Other Americas
IN PROGRESS
The ## century
##section INTRO
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ALL SECTIONS BELOW PENDING/IN PROGRESS
Circulation Coins
Certain images are clickable for more detail
Argentina
Argentina gained independence from Spain in 1818 and formed its constitution in 1853. For decades following independence, the currency situation was chaotic. No silver or gold coinage stuck until 1881. The only currency was paper and coinage struck in neighboring countries.
According to an 1875 law, the peso was to be defined as 1 2/3 grams at 0.9 fine gold. According to the same law, the silver peso would have been 27.1 grams at 0.9 fine, roughly equivalent to the old Spanish 8 real. This would have matched the currency standards of east Asia (such as Japan, modeled after the Mexican dollar (see here). However, this coinage was never implemented.
An 1881 law defined the Argentine currency to be bimetallic, with the gold peso 1.6129 grams at 0.9 fine and the silver pesos at 25 grams at 0.9 grams — matching the LMU standard and its 15.5 to 1 silver to gold ratio. The same 1881 law (Article 7) forbid circulation of foreign gold coins.
The new coinage was short-lived in circulation. After 1881, Argentina had substantial trade deficits and in 1885 convertibility of paper to silver and gold was formally suspended. By 1890, the value premium of gold compared to paper pesos was over 100%. [Pending further research / citations on trade]
The gold 5 pesos was minted again in the 1890s (presumably for foreign trade) but the silver coinage would never return to Argentina. When coinage resumed, the centavos were minted in copper-nickel. The nation that is literally named after silver only minted silver for three years. However, the obverse of the new coinage survives today in the logo of the Argentina Central Bank.
Consolidated Mintage Data
| Year | 10 Centavos | 20 Centavos | 50 Centavos | 1 Peso | 2.5 Pesos | 5 Pesos |
|---|---|---|---|---|---|---|
| 1881 | 1,020 | 2,018 | 1,020 | 62,000 | 9 | 37,152 |
| 1882 | 778,000 | 762,000 | 476,000 | 414,000 | - | 252,092 |
| 1883 | 2,796,000 | 1,511,000 | 2,273,000 | 98,000 | - | 906,042 |
| 1884 | - | - | - | - | 421 | 447,900 |
| 1885 | - | - | - | - | - | 203,908 |
| 1886 | - | - | - | - | 397,734 | |
| 1887 | - | - | - | - | 1,834,674 | |
| 1888 | - | - | - | - | 1,663,265 | |
| 1889 | - | - | - | - | 403,712 | |
| ... | ... | ... | ... | ... | ... | ... |
| 1896 | - | - | - | - | 196,543 | |
| Total | 3,565,020 | 2,275,018 | 2,750,020 | 574,000 | 430 | 6,343,022 |
Source: Numista (manually compiled by year)
5 Pesos / 1 Argentino (equiv. to 25 francs)
1881-1896
(Image: Goldberg Sept 2019)
2.5 Pesos / 1/2 Argentino (equiv. to 12.5 francs)
1881-1884
(Image: Heritage Nov 2023)
1 Peso (equiv. to 5 francs, 25 grams)
1879-1883
(Image: Nomisma Aste Nov 2023)
20 Centavos (equiv. to 1 franc - 5 grams)
1881-1883
(Image: Nomisma Apr 2023)
50 Centavos (equiv. to 2.5 francs, 12.5 grams)
1881-1883
(Image: Katz Feb 2023)
10 Centavos (equiv. to 1/2 francs - 2.5 grams)
1881-1883
(Image: Katz June 2023)
Bolivia
The Republic of Bolivia was declared in 1825. Initially, the coinage (the sol), was similar to Spanish real and was also minted in denominations of 1, 2, 4, and 8. The Bolivano was established in 1864 as a decimalized currency (1 Bolivano = 100 centavos) pegged to the French franc at a 1 to 5 ratio (1 Boliviano = 5 francs).
The subsidiary coinage was not debased from 0.9 to 0.835 following the adopting of the LMU standard. In 1908, the Boliviano was re-pegged to the British pound sterling. This effectively debased the Boliviano, reducing the silver content of the 1/2 boliviano by about 7%, from 12.5 grams at 0.9 fine (equivalent to 2.5 francs) to 10 grams at 0.833 fine (no longer mirroring).
The Boliviano was not minted in gold. There were circulation gold coins minted in 1868, the 1/2 escudo (1.25 grams gold at 0.9 fine), 1 escudo (2 grams gold at 0.9 fine), and 1 onza. These coins had no relationship to the Boliviano or the Spanish escudo, and were instead defined by their weight, which was stated in grains.
[Research topics:
1) Why 500 grains in 1864-1868 for gold and silver? 500 grains would equal 32.5g, not 25g for silver. For gold, 1868 onza (32.4g), 500 grains works.
2) When / why was the change made from stating grains on coins to grams.
3) Search for mintage data
1 Boliviano (equiv. to 5 francs)
1864-1869 (500 Grains)
(Image: Tauler & Fau Jan 2019)
1 Boliviano (equiv. to 5 francs)
1870-1872 (Two Cannons Obverse)
(Image: Aureo & Calicó Oct 2023)
1 Boliviano (equiv. to 5 francs)
1872-1893 (Oval Obverse)
(Image: Heritage April 2014)
1/2 Boliviano / 50 Centavos (equiv. to 2.5 francs, 12.5 grams)
1873-1900
(Image: Katz Dec 2023)
1/5 Boliviano / 20 Centavos (equiv. to 1 franc, 5 grams)
1/10 Boliviano (equiv. to 1/2 franc, 2.5 grams)
1864-1867
(Image: Katz Oct 2023)
10 Centavos (equiv. to 1/2 franc, 2.5 grams)
1/20 Boliviano (equiv. to 1/4 franc, 1.25 grams)
Beginning around 1870, the smaller denominations were debased. The the 20 centavos from 5 grams to 4.6 grams, the 10 centavos from 2.5 grams to 2.3 grams, and the 5 centavos was reduced from 1.25 grams to 1.15 grams. The 50 centavos was debased from 12.5 to 11.5 grams later (in 1900). For these coins, the explicit reference to the weight (either in grams or grains) was removed from the reverse.
This debasement was around the same time that smaller silver coins in France were debased from 0.9 fine to 0.835 fine (1864). Presumably for the same reason - by reducing the silver content relative to larger coins they would remain in circulation for use in transactions.
50 Centavos (near equiv. to 2.5 francs, 11.5 grams)
20 Centavos (near equiv. to 1 franc, 4.6 grams)
20 Centavos (near equiv. to 1 franc, 4.6 grams)
10 Centavos (near equiv. to 1/2 franc, 2.3 grams)
10 Centavos (near equiv. to 1/2 franc, 2.3 grams)
10 Centavos (near equiv. to 1/2 franc, 2.3 grams)
Brazil
Brazil declared independence from Portugal in 1822 as an empire under Pedro I, who had served as regent under Portuguese rule. Upon his abdication in 1831, he was succeeded by Pedro II. Pedro II was only five-years old when his reign began. The he monarchy lasted 1822-1889, when it was replaced a republic (1889-1930).
Coinage under the Empire of Brazil initially used the same coinage as it had under Portuguese rule (though even before independence the Brazilian real did not match Portuguese real). This coinage was not decimalized.
At independence, the silver real was 175 réis to the franc (with a 160 réis at 4.5g at 0.917 fine). Silver coins were 40 / 80 / 160 / 320 / 640 /960 / 1200 réis — where the 1200 réis had more silver than a 5 francs (24.7 grams silver vs. 22.5 grams). It was more comparable to the Mexican 8 reales. For gold, the 4000 réis, at 8.2 grams of .917 fine, had roughly comparable to 25 francs in gold content.
##two different denominations in gold during 1818-1830? — 4000 & 6400
(Krause refers to “reform coinage” 1834-1889)
In 1835, the denominations of the real changed to 100 / 200 / 500 / 1000 / 2000, with the 200 réis (4.48 grams at 0.917 fine) nearly equal to one franc. Thus, there was about a ##13% debasement in silver. For gold, the ##
In 1848, ##
##Pending items:
##expand on revaluations - difficulty finding sources of changes around 1830s-1840s. New silver coins 1833 (here). Currency reform of 1846? Decimalizaion adopted 1848?
##clearly adopted LMU standards: 0.835 fine for 500 reis in 1867-1868. But no info online about Brazil and LMU). ##Check Decree 3066 of 1867 (here, deriving from the law here)
##decree 1813 of 13 Sept 1870 — back to 0.917 fine (here: original) — 0.9 fine demonetized
## documentation & why grams were adopted in 1900?
Gold coinage in Brazil never matched LMU coinage. However, are several silver coins mirrored LMU coinage between the 1860s-1910s.
##gold standard country later - but rarely convertible (here). In 1846 gold was matched to British sovereign (by ratio, not on a 1:1 basis)
[Further research — many mall changes in silver content. Also to review the unusually high silver content of the 1835-1848 200 Reis]
2000 Réis (nearly equiv. to 5 francs, 25 grams 0.917 fine)
1868-1869
(Image: Stack’s Jan 2022)
1000 Réis (equiv. to 2.5 francs, 12.5 grams)
1869
(Image: Stack’s Nov 2022)
1000 Réis (equiv. to 2 francs, 10 grams)
1900
(Image: Heritage Mar 2025)
500 Réis (equiv. to 1 franc, 5 grams)
1906-1912
(Image: Katz Jun 2023)
1000 Réis (equiv. to 2 francs, 10 grams)
1906-1912
(Image: Katz Nov 2023)
1000 Réis (equiv. to 2 francs, 10 grams)
(Dashes Between Stars on Obverse)
1912-1913
(Image: Katz Dec 2024)
1000 Réis (equiv. to 2 francs, 10 grams)
(No Dash Between Stars on Obverse)
1913
(Image: Heritage Nov 2023)
500 Réis (equiv. to 1 franc, 5 grams)
(Dashes Between Stars on Obverse)
1912
(Image: Katz Nov 2024)
500 Réis (equiv. to 1 franc, 5 grams)
(No Dash Between Stars on Obverse)
1913
(Image: Heritage Nov 2023)
One coin, the 200 Réis 1854-1857, at 2.5 grams at 0.917 fine, is similar to the 1/2 franc.
The earlier 200 Réis 1835-1848 was 4.5 grams at 0.917 fine — a much higher silver content. In the year it was discontinued (1848) this 200 Réis had 70% of the silver of the 500 Réis that year. Higher content confirmed with auction data (here, here) supports it.
##
[##100 reis same issue 1834-1848, equal to the 80 reis 1833 - revaluation in 1834]
200 Réis (equiv. to 1/2 franc, 2.5 grams)
1867-1869
(Image: Heritage Nov 2023)
Chile
Chile##
#no gold, 9 silver
I Peso (equiv. to 25 francs, 25 grams)
1867
(Image: ##)
I Peso (equiv. to 25 francs, 25 grams)
1867-1891
(Image: ##)
5 Pesos (equiv. to 25 francs, 25 grams)
1927
(Image: ##)
20 Centavos (equiv. to 1 franc, 5 grams)
1852-1859
(Image: ##)
20 Centavos (equiv. to 1 franc, 5 grams)
1867-1879
(Image: ##)
20 Centavos (equiv. to 1 franc, 5 grams)
1879-1893
(Image: ##)
10 Centavos (equiv. to 1/2 franc, 2.5 grams)
1851-1860
(Image: ##)
10 Centavos (equiv. to 1/2 franc, 2.5 grams)
1867-1880
(Image: ##)
5 Centavos (near equiv. to 1/4 franc - 1.0 grams)
1896-1899
(Image: ##)
Costa Rica
##no gold, 3 silver
##some variants and close coins (12.5g)
##peso 1850-1864 (not decimalized)
##colon 1896
50 Céntimos (equiv. to 2 francs, 10 grams)
1902-1914
(Image: ##)
10 Céntimos (near equiv. to 1/2 franc, 2.5 grams - 0.75 fine)
1886-1887
(Image: ##)
10 Céntimos (near equiv. to 1/2 franc, 2.5 grams - 0.75 fine)
1889-1892
(Image: ##)
10 Céntimos (near equiv. to 1/2 franc, 2.0 grams - 0.9 fine)
1905-1914
(Image: ##)
The 5 Céntimos should be 1.25 grams (half the 10 Céntimos), equivalent to a 1/4 franc. Since it is below weight, it is actually equivalent to a 1/5 franc.
5 Céntimos (equiv. to 1/5 franc, 1.0 grams - 0.9 fine)
1905-1914
(Image: ##)
Dominican Republic
##no gold, 3 silver matching + mirroring
5 Francos (equiv. to 5 francs, 25 grams)
1891
(Image: ##)
1 Francos (equiv. to 1 franc, 5 grams)
1891
(Image: ##)
50 Centesimos (equiv. to 1/2 franc, 2.5 grams)
1891
(Image: ##)
Mirroring Coinage
##
##1 Peso (1939-1952) matches the U.S. silver dollar at 27.9 grams at 0.9 fine.
1/2 peso (equiv. to 2 1/2 francs, 12.5 grams)
1937-1961
(Image: ##)
10 Centavos (equiv. to 1/2 francs, 2.5 grams)
1937-1961
(Image: ##)
Danish West Indies
Included separately on the Colonies page
Ecuador
##no gold, 5 silver
5 Francos (equiv. to 5 francs, 25 grams)
1858
(Image: ##)
Mirroring Coinage
8 Reales (equiv. to 5 francs, 25 grams)
1846
(Image: ##)
2 Décimos (equiv. to 1 franc, 5 grams)
1884-1897
(Image: ##)
1 Sucre (equiv. to 5 francs, 25 grams)
1884-1897
(Image: ##)
1 Décimos (equiv. to 1/2 franc, 2.5 grams)
1884-1897
(Image: ##)
El Salvador
El Salvador declared independence from Spain in 1821.
##no gold, 11 + 2 silver
##post-colonial coinage
In 1889, El Salvador decimalized its currency as the peso (8 reales = 1 peso, but the first decimialized silver was minted in 1892). Silver coinage was suspended in 1914 at the onset of WWI. In 1919, the El Salvador peso was replaced by the colón, a reference to Columbus, but no silver coins were minted until 1953.
##banknotes from 1877
##Debased 1953 - 2.5g 25 centavos; 5g 50 centavos — short lived, see below
1 Peso (equiv. to 5 franc, 25 grams)
1892
(Image: ##)
50 Centavos (equiv. to 2 1/2 franc, 12.5 grams)
1892
(Image: ##)
1 Peso (equiv. to 5 franc, 25 grams)
1892-1914
(Image: ##)
50 Centavos (equiv. to 2 1/2 franc, 12.5 grams)
1892-1894
(Image: ##)
20 Centavos (equiv. to 1 franc, 5 grams)
1892
(Image: ##)
10 Centavos (equiv. to 1/2 franc, 2.5 grams)
1892
(Image: ##)
10 Centavos (equiv. to 1/2 franc, 2.5 grams)
1911
(Image: ##)
10 Centavos (equiv. to 1/2 franc, 2.5 grams)
1914
(Image: ##)
5 Centavos (equiv. to 1/4 franc, 1.25 grams)
1892-1894
(Image: ##)
5 Centavos (equiv. to 1/4 franc, 1.25 grams)
1911
(Image: ##)
5 Centavos (equiv. to 1/4 franc, 1.25 grams)
1914
(Image: ##)
Debased
In 1953, ##
##notes on short-lived debasement
50 Centavos (equiv. to 1 franc, 5 grams)
1953
(Image: ##)
25 Centavos (equiv. to 1/2 franc, 2.5 grams)
1953
(Image: ##)
Guatemala
Haiti
Honduras
##make separate page
##4 gold, ~20 silver + a few close
Lempira 1931-1958 - matches at 50% debased rate (10 centavos 2.5g > 20 centavos)
Nicaragua
Panama
Paraguay
Peru
## 3 gold, 20 silver
##make a dedicated page for Peru
to check here for research notes
Included separately on the Colonies page
Puerto Rico
##
United States
##
Uruguay
1 Peso (equiv. to 5 francs, 25 grams)
1877
(Image: ##)
1 Peso (equiv. to 5 francs, 25 grams)
1878, 1893, 1895
(Image: ##)
1 Peso (equiv. to 5 francs, 25 grams)
1917
(Image: ##)
20 Centésimos (equiv. to 1 franc, 5 grams)
1877, 1893
(Image: ##)
10 Centésimos (equiv. to 1 franc, 5 grams)
1877, 1893
(Image: ##)