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Circulation Coins

Underlined text links to Numista

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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
  

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)

1 Boliviano (equiv. to 5 francs)

1864-1869 (500 Grains)
(Image: Tauler & Fau Jan 2019)

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.

The subidiary coinage was not debased from 0.9 to 0.835 following the French change. 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.

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 1868 for silver and gold?]

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 the Brazilian real did not match Portuguese real). This coinage was not decimalized.

Gold coinage in Brazil never matched LMU coinage. However, are several silver coins mirrored LMU coinage between the 1860s-1910s.

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: ##)

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: ##)

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

1912-1913
(Image: ##)

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

1913
(Image: ##)

500 Réis (equiv. to 1 franc, 5 grams)

1912
(Image: ##)

500 Réis (equiv. to 1 franc, 5 grams)

1913
(Image: ##)

One coin, the 200 Réis 1854-1857, at 2.5 grams at 0.917 fine, is similar to the 1/2 franc. ##Others

200 Réis (equiv. to 1/2 franc, 2.5 grams)

1867-1869
(Image: ##)

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