Currency of Venezuela 1, 2009. In preparation for the conversion, all prices had been expressed in both bolívars and bolívars fuerte since October 1, 2007. 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
Portuguese Timorese escudo banknotes, below) may have been due to the exchange rate from the previous currency. The 10 and 30 centavos were struck in bronze, the 60 centavos and 1 escudo in cupro-nickel, and the 3 and 6 escudos in silver. In 1964, a silver 10 escudos was introduced, followed, in 1970, by more conventional denominations of 20 and 50 centavos, 1, 2½, 5 and 10 escudos. The 20 and 50 centavos and 1 escudo were struck in bronze, with the higher denominations struck in cupro-nickel. The first banknotes, dated 1959, were in denominations of 30, 60, 100 and 500 escudos. In