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About This GigaPanToggle
- Taken by
- Jeff Cremer
- Explore score
- 0.30 Gigapixels
- Date added
- April 26, 2011
- Date taken
- April 26, 2011
*Coat of arms of Peru*
The coat of arms of Peru is the national symbolic emblem of Peru. Four variants are used: the coat of arms per se (Escudo de Armas); the national coat of arms, or national shield (Escudo Nacional); the great seal of the state (Gran Sello del Estado); and the naval coat of arms (Escudo de la Marina de Guerra).
All four share the same escutcheon or shield, consisting of three elements: the top left section shows the vicuña, the national animal, on a light-blue field, representing the fauna of Peru; the tree in the top right section is the cinchona tree (the source of quinine, a powerful anti-malarial drug and the key flavorant in tonic water), on a white background, representing the national flora; and the bottom cornucopia with coins spilling from it, on a red field, represents the mineral resources of the country.
Because of the bad state of economy in the 1980s and hyperinflation in the late 1980s the government was forced to abandon the inti and introduce the nuevo sol as the country's new currency.
The currency was put into use on July 1, 1991 (by Law N° 25,295) to replace the inti at a rate of 1 nuevo sol = 1,000,000 intis.
Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto the nuevo sol currently retains a low inflation rate of 1.5%. Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 2.3 and 3.65 nuevo soles per United States dollar.
Out of all the currencies of the Latin-American region, the Peruvian nuevo sol has been the most stable and reliable currency, also being the currency least affected by the weak dollar global tendency. During the late months of 2007 and the first months of 2008, the rate fell to 2.69 nuevos soles per USD, a rate not seen since 1997. As of June 2008, the dollar went up again and was trading at 2.94 nuevos soles per USD. As of March 3, 2011 the Peruvian Nuevo Sol was trading at 2.76 against the USD.