Currency of Venezuela Currency of Venezuela This article provides a historical summary of the currency used in Venezuela since the end of the 18th century. For the present currency of Venezuela, see Venezuelan bolívar. Peso = 8 Reales (silver) Escudo = 2 Pesos (gold) History Venezuela shared the common Spanish-American monetary system, based on the silver peso and the gold escudo, current throughout Spanish America. Trade, especially in cacao, brought money to the colony in the late 17th century in the form of coin from the Mexico money supply increased significantly after the Compañía Guipuzcoana de Caracas obtained a trade monopoly in 1729,
Currency of Colombia to establish Banco Nacional, which began operations in January 1881. A decree of 24 March 1885 authorized coins of nickel and 0.500 silver, and authorized Banco Nacional to issue notes for 10 & 20 centavos. The cost of the civil war of 1885 was covered by paper money, circulation increasing by 89%. Banco Nacional was unable to cover its notes in gold coin, but the Government compromised on suspension by paying notes in silver with the funds received from negotiating the Panama Canal. "El Banco Nacional de los Estados Unidos de Colombia" was responsible for the national note issue 1880–1885.