Released 7/3/2000

1870 1 sol Peru from the Lima mint, 90% silver The Lima mint was established in 1568, closed in 1570, reopened in 1659, closed again in 1660, and finally reopened in 1684 continuing to operate since then. Peru proclaimed its independence from Spain in 1821, but it wasn't until 1864 that the first Sol coin was minted to replace the 8 Reales denomination silver coin. This design was struck until 1916. The obverse shows Liberty seated holding a phrygian cap on a pole. The column has a scroll with the word "LIBERTAD"(LIBERTY). On Liberty's right hand there is a shield with a sun ("sol") which was worshipped by the Incas. The message "FIRME Y FELIZ POR LA UNION" ("Firm and Happy for the Union") surrounds Liberty. The reverse shows the Peruvian National Arms surrounded by the message "REPUBLICA PERUANA (PERUVIAN REPUBLIC) LIMA 9 DECIMOS FINO (9 TENTHS FINE) Y.J (assayer's initials)" The arms were created by José Gregorio Paredes and adopted in 1825 (Law from 1825, February 25th, passed by Simon Bolivar). The field is divided per fess and the chief divided per pale. First canton shows a vicuña, the national animal of Peru. The second field shows a quina tree, the national tree of Peru. The third field shows a cornucopia or richness horn with gold coins inside, representing the mineral richness of the country. The silver sol continued to be Peru's currency until the late 1800's when its metallic content exceeded its monetary value and it was exported instead of circulating (a familiar story around the World). The sol was again established by law in 1931 as an unminted gold coin; bank notes were issued in terms of gold soles. Beginning in 1975, the value of the sol declined continuously as officials attempted to adjust the exchange rate to the rate of inflation. By mid-1985 the sol had deteriorated to more than S/11,900 per US$1, when a new unit of currency, the inti (equivalent to S/1,000), was introduced. By 1990 US$1 equaled about 188,000 intis. Consequently, President Fujimori adopted the "nuevo sol" (new sol), equivalent to 1 million inti, in July 1991.