2020-07-13 Mon

In 2018, the currency of Venezuela changed from bolivar Fuerte to Bolivar Soberano. The primary reason for the replacement was hyperinflation. In 2008 bolivar Fuerte was replaced from original bolivar due to the inflation. The original bolivar was introduced in 1879.

The Bolivar is named after the hero of Latin American independence Simon Bolivar. Initially, the bolivar was defined on the silver standard, equal to 4.5 g fine silver, following the principles of the Latin Monetary Union.

The Banco Central de Venezuela began issuing paper money since 1940. It introduced denominations of 10, 20, 50, 100, and 500 bolivars. 5-bolivar notes were issued between 1966 and 1974. In 1989, notes for 1, 2, and 5 bolivars were issued.As inflation took hold, higher denominations of banknotes started being introduced such as 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000.

The 5 bolivar note of pre-1998 banknotes series includes the effigy of Simon Bolivar and Francisco de Miranda on the front side and National Pantheon of Venezuela on the other side.

Simon Bolivar Francisco de Miranda was the liberator who led the independence war from the Spanish empire. The National Pantheon of Venezuela is a final resting place for national heroes. The Pantheon was created in the 1870s on the site of a ruined church.

Image Courtesy: Wikipedia.com