Latin America is not just about carnivals, Iberian languages, joie de vivre, drug cartels, and endless TV shows.
It is also a monetary world of countries on the continent, a currency jungle that is not easy to navigate.
For example, the monetary unit of Latin America’s largest country in terms of area and population – Brazil – has been the real (BRL) since 1994.
However, this was not always the case. In the twentieth century alone, this country’s currency changed several times.
The real, the cruzeiro, the new cruzeiro, then one thousand new cruzeiros were replaced by a cruzado, and in 1994 the real became the Brazilian currency again.
Try calculating the exchange rate of the modern real and its predecessor based on the price of a packet of tea.
Fortunately, you don’t have to do that now; exchange your euro or dollar for the Brazilian real.
By the way, tourist places in Brazil often accept U.S. dollars, so it makes sense to exchange both euros and American currency before traveling to Brazil.
In addition, Latin America and the Caribbean were the first to legalize crypto money.
The second largest country in South America, Argentina, pays in pesos (P, ARS). But as in the case of the real, it was not always so. Until 1991, the money in this country was the Austral, which should in no way be confused with the Australian dollar.
Like the real, the peso has one hundred centavos. Another similar feature of Argentina’s monetary system is that the U.S. dollar is widely accepted there.
The peso, only the Mexican peso (MXP), is used as currency in Mexico.
Until the mid-19th century, this currency was a direct competitor to the U.S. dollar.
Of course, U.S. dollars are still more readily accepted as payment in Mexico due to its geographic proximity to the United States.
The only drawback is that the exchange rate is not very favorable; if you pay in dollars, it will be more expensive than pesos.
The Colombian currency is also called the peso (COP). It is equal to one hundred centavos, but this gradation has no practical sense because the minimum prices and, accordingly, the coins and bills start at 50 pesos.
Similarly, Chile’s national currency is the Chilean peso (CLP).
It is worth noting that this currency unit is considered one of the most counterfeit-proof.
The Bolivian currency, Boliviano (BOB), is not as well protected.
However, due to strict security regulations, counterfeiting is not common.
The country’s currency is characterized by the fact that the denomination can be distinguished only by the color; each banknote is in a specific color scheme, and the design style itself can be a pleasant surprise, as the memorable and bright appearance is fascinating.
Political and other personalities of the country are depicted on the front of the banknote, birds and animals on the back, and the denomination is given in the numerical and alphabetical form.
The bolivar (VEB) is a similarly named currency in Venezuela. Another interesting Latin American currency is the national currency of Peru, the New Sol (PEN).
This money has been in circulation since July 1993.
Due to very high inflation in the late 1980s, a thousand soles were exchanged for the new currency, the inti, but soon, in 1993, a million inti were exchanged for a new sol.
It is virtually impossible to pay in Peru with any currency other than the sol, and it is doubtful that you will ever be able to exchange anything other than dollars for sol.