Currency of Venezuela

This article provides a historical summary of the currency used in Venezuela since the end of the 18th century. For the present currency of Venezuela, see Venezuelan bolívar.

Peso = 8 Reales (silver)

Escudo = 2 Pesos (gold)

History Venezuela shared the common Spanish-American monetary system, based on the silver peso and the gold escudo, current throughout Spanish America. Trade, especially in cacao, brought money to the colony in the late 17th century in the form of coin from the Mexico money supply increased significantly after the Compañía Guipuzcoana de Caracas obtained a trade monopoly in 1729, and Spanish and Spanish-American coin became a common form of payment. The prohibition on the circulation of American coin in Spain (May 4, 1754) resulted in coin from the Spanish mints returning to Spain. The Guipuzcoana Company then brought in a large quantity of cobs (macuquina) from the Lima, Potosí, and Mexico City mints. This cob coinage remained the coinage in circulation for many years, only disappearing in the first years of the Republic.

There was a special coinage for Venezuela in 1787. Claiming a shortage of circulating coin, Caracas petitioned for distinctive coins with an intrinsic value below standard that would only circulate locally. This request was granted by a royal ordinance of December 25, 1786. Another ordinance, February 3, 1787, authorized 200,000 pesos in coins only 60 percent of standard weight. These coins were minted at Mexico City and shipped on April 16. But some officials learned that the coins were not distinctive—they differed from regular coinage only in weight—and protested the issue, fearing they could be passed as regular coin. A royal ordinance of August 20, 1787 ordered the coins withdrawn and they were recalled and melted down in 1788.

The later 18th century was characterized by an inadequate money supply, and merchants used tokens (señasor fichas) to facilitate retail trade. By 1795 the use of tokens (made of iron, copper, or tin) was very widespread, but their unregulated issue and use was considered a problem. To deal with this situation, the Caracas Cabildo (council) authorized official copper tokens, and Venezuela's first mint opened at Caracas in November 1802.

Lightweight coinage for Venezuela, Mexico City mint:

...
Wikipedia