Venezuelan bolívar

The bolívar fuerte is the currency of Venezuela

Currency of Venezuela

This article provides a historical summary of the currency used in Venezuela since the end of the 18th century. For the present currency of Venezuela, see Venezuelan bolívar.-Pre-independence currency:Peso = 8 Reales Escudo = 2 Pesos...

 since 1 January 2008. It is subdivided into 100 céntimo

Céntimo

The céntimo was a currency unit of Spain and other countries which were historically influenced by Spain or Portugal . The word derived from the Latin Centum meaning "hundred"...

s and replaced the bolívar (sign

Currency sign

A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars...

: Bs.; plural: bolívares; ISO 4217

ISO 4217

ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 code: VEB) at the rate of Bs.F. 1 = Bs. 1,000 due to inflation.

Bolívar

The bolívar was adopted by the monetary law of 1879, replacing the short-lived venezolano

Venezuelan venezolano

The venezolano was the currency of Venezuela between 1872 and 1879. It was divided into 100 centavos, although the names céntimo and centésimo were also used. Venezolano was also the name of two currencies planned in 1854 and 1865 .-History:The monetary law of 11 May 1871 replaced the peso with the...

 at a rate of five bolívares to one venezolano. Initially, the bolívar was defined on the silver standard, equal to 4.5g fine silver, following the principles of the Latin Monetary Union

Latin Monetary Union

The Latin Monetary Union was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver...

. The monetary law of 1887 made the gold bolívar unlimited legal tender, and the gold standard came into full operation in 1910. Venezuela went off gold in 1930, and in 1934 the bolívar exchange rate was fixed in terms of the U.S. dollar at a rate of 3.914 bolívares = 1 U.S. dollar, revalued to 3.18 bolívares = 1 U.S. dollar in 1937, a rate which lasted until 1941. Until 18 February 1983 (now called Black Friday (Viernes Negro) by many Venezuela

Venezuela

Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...

ns, the bolívar had been the region's most stable and internationally accepted currency. It then fell prey to high devaluation

Devaluation

Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....

.
Exchange controls were adopted since February 5, 2003 to limit capital flight

Capital flight

Capital flight, in economics, occurs when assets and/or money rapidly flow out of a country, due to an economic event and that disturbs investors and causes them to lower their valuation of the assets in that country, or otherwise to lose confidence in its economic...

, pegged to the U.S. dollar

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

 at a fixed exchange rate

Fixed exchange rate

A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...

 of 1600 VEB to the dollar.

Bolívar fuerte

The government announced on 7 March 2007 that the bolívar would be revalued at a ratio of 1 to 1000 on 1 January 2008 and renamed the bolívar fuerte in an effort to facilitate the ease of transaction and accounting. The new name is literally translated as "strong bolívar", but also references an old coin called the Peso fuerte worth 10 Spanish real

Spanish real

The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...

es.

The name "bolívar fuerte" is only used temporarily to distinguish it from the older currency that is being used along with the bolívar fuerte.

The Central Bank of Venezuela is promoting the new currency with an ad campaign and the slogan: "Una economía fuerte, un bolívar fuerte, un país fuerte" (lit. "a strong economy, a strong bolívar, a strong country"). Nevertheless, the black market value of the bolívar fuerte has been significantly lower than the fixed exchange rate

Fixed exchange rate

A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...

 of 2.15 (in February 2008 it was as high as 7.0 to 1). It is illegal to publish this "parallel exchange rate" in Venezuela.

Some estimations suggest that the government spent more than US$320,000,000 to introduce the new currency.

At 8 January 2010, the value was changed by the government from the fixed exchange rate of 2.15 bolívares fuertes to 2.60 bolívares for some imports (certain foods and healthcare goods) and 4.30 bolívares for other imports like cars, petrochemicals, and electronics.

At 4 January 2011, the fixed exchange rate became 4.30 bolívares for 1.00 USD for both sides of the economy.

It should be noted that the official value of 4.30 is restricted to individuals by CADIVI

CADIVI

CADIVI is the Venezuelan government body which administers currency exchange in Venezuela...

, which imposes an annual limit on the amount available for travel (up to $3000 annually depending on the location and duration of travel) and $400 for electronic purchases.

Bolívar

In 1879, silver coins were introduced in denominations of , ½, 1, 2, and 5 bolívares, together with gold 20 bolívares. Gold 100 bolívares were also issued between 1886 and 1889. In 1894, silver ¼ bolívar coins were introduced, followed by cupro-nickel 5 and 12½ céntimos in 1896.

In 1912, production of gold coins ceased, whilst production of the 5 bolívares ended in 1936. In 1965, nickel replaced silver in the 25 and 50 céntimos, with the same happening to the 1 and 2 bolívares in 1967. In 1971, cupro-nickel 10 céntimo coins were issued, the 12½ céntimos having last been issued in 1958. A nickel 5 bolívares was introduced in 1973. Clad steel (first copper, then nickel and cupro-nickel) was used for the 5 céntimos from 1974. Nickel clad steel was introduced for all denominations from 25 céntimos up to 5 bolívares in 1989.

In 1998, after a period of high inflation, a new coinage was introduced consisting of 10, 20, 50, 100 and 500 bolívar denominations.

The former coins were:

• 10 bolívares
• 20 bolívares
• 50 bolívares
• 100 bolívares
• 500 bolívares
• 1000 bolívares (minted 2005, issued late 2006, incorrectly rumored as recalled due to official Coat of Arms change during the interval)

All the coins had the same design. On the obverse the left profile of the Libertador Simón Bolívar

Simón Bolívar

Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...

 is depicted, along with the inscription "Bolívar Libertador" within a heptagon, symbolizing the seven stars of the flag

Flag of Venezuela

The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....

. On the reverse the coat of arms

Coat of arms of Venezuela

The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....

 is depicted, circled by the official name of the country, with the date and the denomination below. In 2001, the reverse design was changed, putting the denomination of the coin at the right of the shield of the coat of arms, Semi-Circled by the official name of the country and the year of its emission below.

Bolívar fuerte

Coins are in denominations of 1, 5, 10, 12½, 25, 50 céntimos, and 1 bolívar. However, the coin of 1 céntimo is not widely used as most prices are rounded up to the next 5 céntimos.

Denomination	Shape	Composition	Diameter	Edge	Observe	Reverse	Observe image	Reverse image
1 céntimo	Round	Copper plated steel	15 mm	Milled	Denomination of the coin, the eight stars and the waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....	Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission
5 céntimos	Round	Copper plated steel	17 mm	Smooth	Denomination of the coin, the eight stars and the waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....	Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission
10 céntimos	Round	Nickel plated steel	18 mm	Milled	Denomination of the coin, the eight stars and the waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....	Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission
12,5 céntimos	Round	Nickel plated steel	23 mm	Smooth	Denomination of the coin, the eight stars of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....  and two palm branches	Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission
25 céntimos	Round	Nickel plated steel	20 mm	Smooth	Denomination of the coin, the eight stars and the waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....	Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission
50 céntimos	Round	Nickel plated steel	22 mm	Smooth and Milled	Denomination of the coin, the eight stars and the waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....	Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission
Bs. 1	Round	Copper-Nickel center, Brass ring	24 mm	Smooth 'BCV1'	Effigy of the Liberator Simón Bolívar, waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence....	Denomination of the coin, the eight stars and the waves representing the patterns of the national flag Flag of Venezuela The current flag of Venezuela was introduced in 2006.The basic design includes a horizontal tricolor of yellow, blue, and red, dating to the original flag introduced in 1811, in the Venezuelan War of Independence.... , the Coat of Arms of Venezuela Coat of arms of Venezuela The current coat of arms of Venezuela was primarily approved by the Congress on April 18, 1836, undergoing small modifications through history, reaching the present version....  and the name of the country of emission

Bolívar

In 1940, the Banco Central de Venezuela

Central Bank of Venezuela

The Central Bank of Venezuela is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar.-External links:*...

 began issuing paper money, introducing by 1945 denominations of 10, 20, 50, 100 and 500 bolívares. 5 bolívar notes were issued between 1966 and 1974, when they were replaced by coins. In 1989, notes for 1, 2 and 5 bolívares were issued.

As inflation took hold, higher denominations of banknotes started being introduced: 1,000 bolívares in 1991, 2,000 and 5,000 bolívares in 1994, and 10,000, 20,000 and 50,000 bolívares in 1998. The first 20,000 banknotes were made in a green color similar to the one of the 2,000 banknotes, which caused confusion, and new banknotes were made in the new olive green color.

The following is a list of a former Venezuelan bolívar banknotes.

Pre-1998 series banknotes (from various series)
Image		Denomination	Emission Year	Obverse	Reverse
		500 bolívares	1981	Simón Bolívar Simón Bolívar Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...	A branch of orchids
		1,000 bolívares	1991	Simón Bolívar Simón Bolívar Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...	Signing of the Venezuelan Declaration of Independence Venezuelan Declaration of Independence The Venezuelan Declaration of Independence is a statement adopted by a congress of Venezuelan provinces on July 5, 1811 through which Venezuelans made the decision to break away from the Spanish Crown in order to establish a new nation based on the premises of equality of individuals, abolition of...
		2,000 bolívares	1994	Antonio José de Sucre Antonio José de Sucre Antonio José de Sucre y Alcalá , known as the "Gran Mariscal de Ayacucho" , was a Venezuelan independence leader. Sucre was one of Simón Bolívar's closest friends, generals and statesmen.-Ancestry:...	The Battle of Junín Battle of Junín The Battle of Junín was a military engagement of the Peruvian War of Independence, fought in the highlands of the Junín Region on August 6, 1824. The preceding February the royalists had regained control of Lima, and having regrouped in Trujillo, Simón Bolívar in June led his rebel forces south to...
		5,000 bolívares	1994	Simón Bolívar Simón Bolívar Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...  and his coat of arms	A reproduction of the painting El 19 de Abril de 1810 by Juan Lovera
http://www.banknoteworld.com/banknotes/venezuela/VenezuelaP78-10000Bolivares-10021998-donatedth_f.jpg	http://www.banknoteworld.com/banknotes/venezuela/VenezuelaP78-10000Bolivares-10021998-donatedth_b.jpg	10,000 bolívares	1998
1998-2007 Series
		1,000 bolívares	1998	Simón Bolívar Simón Bolívar Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...	A branch of orchids, the Cerro El Ávila Cerro El Ávila The El Ávila National Park covers part of the mountainous region of the coastal area of north-central Venezuela. The area's highest elevation is Pico Naiguatá, at 2.765 meters above sea level... , and the Panteón Nacional Panteón Nacional The Panthéon is a building in the northern edge of the old town of Caracas, Venezuela. It was originally built as a church, but is now used as a famous burial place...
		2,000 bolívares	1998	Andrés Bello Andrés Bello Andrés de Jesús María y José Bello López was a Venezuelan humanist, poet, lawmaker, philosopher, educator and philologist, whose political and literary works constitute an important part of Spanish American culture...	A picture of frailejones and a view of the Pico Bolívar Pico Bolívar Pico Bolívar is the highest mountain in Venezuela, at 4,981 metres. Located in Mérida State, its top is permanently covered with névé snow and three small glaciers. It can be reached only by walking; the Mérida cable car, the highest cable car in the world, only reaches Pico Espejo. From there it...
		5,000 bolívares	2000	Francisco de Miranda Francisco de Miranda Sebastián Francisco de Miranda Ravelo y Rodríguez de Espinoza , commonly known as Francisco de Miranda , was a Venezuelan revolutionary...	Picture of two angelfish Pterophyllum Pterophyllum is a small genus of freshwater fish from the family Cichlidae known to most aquarists as "Angelfish". All Pterophyllum species originate from the Amazon River, Orinoco River and Essequibo River basins in tropical South America... es and a panorama of the Guri Dam Guri Dam The Guri Dam is a concrete gravity and embankment dam in Bolívar State, Venezuela on the Caroni River. Its official name is Central Hidroeléctrica Simón Bolívar... .
		10,000 bolívares	2000	Antonio José de Sucre Antonio José de Sucre Antonio José de Sucre y Alcalá , known as the "Gran Mariscal de Ayacucho" , was a Venezuelan independence leader. Sucre was one of Simón Bolívar's closest friends, generals and statesmen.-Ancestry:...	A Marpesia petreus butterfly and the Supreme Tribunal of Justice Supreme Tribunal of Justice (Venezuela) The Supreme Tribunal of Justice is the highest court of law in the Bolivarian Republic of Venezuela and is the head of the judicial branch.The Supreme Tribunal may meet either in specialized chambers or in plenary session...
		20,000 bolívares	2000	Simón Rodríguez Simón Rodríguez Simón Rodríguez , known during his exile from Spanish America as Samuel Robinson, was a South American philosopher and educator, notably Simón Bolívar's tutor and mentor....  and the Angel Falls in the background	A Blue-and-yellow Macaw Blue-and-yellow Macaw The Blue-and-Yellow Macaw , also known as the Blue-and-Gold Macaw, is a member of the group of large Neotropical parrots known as macaws. It breeds in forest and woodland of tropical South America from Trinidad and Venezuela south to Peru, Brazil, Bolivia, and Paraguay...  and the Angel Falls
		50,000 bolívares	1998	José María Vargas José María Vargas José María Vargas was the 4th President of Venezuela from 1835–1836.-Life and career:...	The Student's Square in the Ciudad Universitaria Ciudad Universitaria de Caracas The University City of Caracas is the main Campus of the Central University of Venezuela. It was designed by the Venezuelan architect Carlos Raúl Villanueva and was declared a World Heritage Site by UNESCO in 2000...  and the clock in it

Bolívar fuerte

Banknotes are in denominations of 2, 5, 10, 20, 50 and 100 bolívares.

2008 Series
Image		Denomination	Emission Year	Obverse	Reverse
		2 bolívares	2008	Francisco de Miranda Francisco de Miranda Sebastián Francisco de Miranda Ravelo y Rodríguez de Espinoza , commonly known as Francisco de Miranda , was a Venezuelan revolutionary...	Orinoco River Dolphins Boto The Amazon river dolphin, alternatively Bufeo, Bufeo Colorado, Boto Cor de Rosa, Boutu, Nay, Tonina, or Pink Dolphin , is a freshwater river dolphin endemic to the Orinoco, Amazon and Araguaia/Tocantins River systems of Brazil, Bolivia, Peru, Ecuador, Colombia and Venezuela...  with Coro Dunes in background
		5 bolívares	2008	Pedro Camejo Pedro Camejo Pedro Camejo, better known as Negro Primero, or 'The First Black' was a Venezuelan soldier who at first fought with the royal army, only to later go over to the rebel army during the Venezuelan War of Independence, reaching the rank of lieutenant.The nickname of Negro Primero was inspired by his...	Giant Armadillo Giant Armadillo The giant armadillo , colloquially tatou, ocarro, tatu-canastra or tatú carreta, is the largest living species of armadillo...  with plains in background
		10 bolívares	2008	Cacique Guaicaipuro Guaicaipuro Guaicaipuro was a native Venezuelan chief of both the Teques and Caracas tribes. Though known today as Guaicaipuro, in documents of the time his name was written Guacaipuro.-Life:...	American Harpy Eagle American Harpy Eagle The Harpy Eagle , sometimes known as the American Harpy Eagle, is a Neotropical species of eagle. It is the largest and most powerful raptor found in the Americas, and among the largest extant species of eagles in the world. It usually inhabits tropical lowland rainforests in the upper canopy layer...  with Ucaima Falls in background
		20 bolívares	2008	Luisa Cáceres de Arismendi Luisa Cáceres de Arismendi María Luisa Cáceres Díaz de Arismendi was a heroine of the Venezuelan War of Independence.-The beginning of the war:...	Hawksbill turtle Hawksbill turtle The hawksbill sea turtle is a critically endangered sea turtle belonging to the family Cheloniidae. It is the only extant species in its genus. The species has a worldwide distribution, with Atlantic and Pacific subspecies. E. imbricata imbricata is the Atlantic subspecies, while E...  with Macanao Mountain in background
		50 bolívares	2008	Simón Rodríguez Simón Rodríguez Simón Rodríguez , known during his exile from Spanish America as Samuel Robinson, was a South American philosopher and educator, notably Simón Bolívar's tutor and mentor....	Spectacled Bear Spectacled Bear The spectacled bear , also known as the Andean bear and locally as ukuko, jukumari or ucumari, is the last remaining short-faced bear and the closest living relative to the Florida spectacled bear and short-faced bears of the Middle Pleistocene to Late Pleistocene age.The spectacled bear is a...  with Laguna Santo Cristo in background
		100 bolívares	2008	Simón Bolívar Simón Bolívar Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...	Red Siskin Red Siskin The Red Siskin, Carduelis cucullata, is a small passerine bird. This finch is a resident breeding bird in tropical South America in northern Colombia and northern Venezuela... with Cerro El Ávila in background

External links

• Numismatic Catalog of Venezuela
• History of Venezuelan Currency
• Bolivar Actual vs. Bolivar Fuerte
• LechugaVerde: a blog that monitors the price of the currency on the unregulated market