Currency of Ecuador and the new. It was further arranged to have Banco del Ecuador import coin based on the French decimal system. García Moreno thus settled the basic problems of Ecuador's currency. In 1877 President Ignacio de Veintimilla authorized the free circulation of coin less than 900 fine, with the immediate result that good quality coin disappeared from circulation, replaced by coin from Chile and Bolivia that was only 500 fine. "Banco del Ecuador" issued notes for 2 & 4 reales and 1, 5, 10, 20, 100, 500 & 1000 pesos. "Banco Nacional", Guayaquil, issued notes briefly in 1871 for 2 and
Currency of Uruguay moneda national" (peso national currency). The economy picked up after 1876 and the 1880s were a period of prosperity and expansion. Internal peace was achieved in 1884, and there was a heavy influx of foreign capital. The Reus Law of 1887 made it easy to establish new banks (the most important of which was Banco Nacional). While Uruguay's neighbors, Argentina and Brazil, were obliged to use inconvertible paper currency, Uruguay continued to use gold. By 1889 the flow of foreign capital was drying up, and the prices paid for Uruguay's exports were falling. Gold was leaving the country, and Banco