Currently, six types of coins circulate: 10, 20 and 50 cents, and 1, 2 and 5 soles. However, previously the 1 and 5 cent coins were also in use, which have already been withdrawn from circulation. Although these coins are no longer in daily use, they can still be exchanged for others of a larger denomination at the Central Reserve Bank of Peru.
Many people wonder how to change them, since they are often forgotten in the corners of their homes or in their pants pockets. Below, we explain why they are no longer in circulation and how they can be changed effectively.
1 and 5 cent coins: Why are they no longer circulating?
The main reason why the 1 and 5 cent coins were withdrawn from circulation in Peru was their low value. These coins, having such a small value, were not used in everyday transactions and, therefore, ceased to have any real use. This led the monetary authorities to decide to exit the monetary system.
How to change 1 and 5 cent coins?
Despite his retirement, the Central Reserve Bank of Peru has announced that 1 and 5 cent coins can be redeemed indefinitely.
1 cent coins can be exchanged at BCRP offices in equivalent sums of S/0.05 or multiples of said amount. On the other hand, 5 cent coins can be exchanged at the counters of companies in the financial system or at the BCRP in multiples of S/0.10.
How are cash payments that carry cents made?
According to Law 29571, Consumer Protection and Defense Code, in payments made in cash, the total amount to be paid must be rounded in favor of the public. This means that, if the amount to pay is S/9.96, this will be rounded down and the amount to pay will be S/9.90.
What is the appreciation that collectors have of the 5 cent coin?
Although 5 cent coins are no longer as common in daily transactions, their value among numismatic enthusiasts can be considerable, especially for those pieces in optimal condition or belonging to limited editions.
These coins not only represent a fragment of Peru’s monetary history, but also offer a glimpse into the country’s economic and cultural evolution.
How was the Nuevo Sol born?
In response to the significant devaluation of the Inti, the need arose to establish a new monetary system. This issue was debated on multiple occasions in Congress, in which various proposals for naming the new currency were discussed.
In 1990, a bill called “new sun” was proposed. On December 31, 1990, through Law 25295, the creation of the new monetary unit of Peru was made official. This came into force on July 1, 1991, and was divisible into 100 cents and with the symbol “S/.”
Source: Larepublica
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