The Uruguayan peso
Since 1828 there were several attempts of creating a monetary national system, but the economic difficulties of that time and the social situations made virtually impossible to implement a monetary-economic policy that would put an end to the daily problems of the markets.
In 1831 all the foreign currency in copper was withdrawn and the government started to look for a solution for the trade system. With effect from 14th March of this same year, an act was passed to issue a currency called “décimos of the City of Buenos Aires” (tenths of real of the city of Buenos Aires), which would become the first currency issued by the Eastern Republic of Uruguay.
Nevertheless, until 1862 the country had no currency of its own. There were many different metallic coins in circulation, but many of them were quite depreciated. It is on the 23rd of June of this same year when a monetary regime based on silver and gold was implemented. This is how the peso plata arrived, equaling to three quarters of silver ounces and which replaced the old peso, also called peso corriente.
Later on, under the government of the General Venancio Flores, Banks were authorised to issue their own currency.
With regard to the authority responsible for issuing the currency, the Bank of the Eastern Republic of Uruguay was created in 1896, but later on this power was given to the Central Bank of Uruguay, founded in 1967. Since them the Central Bank of Uruguay has been the one in charge of minting the Uruguayan peso.
Find out about the security features of the Uruguayan peso notes.
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