|Chilean peso silver coin|
Obverse: Condor holding oval shield in right claw, broken chains in beak and right claw.
Legend: . POR LA RAZON Y LA FUERZA (For the Reason or Strength) * 1881 *
Reverse: Plummed shield of chile, within wreath.
Legend: REPUBLICA DE CHILE . So (Santiago Mint) . UN PESO
Mint Place: Santiago
Weight: 24.97 gram of Silver
Diameter: 37 mm
The first Chilean peso was introduced in 1817, at a value of 8 Spanish colonial reales. Until 1851, the peso was subdivided into 8 reales, with the escudo worth 2 pesos. In 1835, copper coins denominated in centavos were introduced but it was not until 1851 that the real and escudo denominations ceased to be issued and further issues in centavos and décimos (worth 10 centavos) commenced. Also in 1851, the peso was set equal 5 French francs on the silver standard, 22.5 grams pure silver. However, gold coins were issued to a different standard to that of France, with 1 peso = 1.37 grams gold (5 francs equalled 1.45 grams gold). In 1885, a gold standard was adopted, pegging the peso to the British pound at a rate of 13⅓ pesos = 1 pound (1 peso = 1 shilling 6 pence).
The gold Peso equal to 100 centavos, is worth U.S. 36.5 cents, and the paper peso averaged about 20 cents in 1908 and 23.1 cents in 1909.
According to the act of 1895, the coinage of Chile is as follows; Gold coins are 20, 10, 5 peso pieces, called respectively Condor, Doblon, and Escudo. Silver coins are the peso, 7.20 fine, and the fifth, tenth, and twentieth of a peso. A forced paper currency is in general use, the paper peso varying considerably in relative value. In 1914 1,377,571 silver coins were struck. In 1926 pegging the peso to the British pound was reduced to 40 pesos = 1 pound (1 peso = 6 pence). From 1925, coins and banknotes were issued denominated in cóndores, worth 10 pesos. The gold standard was suspended in 1932 and the peso's value fell further. The escudo replaced the peso on January 1, 1960 at a rate 1 escudo = 1000 pesos.