The coast of Venezeula was discovered by Christopher Columbus in 1498 and was first settled by the Spanish in 1528. Venezuela was part of New Grenada when it was a Spanish Colony. New Grenada gained its independence on June 1, 1816, and Venezeula was incorporated into Gran Colombia on December 17, 1819. Venezuela gained its independence from January 13, 1830, and the Republic of Venezuela was declared on October 24, 1830.
Venezuela used Spanish Escudos (XESE) while it was a Spanish Colony and after it gained its independence. Europeans also used pearls as a medium of exchange. The first mint was established in Caracas in 1802. Some coins were issued for Greater Colombia in 1829. The Venezuela Peso was introduced in 1843 with 1 Peso divisible into 10 Reales or 100 Centavos. Venezuela’s first coins were actually minted in Britain. Venezuela created the Venezolano (VEV) in 1873 equal to 1 Peso or 5 French Francs, and divisible into 100 Centavos. Venezuela replaced the Venezolano with the Bolivar (VEB) in 1887, equal to 1/5 Venezolano or 1 French Franc. On January 1, 2008 Venezuela revalued the Bolivar, replacing it with the Bolivar Fuerte (VEF) with one Bolivar Fuerte equal to 1000 Bolivares. The Bolivar is divisible into 100 Centimos.
Private banks had the right to issue banknotes in Venezuela until 1940 when the Banco Central de Venezuela was established and became the sole note-issuing authority in Venezuela.
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