The official currency of Uruguay is the Uruguayan peso. However, the country has had different currencies throughout its history. In this article, we talk about them, as well as the value of the current currency compared to other prominent currencies.
Below you have an index with all the points that we are going to deal with in this article.
After the declaration of the Independence of 1829, the first currency was the tenth of the province of Buenos Aires, of 1831. However, the first currency Totally Uruguayan was created in 1840.
In 1844, during the Great War, the heavyweight was established, although only about 1,000 units were made, since the Montevideo Site was being lived and the coins only worked in this city.
As of 1855, banks begin to issue their own bills, so there were different currencies. In 1865, a law is generated by which these banks have to back up their emissions with gold.
In 1890 the National Bank and the first banking network is created. Later, in 1896, the Bank of the Republic appears, which from 1907 becomes the only one authorized to issue notes (until 1967, when the Central Bank of Uruguay is born).
During the sixties, the currency suffered a strong devaluation. Therefore, in 1975, through Law 14316, it was changed to the new peso: one hundred pesos amounted to a new peso. However, the devaluation did not stop, so in 1993 the Uruguayan peso was reinstated. This time, 100 new pesos amounted to a Uruguayan peso.
In the following video from the Central Bank of Uruguay you will find interesting information about the development of the currency in the country:
The Uruguayan peso continues to be the official currency of Uruguay. Its ISO code is UYU and its symbol $. Currently, we find metallic coins of 1, 2, 5 and 10 pesos.
The design of these changed in 2011. Now, on one of the sides of the coin we find a animal representative of the national fauna, such as the mulita, and on the reverse the National Shield. They were coined by the Mint of Spain and the Royal Mint of England.
As for the tickets, we find 20, 50, 100, 200, 500, 1,000 and 2,000 pesos. These models have been varying so that they are increasingly safe. The last to change was 2,000 Uruguayan pesos, in April 2016.
To celebrate some outstanding dates, there are different commemorative coins. Among the most sought after are those created in 2011 by the Bicentennial of the Eastern Emancipation Process.
From this date, we found a $ 50 coin that is On circulation and, therefore, you can pay with it, and another $ 1,000 silver that is collectible, so it cannot be used.
In 2015, some were also designed to celebrate the bicentenary of the Land Regulations of 1815. You can see them in this video:
There are also commemorative coins from the past that remain valuable. One of them is the FAO currency of 1969, which was awarded as the most artistic in the world. Another is that designed in 1975 by the sesquicentennial of MDCCXXV. In the latter you can read the phrase freedom or death.
This is the value of 100 Uruguayan pesos compared to other major currencies in the world:
- 100.00 UYU = 2.365.40 Chilean pesos (CLP)
- UYU 100.00 = US $ 3.54 (USD)
- 100.00 UYU = 65.37 Mexican pesos (MXN)
- 100.00 UYU = 10.297.28 Colombian pesos (COP)
- 100.00 UYU = 57.00 Argentine pesos (ARS)
- 100.00 UYU = 3.16 euros (EUR)
- 100.00 UYU = 11.65 Brazilian reais (BRL)
- 100.00 UYU = 19.854.81 Paraguayan Guarani (PYG)
- 100.00 UYU = 35.43 Venezuelan bolivars (FEV)
- 100.00 UYU = 11.55 Peruvian soles (PEN)
- 100.00 UYU = 26.01 Guatemalan quetzales (GTQ)
- 100.00 UYU = 4.77 Canadian dollars (CAD)
- 100.00 UYU = 5.03 New Zealand dollars (NZD)
- 100.00 UYU = 83.14 Honduran lempiras (HNL)
- 100.00 UYU = 12.65 Israeli dried beans (ILS)
- 100.00 UYU = 395.68 Japanese yen (JPY)
If you are going to travel to Uruguay and are worried about the currency exchange, you should know that in the cities you will find numerous exchange houses. Most open Monday through Friday from 1:00 p.m. to 6:00 p.m. However, in large shopping centers, you can find some that open every day from 09:00 to 22:00.
On the other hand, in a part of the establishments they accept payment with American dollars. It is also possible to pay by credit card. The most accepted are those of Visa and MasterCard.
You can also withdraw money directly from an ATM, or make the currency exchange before starting the trip, at a bank in your country.
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Finally, we have selected the previous and next article of the block "World Coins"so you can continue reading: