Sucre-of-Ecuador

Sucre of Ecuador

14 Sep 2020  Mon

Sucre was the currency of Ecuador between 1884 and 2000. Ecuador is a country in north-western South America. Sucre was named after Latin American leader Antonio Jose de Sucre. During the financial crisis of 1998-99, the currency was replaced by the Dollar of the United States.

On 22nd March 1884, the Ecuadorian peso was replaced to the Sucre. Sucre was tied to 22.5 g of silver. But the decline of the international price of silver during the 1890s prompted Ecuador to shift to the gold. The Sucre was tied to 732.224 mg of gold on 3rd November 1898.

After the First World War, Sucre became inconvertible shortly due to the international political tension.

The Union Bank issued notes between 1887 and 1895 in denominations of 1, 5, 10, 20, and 100 Sucre, while the International Bank issued notes between 1887 and 1894 in denominations of 1, 5, 10, 20, 100, 500, and 1000 Sucre.

Image Courtesy: Wikipedia.com

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