100-peso banknote obverse (1867) 8-escudo coin (1863) 8 peso Date of withdrawal 1863 | 16 escudo Plural reales | |
 | ||
The real was the currency of Peru until 1863. Sixteen silver reales equalled one gold escudo. The silver coin of 8 reales was also known as the peso.
Contents
History
Initially, the Spanish colonial real was minted. This was replaced by Peruvian currency following liberation in 1826, although the first issues of the Peruvian Republic were made in 1822. The real was replaced in 1863 by the sol at a rate of 1 sol = 10 reales.
Coins
During the colonial period, silver coins were minted in denominations of ¼, ½, 1, 2, 4 and 8 reales, with gold coins for ½, 1, 2, 4 and 8 escudos. In 1822, a provisional coinage was issued in the name of the Republic of Peru in denominations of ¼ real, ⅛ and ¼ peso (equal to 1 and 2 reales) and 8 reales. Except for the silver 8 reales, these coins were minted in copper. From 1826, a regular coinage was issued which consisted of the same silver and gold denominations as had been issued during the colonial period.
During the period 1836-1839, when Peru was part of the Peru-Bolivian Confederation, the States and then Republics of North and South Peru issued their own coins. North Peru issued ½, 1, and 8 reales, ½, 1, 2, 4 and 8 escudos whilst South Peru issued ½, 2, 4 and 8 reales, ½, 1 and 8 escudos.
In 1856, production of all coins ceased. Smaller ½ and 1 real coins were introduced in 1858 and 1859, respectively, along with 50 centimos in 1858 and then 25 and 50 centavos in 1859. Redesigned 4 and 8 reales coins were minted in 1862 and 1863. This transitional phase of coinage was replaced by a fully decimalized system in 1863.