History
The monetary law of 11 May 1871 replaced the peso with the venezolano at par. The Latin Monetary Union bimetallic standard was adopted, with the silver venezolano (venezolano de plata or fuerte) of 25g .900 fine and a gold venezolano of 1.612 g .900 fine. The subsidiary silver coinage was only .835 fine, legal tender to a maximum of 40 venezolanos per transaction.
From 1 January 1872 all accounts had to be converted and expressed in venezolanos and centavos. Coins minted in conformity with the 1857 monetary law were to continue in circulation. The new coinage was minted in Paris and was introduced into circulation in June 1874. The Venezuelan coinage of 1858 had been very limited; the coinage of 1873-1877 marked the establishment of a true, modern national coinage.
The monetary law of 31 March 1879 replaced the venezolano as the monetary unit with the bolívar at 5 bolívares = 1 venezolano or 1 bolívar = 20 centavos de venezolano.
Read more about this topic: Venezuelan Venezolano
Famous quotes containing the word history:
“Most events recorded in history are more remarkable than important, like eclipses of the sun and moon, by which all are attracted, but whose effects no one takes the trouble to calculate.”
—Henry David Thoreau (1817–1862)
“I cannot be much pleased without an appearance of truth; at least of possibility—I wish the history to be natural though the sentiments are refined; and the characters to be probable, though their behaviour is excelling.”
—Frances Burney (1752–1840)
“No cause is left but the most ancient of all, the one, in fact, that from the beginning of our history has determined the very existence of politics, the cause of freedom versus tyranny.”
—Hannah Arendt (1906–1975)