Venezuela - 10 Venezuelan Bolivares - Pick-61d - 1995 dated Foreign Paper Money

Foreign Paper Money. Portraits of S. Bolivar and A.J. de Sucre/Arms and monument to Battle of Caraboba. The bolívar serves as the official currency of Venezuela. It is named in honor of Simón Bolívar, a prominent figure in the South American independence movement. The currency was established following a monetary reform in 1879, succeeding the venezolano. Historically, the bolívar was regarded as one of the most stable currencies, benefiting from a long-standing association with silver and gold standards, and later a peg to the United States dollar, which allowed for its international acceptance until 1964, when the government opted for a floating exchange rate. Since 1983, the bolívar has undergone a significant period of hyperinflation, resulting in a nearly 500-fold devaluation against the US dollar. Although the depreciation became more manageable in the mid-2000s, it remained in double digits. On 1 January 2008, the hard bolívar was introduced, replacing the original bolívar at a conversion rate of Bs.F 1 to Bs. 1,000 (the abbreviation Bs. derives from the first and last letters of the plural form of the currencys name, bolívares).