Venezuela

# **Bolivarian Republic of Venezuela**

## **Full Financial History Report**

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### **Basic Data:**

- **ISO Country Code:** VE
- **Official Language:** Spanish
- **ISO Language Code (main):** es
- **Current Official Currency:** Sovereign Bolivar / Digital Bolivar *(VES)* – with multiple currency reforms in recent years
- **ISO Currency Code (current):** VES *(Sovereign Bolivar), VED* *(Digital Bolivar, 2021–2023)*

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

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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. 1567 *(used under colonial rule and early independence period)*
- **End Date of Production:** 1879
- **Start Date of Circulation:** c. 1567
- **End Date of Circulation:** 1879
- **Mint:** Casa de la Moneda de Caracas *(founded in 1874)*
- **Issuing Bank:** Not applicable *(used under colonial and early independence)*
- **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 first years after independence.
- **Designs / Symbols:** Included heraldic figures, crosses, and colonial shields
- **Current Status:** Out of circulation
- **Issuing Authority:** Spanish Crown
- **Relevant Legislation:** Used under colonial mandate and early republican transition
- **People Honored on Notes:** King Philip II, Spanish monarchy busts

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### **2.2. Strong Peso (VEB)** – **Short-Lived Issue (1879–1887)**

- **ISO Code:** VEB *(not officially used)*
- **Singular Name:** Strong Peso
- **Plural Name:** Strong Pesos
- **Monetary Subdivision:** 1 Peso = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1879
- **End Date of Production:** 1887
- **Start Date of Circulation:** 1879
- **End Date of Circulation:** 1887
- **Mint:** Casa de la Moneda de Caracas *(founded in 1874)*
- **Issuing Bank:** Banco de Venezuela
- **Coin Denominations:** 1, 2, 5, 10, 20, 50 centavos; 1 strong peso
- **Banknote Denominations:** 1, 2, 5, 10, 20, 50, 100 strong pesos
- **Historical Context:** Introduced to unify the monetary system after post-independence chaos.
- **Designs / Symbols:** Featured national heroes, patriotic symbols and portraits of Simón Bolívar
- **Print Runs / Commemorative Issues:** Centennial notes celebrating independence *(1887)*
- **Curiosities:** Short-lived due to rising inflation
- **Current Status:** Out of circulation
- **Issuing Authority:** Banco de Venezuela
- **Relevant Legislation:** Law Establishing the Banco de Venezuela *(1870)*
- **Signatories on Notes:** Governor of the Banco de Venezuela, Minister of Finance
- **People Honored on Notes:** Simón Bolívar, José Antonio Páez, Antonio Guzmán Blanco

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### **2.3. Bolivar (VEB)** – **First Stable National Currency (1879–2007)**

- **ISO Code:** VEB *(retired)*
- **Singular Name:** Bolivar
- **Plural Name:** Bolivars
- **Monetary Subdivision:** 1 Bolivar = 100 céntimos
- **Fraction Singular Name:** Céntimo
- **Fraction Plural Name:** Céntimos
- **Start Date of Production:** 1879
- **End Date of Production:** 2007
- **Start Date of Circulation:** 1879
- **End Date of Circulation:** 2007 *(replaced by the strong bolivar)*
- **Mint:** Casa de la Moneda de Venezuela *(Caracas)*
- **Issuing Bank:** Central Bank of Venezuela *(BCV)*
- **Coin Denominations:** Bs. ½, 1, 2, 5, 10, 20, 50 céntimos; 1 bolivar
- **Banknote Denominations:** Bs. 1, 2, 5, 10, 20, 50, 100 bolivars
- **Historical Context:** Replaced the strong peso and became the main currency for over a century
- **Designs / Symbols:** Portraits of national leaders, indigenous heroes and native animals
- **Print Runs / Commemorative Issues:** Special series dedicated to Venezuelan history and cultural events
- **Curiosities:** The 100 bolivar note was the most widely circulated denomination for decades
- **Current Status:** Out of circulation *(replaced by the strong bolivar in 2007)*
- **Issuing Authority:** Central Bank of Venezuela *(since 1940)*
- **Relevant Legislation:** Central Bank Act *(1939)*
- **Current Signatories:** President of BCV, Minister of Economy
- **People Honored on Notes:** Simón Bolívar, Antonio José de Sucre, Francisco de Miranda, José María España

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### **2.4. Strong Bolivar (VEF)** – **Intermediate Currency (2007–2018)**

- **ISO Code:** VEF *(retired)*
- **Singular Name:** Strong Bolivar
- **Plural Name:** Strong Bolivars
- **Monetary Subdivision:** 1 Strong Bolivar = 1000 old bolivars
- **Fraction Singular Name:** Milbolivar
- **Fraction Plural Name:** Milbolivars
- **Start Date of Production:** 2007
- **End Date of Production:** 2018
- **Start Date of Circulation:** 2007
- **End Date of Circulation:** 2018
- **Mint:** Casa de la Moneda de Venezuela *(Caracas), De La Rue* *(UK)*
- **Issuing Bank:** Central Bank of Venezuela *(BCV)*
- **Coin Denominations:** Bs.F 0.01, 0.02, 0.05, 0.10, 0.12, 0.20, 0.50
- **Banknote Denominations:** Bs.F 1, 2, 5, 10, 20, 50, 100
- **Historical Context:** Introduced to reduce zeros caused by high inflation
- **Designs / Symbols:** Historical figures and symbols of independence
- **Print Runs / Commemorative Issues:** Series featuring enhanced security features
- **Curiosities:** Equivalent to one thousand previous bolivars
- **Current Status:** Out of circulation
- **Issuing Authority:** Central Bank of Venezuela
- **Relevant Legislation:** Law Redenominating the Bolivar *(2007)*
- **Current Signatories:** Governor of BCV, Minister of Economy
- **People Honored on Notes:** Simón Bolívar, José María España, among others

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### **2.5. Digital Bolivar (VES)** – **Current Official Currency (since 2021)**

- **ISO Code:** VES
- **Singular Name:** Bolivar
- **Plural Name:** Bolivars
- **Monetary Subdivision:** 1 Bolivar = 100 céntimos
- **Fraction Singular Name:** Céntimo
- **Fraction Plural Name:** Céntimos
- **Start Date of Production:** 2021
- **End Date of Production:** Ongoing
- **Start Date of Circulation:** 2021
- **End Date of Circulation:** In circulation
- **Mint:** Casa de la Moneda de Venezuela *(Caracas), De La Rue* *(UK), Casa da Moeda do Brasil* *(for banknotes)*
- **Issuing Bank:** Central Bank of Venezuela *(BCV)*
- **Coin Denominations:** Bs.S 1, 2, 5, 10, 20, 50, 100
- **Banknote Denominations:** Bs.S 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000
- **Historical Context:** Launched as part of a monetary reconversion to reduce excessive zeros
- **Designs / Symbols:** Modern designs featuring historical figures and Venezuelan fauna
- **Print Runs / Commemorative Issues:** Special editions commemorating historical events
- **Curiosities:** Although officially in circulation, usage is limited due to parallel dollarization
- **Current Status:** In use but low practical acceptance
- **Issuing Authority:** Central Bank of Venezuela
- **Relevant Legislation:** Monetary Reconversions Act *(2021)*
- **Current Signatories:** Governor of BCV, Minister of Economy
- **People Honored on Notes:** Simón Bolívar, Francisco de Miranda, Luisa Cáceres de Arismendi

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### **2.6. Sovereign Bolivar (VES)** – **Current Unified Currency (2018–present)**

- **ISO Code:** VES *(current since 2018)*
- **Singular Name:** Sovereign Bolivar
- **Plural Name:** Sovereign Bolivars
- **Monetary Subdivision:** 1 Sovereign Bolivar = 1000 strong bolivars
- **Fraction Singular Name:** Milbolivar
- **Fraction Plural Name:** Milbolivars
- **Start Date of Production:** 2018
- **End Date of Production:** Ongoing
- **Start Date of Circulation:** 2018
- **End Date of Circulation:** In circulation
- **Mint:** Casa de la Moneda de Venezuela *(Caracas), De La Rue* *(UK), Casa da Moeda do Brasil
- **Issuing Bank:** Central Bank of Venezuela *(BCV)*
- **Coin Denominations:** Bs.S 1, 2, 5, 10, 20, 50, 100
- **Banknote Denominations:** Bs.S 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000
- **Historical Context:** Introduced to combat hyperinflation and replace the strong bolivar
- **Designs / Symbols:** Patriotic symbols, local fauna and flora
- **Print Runs / Commemorative Issues:** Notes with anti-counterfeit technology and accessibility features
- **Curiosities:** The economy has partially adopted the U.S. Dollar due to extreme inflation
- **Current Status:** Officially active
- **Issuing Authority:** Central Bank of Venezuela *(BCV)*
- **Relevant Legislation:** Decree on Monetary Recoinage *(2018)*
- **Current Signatories:** Governor of the Central Bank, Minister of Economy
- **People Honored on Notes:** Simón Bolívar, José María España, Luisa Cáceres de Arismendi

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

- **Casa de la Moneda de Venezuela** *(founded in 1874 – Caracas)*
- **Central Bank of Venezuela Banknote Printing Facility** *(responsible for printing bolivars)*

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

| Year | Currency Change | Equivalence |
|------|------------------|-------------|
| 1879 | Real → Strong Peso | 1:1 |
| 1879 | Strong Peso → Bolivar | 1:1 |
| 2007 | Bolivar → Strong Bolivar | 1:1000 |
| 2018 | Strong Bolivar → Sovereign Bolivar | 1:1000 |
| 2021 | Sovereign Bolivar → Digital Bolivar | 1:1 *(name change only)* |

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## **5. Additional Curiosities**

- Venezuela holds world records for the highest number of currency changes in less than 20 years
- Most recent banknotes include extremely large denominations *(Bs.S 100,000)*
- The Central Bank operates a numismatic museum open to the public
- Some older notes are now collectible due to their historical value

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## **6. Historical Issuing Authorities**

- **Banco de Venezuela** *(1870–1939)*
- **Central Bank of Venezuela** *(BCV – since 1940)*

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## **7. Key Monetary Legislation**

- **Law Establishing the Banco de Venezuela** *(1870)*
- **Central Bank of Venezuela Act** *(1939)*
- **Monetary Reconversion Act** *(2018)*
- **Decree Renaming Sovereign Bolivar to Digital Bolivar** *(2021)*

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

- Simón Bolívar
- José María España
- Luisa Cáceres de Arismendi
- Francisco de Miranda
- Cipriano Castro *(special edition)*
- Juan Vicente Gómez *(historical issue)*
- Alfred Nobel *(limited commemorative issue)*

Fonte:

Autor do blog: Nilton Romani