Ecuadorian sucre

The sucre was the currency of Ecuador between 1884 and 2000. Its ISO code was ECS and it was subdivided into 10 decimos or 100 centavos. The sucre replaced the peso at par. It was named after Antonio José de Sucre. In 2000, in response to a major financial crisis, the country switched its currency to the United States dollar at a rate of 1 dollar = 25,000 sucres. The sucre was fully demonetized shortly after the transition. Ecuador now only issues its own coins.

Coins

The first coinage consisted of denominations from ½ centavo to 5 centavos (half decimo) in base metal, from ½ decimo up to 1 sucre in silver and 10 sucres in gold. Centavo coins minted as subdivisions of the peso continued to circulate after the introduction of the sucre. The 10-centavos coin was called a real, with the 5-centavos coin known as a medio (meaning half).

Inflation lead to the 5 centavo coin being the smallest to be issued from the 1920s. In 1928, the silver one-sucre coin was reduced from 25 grams to 5 grams. The new coins were dubbed Ayoras after the president, Isidro Ayora. Silver 2 sucres were also introduced, together with gold coins denominted 1 condor, equal to 25 sucres. In 1943, 5-sucres coins were introduced. In the 1980s, coins up to 50 sucres were issued, whilst high inflation in the 1990s lead to coins up to 1000 sucres being introduced.

Banknotes

The first banknotes of the Central Bank were issued in 1928 in denominations between 5 and 100 sucres. 500 and 1000 sucres notes were added in 1944. In 1987 and 1988, 5000 and 10,000 sucres notes appeared, followed by 20,000 and 50,000 sucres notes in 1995. Some notable appearances on various banknotes include Dr. Eugenio de Santa Cruz y Espejo, on the 500-sucre note, and Simón Bolívar, shown on the 100-sucre note.

Ecuadorian Sucre notes used in the last years before dollarization.

Notes used during the last years of the sucre (together with 100, 500 and 1000 sucre coins) include:

• S/. 5,000 (Front side: writer/author Juan Montalvo from Ambato. Back side: Galápagos tortoise), worth (at dollarization time) US$ 0.20
• S/. 10,000 (Front side: Ecuador's second (first Ecuadorian born) president Vicente Rocafuerte. Back side: Independence Monument at Quito's main square (Plaza Grande)), worth US$ 0.40
• S/. 20,000 (Front side: former Conservative president Gabriel García Moreno. Back side: Ecuador's coat of arms), worth US$ 0.80
• S/. 50,000 (Front side: former Liberal president Eloy Alfaro Delgado. Back side: Ecuador's coat of arms), worth US$ 2.00

Historic exchange rates

Sucres per US Dollar:

• 25.00 (1979)
• 2,564.50 (1995)
• 3,189.50 (1996)
• 3,988.30 (1997)
• 5,446.60 (1998)
• 11,786.80 (1999)
• 24,860.70 (January 2000)
• 25,000.00 (at dollarization time)

See also

• Economy of Ecuador

External link

• IMF working paper on the financial crisis.

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