Other Americas

IN PROGRESS

The ## century ##

##section INTRO

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Circulation Coins

Underlined text links to Numista
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 topic: why 500 grains in 1864-1868 for gold and silver? — 500 grains would equal 32.5g, not 25g for silver. For gold, 1868 onza, it works

##grains stated on coins, then grams

[No mintage data available]

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)

In 1900, the 1/2 Bolviano was debased from 12.5 grams to 11.5 grams.

1/2 Boliviano / 50 Centavos (equiv. to 2.5 francs, 12.5 grams)

1873-1900
(Image: Katz Dec 2023)

Beginning in 1870, the smaller denominations were debased. The 5 centavos was reduced from 1.25 grams to 1.15 grams and the 10 centavos from 2.5 grams to 2.3 grams, and the 20 centavos from 5 grams to 4.6 grams. For these coins, the express reference to the weight (in grams or grains) was removed from the reverse.

1/5 Boliviano / 20 Centavos (equiv. to 1 franc, 5 grams)

1864-1866

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)

1870-1871

1/20 Boliviano (equiv. to 1/4 franc, 1.25 grams)

1864-1865

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, ##

##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 (no info online about Brazil and LMU). Decree 3066 of 1867 (here, from law here)

##decree 1813 of 13 Sept 1870 — back to 0.917 fine (here: original) — 0.9 fine demonetized

grams adopted 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 1-1)

[Further research — lots of small changes in silver content. Especially the unusually high silver content of the 1835-1848 200 Reis]

2000 Réis (equiv. to 5 francs, 25 grams)

1868-1869
(Image: Stack’s Jan 2022)

Several coins are similar to the 5 francs, but with 4% higher silver content. The 2000 Réis was 25.5 grams, 0.917 fine 1851-1852, 1853-1867, 1875-1876, 1886-1889, 1891-1897, 1900. Only one 2000 Réis coin mirrored the LMU ratio: the 1868-1869 shown above.

1000 Réis (equiv. to 2.5 francs, 12.5 grams)

1869
(Image: Stack’s Nov 2022)

Several coins are similar to a 2.5 francs (12.5 grams), but with 4% higher silver content. The 1000 Réis was 12.75 grams, 0.917 fine: 1849-1852, 1853-1863, 1876-1889, 1889, 1900. Only one 1000 Réis coin mirrored the LMU ratio, the 1869. In 1900, the 1000 Réis was debased to 10 grams.

1000 Réis (equiv. to 2 francs, 10 grams)

1900
(Image: Heritage Mar 2025)

Earlier 500 Réis coins had higher weight and silver content (6.4 grams at 0.917 fine: 1848-1852, 1853-1867; 6.25 grams at 0.9 fine 1867-1868).

One coin, the 1900 400 Réis, at 5.1 grams at 0.917 fine, is similar to the franc.

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

Costa Rica

C##

Cuba

C##

Dominican Republic

D##

Danish West Indies

## colonies page instead?

Peru