[edit] History
Banco de la República was not only the government bank, acting as a central bank with a monopoly of issue, it was also the largest commercial bank in Uruguay. A law of 14 August 1935 made its issue department (El Departmento de Emisión) autonomous, and provided for a revaluation of the Bank's metallic reserves by confirming (16 August) the official exchange rate at 12.06 French francs to the peso. The old theoretical peso oro of 1.697 g, .917 fine, was abandoned, and bank notes were denominated in national currency (moneda nacional). The Bank's gold stocks were revalued by a factor of 2.2 (i.e., at 709.53 mg fine gold to the peso). The actual market rate in New York ranged US$0.46-0.57 per peso during 1936.

By 1941 the peso's official rate was 1.90 to the US dollar. A complicated system of multiple exchange rates was adopted in 1946 and adjusted frequently. The year-end rate in pesos per US dollar on the free market was: 1953, 3.04; 1957, 4.66; 1958, 10.20; 1959, 11.18. Parity was registered with the International Monetary Fund on 7 October 1960 at 7.40 per US$1, but the effective market rate remained around 11 per until 1963, when it began a precipitous decline. Year-end free market rates per US$1 were: 1963, 17.35; 1964, 24.35; 1965; 69.20; 1966, 76.50; 1967, 199.00. This depreciation reflected the declining world market for Uruguay's chief exports: wool, meat and meat products, and hides.

Banco de la República was replaced by a true central bank, Banco Central del Uruguay, which assumed responsibility for the note issue and began operations on 01 March 1967. Exchange held at 250–260 pesos per US$1 in 1969-1971, A currency reform was planned, but postponed as the peso began another rapid decline. By April 1973 the US dollar fetched 1,300 pesos on the open market.

[edit] Paper

[edit] 1937-1950 Banco de la República
Notes issued in conformity with the law of 1935 were printed in England by de la Rue and put into circulation in 1937: 50 centésimos and 1, 5, 100, 500, and 1000 pesos. A 10-peso note was added in 1943. The notes of this series are undated. The earliest emissions had two engraved signature-titles. From 1945 there were three engraved signature-titles. After 1947 the three titles were lithographed.

[edit] 1948-1967 Banco de la República

50 Centésimos Law of 1939, released 1966
50 Centésimos Law of 1939 (back)Undated notes of a new design and reduced size, also printed by de la Rue, referencing the Law of 2 January 1939, were introduced in 1948 for 1, 5, 10, and 100 pesos, with notes for 50, 500, and 1000 pesos following in 1952. A metal thread was added to the notes in 1957 for greater security. A 0.50 note, printed by Casa de Moneda de Chile was put into circulation in 1966.

[edit] 1967-1975 Banco Central
The first notes released by Banco Central were Banco de la República notes of 10, 50, 100, 500, and 1000 pesos with Banco Central de la República or Banco Central del Uruguay appearing in the signature titles. Banco Central also began issuing a new series of notes of uniform size (155 x 69 mm), featuring a portrait of J.G. Artigas: 50, 100, 500, 1000, 5000, and 10,000 pesos. There are two different designs of the 1000, and two different designs of the 10,000.

[edit] Coin

[edit] 1936-1951 issues
Copper: 5c, 5·00 g (4 million 1944, 2 million 1946, 2 million 1947, 3 million 1948, 2·8 million 1949, 15 million 1951).

Aluminium-bronze: 10c, 6·00 g, 25 mm (2 million 1936).

Silver: 20c, 3·00 g, 0·720 fine (18 million 1942); 50c, 7·00 g, 0·700 fine (10·8 million 1943); $1, 9·00 g, 0·720 fine (9 million 1942).

[edit] 1953-1959 issues
Copper-nickel 1c, 1·50 g (5 million 1953); 5c, 3·50 g (17·5 million 1953; 10c, 4·50 g (28·25 million 1953, 10 million 1959).

Silver: 20c, 3·00 g, 0.720 fine, 19 mm (10 million 1954).

[edit] 1960-1965 issues
Nickel-bronze: 5c, 3·50 g (88 million 1960); 10c, 4·50 g (72·5 million 1960).

Copper-nickel: 25c (48 million 1960); 50c (18 million 1960); 1 peso (8 million 1960).

Aluminium: 20c (40 million 1965); 50c (50 million 1965).

Aluminium-bronze: $5 (18 million 1965); $10 (18 million 1965).

Silver, commemorating the Revolt Against Spain Sesquicentennial: $10, 12·50 g, 0·900 fine (3 million 1961).

[edit] 1968 issue
Nickel-bronze, 1968: $1, 17.3 mm (103·2 million); $5 (42·68 million); $10, 23 mm (90 million).

[edit] 1969-1973 issues
Aluminium-brass, 1969: $1 (51·8 million); $5 (42·32 million); $10 (10 million).

Copper-nickel: $20 (50 million 1970); $50 (20 million 1970); $100 pesos (20 million 1973).

Nickel-brass, commemorating the birth centenary of J.E. Rodó: $50 (15 million 1971)

[edit] 1973-1993 Nuevo peso
Nuevo peso (N$) = 100 Centésimos

Conversion: 1 nuevo peso = 1,000 old pesos

[edit] History
The nuevo peso (N$; ISO 4217 code: UYN) replaced the peso on 1 July 1973 at 1 new to 1,000 old. The initial exchange rate was UYN 1.50 per