Currency of Venezuela then closed for good (October 1830). copper: silver: Peso (Peso sencillo) = 8 Reales = 100 Centavos or 80 Centavos fuertes Peso fuerte = 10 Reales = 100 Centavos fuertes (from 1832) The currency in 1830 was chaotic. Circulation consisted of old silver macuquina minted at Caracas under both royalists and republicans and of silver and gold coin from the various American states, especially from Colombia. Good quality silver coin tended to disappear from circulation (being used to pay for imports). Macuquina and worn coin remained to serve retail trade. The government published a table December 30, 1830 fixing the
Gold standard can be removed. Commodity money retains its value despite what may happen to the monetary authority. After the fall of South Vietnam, many refugees carried their wealth to the West in gold after the national currency became worthless. Under commodity standards currency itself has no intrinsic value, but is accepted by traders because it can be redeemed any time for the equivalent specie. A US silver certificate, for example, could be redeemed for an actual piece of silver. Representative money and the gold standard protect citizens from hyperinflation and other abuses of monetary policy, as were seen in some countries