Currency of Uruguay Currency of Uruguay This is an outline of Uruguay's monetary history. For the present currency of Uruguay, see Uruguayan peso. Uruguay's currency was initially that common to all of Spanish America. During the struggle over this region, initially between Spain and Portugal, then between Argentina and Brazil, the coinage of both contestants circulated. When the area was annexed to Brazil in 1821 as Provincia Cisplatina, the Portuguese (Brazilian) administration put notes of Banco do Brazil into circulation. This was the first paper money to circulate in Uruguay. Then, in 1826–1828, Argentine troops fighting against Brazil were paid in one-peso notes
Currency board Helena continue to operate currency boards, backing their locally printed currency notes with pound sterling reserves. A gold standard is a special case of a currency board where the value of the national currency is linked to the value of gold instead of a foreign currency. For a precise definition of what constitutes a currency board, including past examples, see: Currency board A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate