Venezuelan bolívar
Overview
Currency of Venezuela
This article provides a historical summary of the currency used in Venezuela since the end of the 18th century. For the present currency of Venezuela, see Venezuelan bolívar.-Pre-independence currency:Peso = 8 Reales Escudo = 2 Pesos...
since 1 January 2008. It is subdivided into 100 céntimo
Céntimo
The céntimo was a currency unit of Spain and other countries which were historically influenced by Spain or Portugal . The word derived from the Latin Centum meaning "hundred"...
s and replaced the bolívar (sign
Currency sign
A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars...
: Bs.; plural: bolívares; ISO 4217
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...
code: VEB) at the rate of Bs.F. 1 = Bs. 1,000 due to inflation.
The bolívar was adopted by the monetary law of 1879, replacing the short-lived venezolano
Venezuelan venezolano
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 .-History:The monetary law of 11 May 1871 replaced the peso with the...
at a rate of five bolívares to one venezolano. Initially, the bolívar was defined on the silver standard, equal to 4.5g fine silver, following the principles 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...
.
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