Due to economic fluctuations and instability, in 1991 the government of Peru replaced its existing currency known as the inti with the Nuevo Sol. Currently in circulation are coins of 5, 10, 20, 50 céntimos, 1,2 and 5 Nuevos Soles and banknotes of 10, 20 ,50 ,100 and 200 Nuevos Soles.
Each banknote features a famous figure from Peruvian history including José Abelardo Quiñones and Abraham Valdelomar. On May 8, 2013 the Comisión de Economía del Congreso (the Economic Committee of the Peruvian Congress) approved a name change of the currency to be simply “Sol”, however Nuevo Sol is still the popular term for the currency.
All coins in Peru show the denomination as well as the national shield and and the distribution of all coins and banknotes within the country are executed by Peru's central bank, known as BCRP or Banco Central de Reserva del Perú.
There are high levels of counterfeit money in Peru so new expats need to familiarise themselves with the appearance and texture of notes and coins of all denominations in order to avoid being scammed.
Currency exchange
Major currencies in Peru can be exchanged in a variety of places such as banks, exchange offices and hotels.
Although banks and hotels seem the safest option, you may get a lower rate in comparison to exchanging your money on the street. Bargaining is not uncommon but make sure you are aware of the standard rate in order to avoid getting ripped off.
The rate given will also depend on the amount of money exchanged. Airport exchange rates are commonly known to be the worst, so try to avoid these if possible. It is useful to know that exchanging money should be carried out during the week as exchange rates can be lower on weekends.