Fernando José María García y Moreno y Morán de Buitrón was an Ecuadorian statesman who twice served as President of Ecuador and was assassinated during his second term, after being elected to a third term...
. Reverse: Ecuador's coat of armsCoat of arms of EcuadorThe coat of arms of Ecuador in its current form was established in 1900 based on an older version of 1845.-Blazon:...
), worth US$ 0.80 - S/. 50,000 (Obverse: former Liberal president Eloy Alfaro Delgado. Reverse: Ecuador's coat of armsCoat of arms of EcuadorThe coat of arms of Ecuador in its current form was established in 1900 based on an older version of 1845.-Blazon:...
), worth US$ 2.00
Historic exchange rates
Sucres per U.S. Dollar:- 25.00 (1979)
- 2,564.50 (1995)
- 3,189.50 (1996)
- 3,988.30 (1997)
- 5,446.60 (1998)
- 11,786.80 (1999)
- 24,860.70 (January 2000)
- 25,000.00 (at dollarization time)
External links
- IMF working paper on the financial crisis.
- Numismatics of Ecuador