Currency of Uruguay issued by Banco Nacional of Buenos Aires for Provincia Oriental ("Eastern Province", i.e., Uruguay). All parties to the conflict used the Spanish dollar (Spanish "peso", Portuguese " patacão"), which circulated with a value of 8 Spanish reales or 960 Brazilian reis. Circulation consisted of coins from mints in Mexico, Potosí, Brazil, and Buenos Aires. During the turbulent period of conflict preceding independence, a considerable amount of poor-quality copper coin from both Buenos Aires and Brazil came into circulation. Peso (Patacón) = 8 Reales = 800 Centésimos de real (centavos) Onza de oro = 16 Pesos In 1828, Uruguay's currency was
Currency of tax evasion. Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentinian economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies. One of the best examples of a local currency is the original LETS currency, founded on Vancouver Island in the early 1980s. In 1982, the Canadian Central Bank’s lending rates ran up to 14% which drove chartered bank lending rates as high as 19%. The resulting currency and credit scarcity left island residents