Code PYG Symbol (₲ in unicode) | Plural guaraníes | |
 | ||
1/100 céntimo
because of inflation, céntimos are no longer in use. Banknotes 2,000, 5,000, 10,000, 20,000, 50,000 & 100,000 guaranies Coins 50, 100, 500 & 1,000 guaraníes | ||
The guaraní ([ɡwaɾaˈni], plural: guaraníes; sign: ₲; code: PYG) is the national currency unit of Paraguay. The guaraní was divided into 100 céntimos but, because of inflation, céntimos are no longer in use.
Contents
The currency sign is U+20B2 ₲ GUARANI SIGN (HTML ₲).
History
The law creating the guaraní was passed on 5 October 1943, and replaced the peso at a rate of 1 guaraní = 100 pesos. Guaraníes were first issued in 1944. Between 1960 and 1985, the guaraní was pegged to the United States dollar at 126 PYG to 1 USD.
Coins
In 1944, aluminum-bronze coins were introduced in denominations of 1, 5, 10, 25 and 50 centimos. All were round shaped. The obverses featured a flower with "Republica del Paraguay" and the date surrounding it, except for the 50 centimos, which featured the lion and Liberty cap insignia. The denomination was shown on the reverses.
The second issue, introduced in 1953, consisted of 10, 15, 25 and 50 centimos coins. All were again minted in aluminium-bronze but were scallop shaped and featured the lion and Liberty cap on the obverse. None of the céntimo coins circulate today.
In 1975, coins were introduced in denominations of 1, 5, 10 and 50 guaranies, all of which were round and made of stainless steel. Since 1990, stainless steel has been replaced by brass-plated steel nickel-brass. 100 guaranies coins were introduced in 1990, followed by 500 guaranies in 1997. 1000 guaranies coins were minted in 2006 and released in 2007.
Revaluation
The guaraní is currently the least valued currency unit in the Americas, 1 US dollar worth close to 5,770 guaranies.
In 2011, plans were released under which the Paraguayan guaraní would be revalued as the Nuevo guaraní (PYN) in the ratio of 1 000:1.
From day 1 (currently unknown), there would be a conversion at the rate of 1,000 ₲ = 1 N₲ ("nuevo guaraní"). After a two-year transition period (with N₲ as the currency sign, and only the old billets available, probably with three zeros crossed out manually), new billets with the lower value would be introduced, re-using the name guaraní (₲) for the lower value.
However, due to possible confusion and problems with the projects, it is currently suspended.