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El Salvador - 1 Salvadoran Colón - P-125b - 1980 dated Foreign Paper Money

Inv# FM2929   Foreign Paper Money
El Salvador - 1 Salvadoran Colón - P-125b - 1980 dated Foreign Paper Money
Country: El Salvador
Years: 28.3.1980

1 Colon, P-125b. The colón was the currency of El Salvador from 1892 until 2001, when it was replaced by the U.S. dollar during the presidency of Francisco Flores. The colón was subdivided into 100 centavos and its ISO 4217 code was SVC. The plural is "colones" in Spanish and the currency was named after Christopher Columbus, known as Cristóbal Colón in Spanish. On October 1, 1892, the government of President Carlos Ezeta, decided that the Salvadoran peso should be called the 'Colon', in homage to the discoverer of America. The colón replaced the peso at par in 1919. It was initially pegged to the U.S. dollar at a rate of 2 colones = 1 dollar. El Salvador left the gold standard in 1931 and its value floated.

On June 19, 1934, the Central Bank was created as the government body responsible for monetary policy and the sole body authorized to issue currency in the nation. On January 1, 2001, under the government of President Francisco Flores, the Law of Monetary Integration went into effect and allowed the free circulation of U.S. dollar in the country (see dollarization), with a fixed exchange rate of 8.75 colones. The colon has not officially ceased to be legal tender. Read more at https://en.wikipedia.org/wiki/Salvadoran_col%C3%B3n

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Condition: C.U.
Item ordered may not be exact piece shown. All original and authentic.
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