Chilean Peso

Chile's currency is the peso (plural: pesos; symbol: $), which is divided into 100 centavos. The Chilean peso is the official currency of Chile. The peso replaced the escudo in 1975 at a rate of 1 peso = 1000 escudos. The Chilean peso is one of the most stable currencies in South America. It has been pegged to the US dollar since September 1999, and as a result, its value has been relatively stable. The Chilean peso is also a freely traded currency, meaning that it can be bought and sold on foreign exchange markets. The peso is subdivided into 100 centavos, which are further subdivided into 10 decimos. The smallest unit of currency is the centavo. Coins come in denominations of 1, 5, 10, 50, 100 and 500 pesos. Banknotes come in denominations of 1000, 2000, 5000, 10,000 and 20,000 pesos. The peso has a long history, dating back to the Spanish colonial era. The first Chilean peso was introduced in 1817, and was equal to 8 Spanish colonial reales. In 1851, the peso was decimalized and pegged to the silver standard. The Chilean peso replaced the escudo in 1975 at a rate of 1 peso = 1000 escudos. The Chilean peso is a widely-accepted currency, and can be used to purchase goods and services both in Chile and abroad. Travelers to Chile should have no trouble exchanging their home currency for pesos.