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# **Republic of Ecuador**

## **Full Financial History Report**

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### **Basic Data:**

- **ISO Country Code:** EC
- **Official Language:** Spanish
- **ISO Language Code (main):** es
- **Current Official Currency:** US Dollar
- **ISO Currency Code (current):** USD

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## **2. Currencies Circulated in Ecuador (since the beginning of monetary production)**

Below is a list of all currencies that have circulated in Ecuador:

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### **2.1. Real (Spanish and Colonial Real)**

- **ISO Code:** —
- **Singular Name:** Real
- **Plural Name:** Reales
- **Monetary Subdivision:** 1 Real = 8 small reals / 1 Real = 100 centavos *(in some periods)*
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** c. 1565 *(with the arrival of the Spanish)*
- **End Date of Production:** 1897
- **Start Date of Circulation:** c. 1565
- **End Date of Circulation:** 1897
- **Mint:** Casa de la Moneda de Quito *(founded in 1758)*
- **Issuing Bank:** Not applicable *(used during colonial times)*
- **Coin Denominations:** ½ real, 1 real, 2 reales, 4 reales, 8 reales
- **Banknote Denominations:** —
- **Historical Context:** Used during the Viceroyalty of New Granada and in the early years after independence.
- **Designs / Symbols:** Included heraldic figures, crosses, lions, and colonial shields.
- **Current Status:** Out of circulation
- **Issuing Authority:** Spanish Crown
- **Relevant Legislation:** Used under colonial rule
- **Curiosities:** The first coins were minted with silver from Potosí and later with local gold.

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### **2.2. Sucre (ECS)** – **First Issue**

- **ISO Code:** ECS
- **Singular Name:** Sucre
- **Plural Name:** Sucres
- **Monetary Subdivision:** 1 Sucre = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1884
- **End Date of Production:** 1907
- **Start Date of Circulation:** 1884
- **End Date of Circulation:** 1907
- **Mint:** Casa de la Moneda de Quito
- **Issuing Bank:** Banco del Ecuador
- **Coin Denominations:** 1, 2, 5, 10, 20, 50 centavos; 1 sucre
- **Banknote Denominations:** 1, 2, 5, 10, 20, 50, 100 sucres
- **Historical Context:** Introduced as a national currency to unify the monetary system after independence.
- **Designs / Symbols:** Featured busts of Ecuadorian heroes and patriotic symbols.
- **Print Runs / Commemorative Issues:** Special notes dedicated to historical events.
- **Current Status:** Out of circulation
- **Issuing Authority:** Banco del Ecuador
- **Relevant Legislation:** Law Establishing the Sucre *(1884)*
- **Featured Figures:** Antonio José de Sucre, Eloy Alfaro

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### **2.3. Sucre (ECS)** – **Second Issue**

- **ISO Code:** ECS
- **Singular Name:** Sucre
- **Plural Name:** Sucres
- **Monetary Subdivision:** 1 Sucre = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1907
- **End Date of Production:** 1940
- **Start Date of Circulation:** 1907
- **End Date of Circulation:** 1940
- **Mint:** Casa de la Moneda de Quito
- **Issuing Bank:** Central Bank of Ecuador *(until 1940)*
- **Coin Denominations:** 1, 2, 5, 10, 20, 50 centavos; 1 sucre
- **Banknote Denominations:** 1, 2, 5, 10, 20, 50, 100 sucres
- **Historical Context:** Continued use of the sucre as the national currency.
- **Designs / Symbols:** Portraits of national leaders and natural landscapes of Ecuador.
- **Current Status:** Out of circulation
- **Issuing Authority:** Central Bank of Ecuador
- **Relevant Legislation:** Creation of the Central Bank of Ecuador *(1927)*

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### **2.4. US Dollar (USD)** – **Parallel Use and Later Official Adoption**

- **ISO Code:** USD
- **Singular Name:** US Dollar
- **Plural Name:** US Dollars
- **Monetary Subdivision:** 1 Dollar = 100 cents
- **Fraction Singular Name:** Cent
- **Fraction Plural Name:** Cents
- **Start Date of Production:** 1940 *(imported and used alongside the sucre)*
- **End Date of Production:** Ongoing *(by the U.S. Mint)*
- **Start Date of Circulation:** 1940 *(limited use)*
- **End Date of Circulation:** In circulation
- **Mint:** U.S. Mint *(United States)*
- **Issuing Bank:** Central Bank of Ecuador *(as distribution authority)*
- **Coin Denominations:** $0.01, $0.05, $0.10, $0.25, $0.50, $1
- **Banknote Denominations:** $1, $2, $5, $10, $20, $50, $100
- **Historical Context:** Gradually introduced and officially adopted in 2000 due to severe financial crisis.
- **Designs / Symbols:** U.S. designs; no Ecuadorian banknotes issued in this phase.
- **Print Runs / Commemorative Issues:** Imported from the United States
- **Curiosities:** Ecuador stopped printing its own currency and adopted the dollar without monetary sovereignty.
- **Current Status:** Active
- **Issuing Authority:** Central Bank of Ecuador *(distribution only); actual issuance by the U.S. Treasury*
- **Relevant Legislation:** Sucre-to-Dollar Replacement Law *(2000)*
- **Current Signatories:** N/A *(U.S. Federal Reserve Notes)*
- **People Honored on Current Notes:** George Washington, Abraham Lincoln, Benjamin Franklin, Thomas Jefferson *(U.S. figures)*

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### **2.5. Strong Sucre (not officially used)**

- **ISO Code:** —
- **Singular Name:** Strong Sucre
- **Plural Name:** Strong Sucres
- **Monetary Subdivision:** 1 Strong Sucre = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1927
- **End Date of Production:** 1940
- **Start Date of Circulation:** 1927
- **End Date of Circulation:** 1940
- **Mint:** Casa de la Moneda de Quito
- **Issuing Bank:** Central Bank of Ecuador
- **Coin Denominations:** 1, 2, 5, 10, 20, 50 centavos; 1 strong sucre
- **Banknote Denominations:** 1, 2, 5, 10, 20, 50, 100 strong sucres
- **Historical Context:** Improved version of the original sucre to stabilize the economy.
- **Designs / Symbols:** Portraits of political leaders and national symbols
- **Current Status:** Out of circulation
- **Issuing Authority:** Central Bank of Ecuador
- **Relevant Legislation:** Monetary Reform Act *(1927)*
- **Featured Figures:** Antonio José de Sucre, Eloy Alfaro, among others

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### **2.6. Nuevo Sucre (ECN)** – **Final National Currency Before Dollarization**

- **ISO Code:** ECN
- **Singular Name:** Nuevo Sucre
- **Plural Name:** Nuevos Sucres
- **Monetary Subdivision:** 1 Nuevo Sucre = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1985
- **End Date of Production:** 1999
- **Start Date of Circulation:** 1985
- **End Date of Circulation:** 1999
- **Mint:** Casa de la Moneda de Ecuador
- **Issuing Bank:** Central Bank of Ecuador
- **Coin Denominations:** $1, $2, $5, $10, $20, $50, $100
- **Banknote Denominations:** $1, $5, $10, $20, $50, $100
- **Historical Context:** Introduced to reduce high denomination values caused by inflation.
- **Designs / Symbols:** National heroes and cultural motifs
- **Current Status:** Out of circulation
- **Issuing Authority:** Central Bank of Ecuador
- **Relevant Legislation:** Monetary Reform Act *(1984)*
- **Featured Figures:** Simón Bolívar, Vicente Rocafuerte, Juan Montalvo

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### **2.7. US Dollar (USD)** – **Current Official Currency (since 2000)**

- **ISO Code:** USD
- **Singular Name:** US Dollar
- **Plural Name:** US Dollars
- **Monetary Subdivision:** 1 Dollar = 100 cents
- **Fraction Singular Name:** Cent
- **Fraction Plural Name:** Cents
- **Start Date of Production:** 2000 *(official adoption)*
- **End Date of Production:** Ongoing
- **Start Date of Circulation:** 2000
- **End Date of Circulation:** In circulation
- **Mint:** U.S. Mint *(United States)*
- **Issuing Bank:** Central Bank of Ecuador *(distribution only)*
- **Coin Denominations:** $0.01, $0.05, $0.10, $0.25, $0.50, $1
- **Banknote Denominations:** $1, $2, $5, $10, $20, $50, $100
- **Historical Context:** Officially adopted in 2000 to combat hyperinflation and banking collapse.
- **Designs / Symbols:** U.S. notes and coins
- **Curiosities:** Ecuador became one of the few Latin American countries to adopt the dollar unilaterally.
- **Current Status:** Active
- **Issuing Authority:** Central Bank of Ecuador *(manages circulation only)*
- **Relevant Legislation:** Executive Decree No. 1586 *(1999)*
- **Current Signatories:** N/A *(foreign currency)*
- **People Honored on Current Notes:** George Washington, Abraham Lincoln, Benjamin Franklin, Thomas Jefferson

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## **3. Mints / Production Facilities**

- **Casa de la Moneda de Quito** *(founded in 1758)*
- **Casa de la Moneda de Guayaquil** *(historical branch)*
- **Central Bank of Ecuador Banknote Printing Facility** *(for sucre notes until 1999)*

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## **4. Chronological Summary of Currency Changes**

| Year | Currency Change | Equivalence |
|------|------------------|-------------|
| 1884 | Real → Sucre | 1:1 |
| 1985 | Sucre → Nuevo Sucre | 1:1000 |
| 2000 | Nuevo Sucre → US Dollar | 1:25,000 |

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## **5. Additional Curiosities**

- Ecuador was one of the first Latin American countries to dollarize its economy unilaterally.
- The $50,000 sucre note was withdrawn just before dollarization.
- The Central Bank of Ecuador has a numismatic museum open to the public.
- Final sucre series featured artistic designs and advanced anti-counterfeit elements.

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## **6. Historical Issuing Authorities**

- Banco del Ecuador
- Central Bank of Ecuador
- National Government

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## **7. Key Monetary Legislation**

- Sucre Creation Act *(1884)*
- Monetary Reform Act *(1927)*
- Executive Decree No. 1586 *(1999 – Dollarization)*

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## **8. Prominent Figures Featured on Banknotes**

- Antonio José de Sucre
- Eloy Alfaro
- Simón Bolívar
- Vicente Rocafuerte
- Juan Montalvo
- George Washington *(current – U.S. notes)*
- Abraham Lincoln *(current – U.S. notes)*
- Benjamin Franklin *(current – U.S. notes)*

Fonte:

Autor do blog: Nilton Romani