Chilean peso

Chilean peso
Peso chileno  (Spanish)
ISO 4217
Code	CLP
Denominations
Symbol	or $
Banknotes	1000, 2000, 5000, 10,000, 20,000 pesos
Coins	1, 5, 10, 50, 100, 500 pesos
Demographics
User(s)	Chile
Issuance
Central bank	Banco Central de Chile
Website	www.bcentral.cl
Mint	Casa de Moneda
Website	www.cmoneda.cl
Valuation
Inflation	3.0%
Source	2013 (INE/Central Bank)

The peso is the currency of Chile. The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960. Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount,$ or ; the single-bar symbol, available in most modern text systems, is almost always used. Both of these symbols are used by many currencies, most notably the US dollar, and may be ambiguous without clarification such as CLP$ or US$. The ISO 4217 code for the present peso is CLP. It is officially subdivided into 100 centavos, although there are no current centavo-denominated coins. The exchange rate was around CLP$600 to 1 U.S. dollar at the end of 2014; by August 2015 it fell to 694 per 1 US dollar.

The first Chilean peso was introduced in 1817, at a value of 8 Spanish colonial reales. Until 1851, the peso was subdivided into 8 reales, with the escudo worth 2 pesos. In 1835, copper coins denominated in centavos were introduced but it was not until 1851 that the real and escudo denominations ceased to be issued and further issues in centavos and décimos (worth 10 centavos) commenced. Also in 1851, the peso was set equal 5 French francs on the sild, 22.5 grams pure silver. However, gold coins were issued to a different standard to that of France, with 1 peso = 1.37 grams gold (5 francs equalled 1.45 grams gold). In 1885, a gold standard was adopted, pegging the peso to the British pound at a rate of 13⅓ pesos = 1 pound (1 peso = 1 shilling 6 pence). This was reduced in 1926 to 40 pesos = 1 pound (1 peso = 6 pence). From 1925, coins and banknotes were issued denominated in cóndores, worth 10 pesos. The gold standard was suspended in 1932 and the peso's value fell further. The escudo replaced the peso on 1 January 1960 at a rate 1 escudo = 1000 pesos.