Currency of Ecuador

The article provides a historical summary of the currency used in Ecuador. The present currency of Ecuador is the United States dollar.

Quito was part of Gran Colombia until 1830 as Departamento del Sur. Gran Colombia's monetary regulations retained the old Spanish colonial system, with both milled and hammered coin circulating. Gold and silver were minted at Popayán and Bogotá, copper at Caracas. On July 28, 1823, Bolívar authorized a mint at Quito, but almost a decade would pass before one opened there. Cobs (macuquina) were ordered withdrawn in 1826, but because of the lack of other coin, they continued to circulate. All kinds of foreign coin circulated on the coast as a result of foreign trade, but in the interior provinces only old Spanish colonial coin and macuquina circulated, mostly Peruvian.

The 1832 countermark was intended solely for coin minted at Bogotá (Cundinamarca) between 1815 and 1821. But coins of below-standard fineness had been minted at Bogotá in 1823–1826, but dated 1821, and most were put into circulation in the Quito department during the Gran Colombia period.

Coins of Cundinamarca and Granada, dated 1818–1821, counterstamped 'MdQ' (quantities unknown):

Obv. arms of Colombia, rim inscription EL ECUADOR EN COLOMBIA and QUITO below the arms; rev. denomination, rim inscribed EL PODER EN LA CONSTITUCION; below the year and GJ (assayer's initials). A 1-real coin was authorized February 28, 1833. Minting of the medio real began September 30, 1832, before its characteristics had been established, which explains why some have the letter "M" (according to the law) while others have "1/2".

silver 666 fine dated 1833–1836

Obv. Indian head with band reading LIBERTAD, the rim inscribed EL ECUADOR EN COLOMBIA, and below the head QUITO. The minting of 2-escudo pieces began in 1834. Some have their value expressed as 2-E (2 escudos), others as 1-D (1 doblón).

gold 875 fine dated 1833–1835

After Ecuador became "República del Ecuador" on June 28, 1835, the inscription (rev.) "EL ECUADOR EN COLOMBIA" was changed to "REPUBLICA DEL ECUADOR" (but the Colombian arms were retained). The minting of 1 and 2 escudo coins ceased because of an influx of counterfeits of these coins. In their place, President Vicente Rocafuerte authorized a media onza (4-escudo or doblón de a quatro).

After more minting equipment was obtained from Chile and installed at Quito, the minting of onzas (8-escudo pieces) was authorized (February 1838). A 4-real coin was authorized October 8, 1841, with the same features as the other denominations, but with the added inscription "MORAL INDUSTRIA" around the circumference, making the coin more difficult to counterfeit.

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