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 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.
| Obverse & Reverse | Value (S/.) | Dimensions | Main colour | Depicted person (obverse) |
|---|---|---|---|---|
| 5 | 140 x 65 mm | Red | Antonio José de Sucre | |
| 10 | 140 x 65 mm | BlueOrange | Sebastián de Belalcázar | |
| 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 | |
| 500 | 140 x 65 mm | Purple and yellow | Dr. Eugenio de Santa Cruz y Espejo | |
| 1000 | 140 x 65 mm | Brown | Rumiñahui | |
| 5,000 | 140 x 65 mm | Brown and blue | Juan Montalvo | |
| 10,000 | 140 x 65 mm | Brown | Vicente Rocafuerte | |
| 20,000 | 140 x 65 mm | Brown | Gabriel Garcia Moreno | |
| 50,000 | 140 x 65 mm | Orange and green | Eloy Alfaro |
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 Montalvo from Ambato. Reverse: Galápagos tortoise), worth (at dollarization time) US$ 0.20
- S/. 10,000 (Obverse: Ecuador's second (first Ecuadorian born) president Vicente Rocafuerte. Reverse: Independence Monument at Quito's main square (Plaza Grande)), worth US$ 0.40
- S/. 20,000 (Obverse: former Conservative president Gabriel García Moreno. Reverse: Ecuador's coat of arms), worth US$ 0.80
- S/. 50,000 (Obverse: former Liberal president Eloy Alfaro Delgado. Reverse: Ecuador's coat of arms), worth US$ 2.00
Read more about this topic: Ecuadorian Sucre