Paraguayan guaraní

The guaraní (Spanish pronunciation: [ɡwaɾaˈni], plural: guaraníes; sign: ; code: PYG) is the national currency unit of Paraguay. The guaraní was divided into 100 céntimos but, because of inflation, céntimos are no longer in use.

Paraguayan guaraní
Guaraní paraguayo (Spanish)
100 Guaraní banknote of 1952
ISO 4217
CodePYG
Denominations
Subunit
1/100céntimo
because of inflation, céntimos are no longer in use.
Pluralguaraníes
Symbol (₲ in unicode)
Banknotes2,000, 5,000, 10,000, 20,000, 50,000 & 100,000 PYG
Coins50, 100, 500 & 1,000 guaraníes
Demographics
User(s) Paraguay
Issuance
Central bankBanco Central del Paraguay
Websitewww.bcp.gov.py
PrinterDe La Rue
Giesecke & Devrient
Polish Security Printing Works
WebsiteDe La Rue
Giesecke & Devrient
Polska Wytwórnia Papierów Wartościowych
MintBanco Central del Paraguay
Websitewww.bcp.gov.py
Valuation
Inflation2%
Source, November 2009 est.

The currency sign is U+20B2 GUARANI SIGN (HTML ₲).

History

The law creating the guaraní was passed on 5 October 1943, and replaced the peso at a rate of 1 guaraní = 100 pesos. Guaraníes were first issued in 1944. Between 1960 and 1985, the guaraní was pegged to the United States dollar at 126 PYG to US$1.

Coins

In 1944, aluminum-bronze coins were introduced in denominations of 1, 5, 10, 25 and 50 centimos. All were round shaped. The obverses featured a flower with "Republica del Paraguay" and the date surrounding it, except for the 50 centimos, which featured the lion and Liberty cap insignia. The denomination was shown on the reverses.

The second issue, introduced in 1953, consisted of 10, 15, 25 and 50 centimos coins. All were again minted in aluminium-bronze but were scallop shaped and featured the lion and Liberty cap on the obverse. None of the céntimo coins circulate today.

In 1975, coins were introduced in denominations of 1, 5, 10 and 50 guaranies, all of which were round and made of stainless steel. Since 1990, stainless steel has been replaced by brass-plated steel nickel-brass. 100 guaranies coins were introduced in 1990, followed by 500 guaranies in 1997. 1000 guaranies coins were minted in 2006 and released in 2007.

Coins in denominations of 1, 5 and 10 guaranies and coins of 50, 100 and 500 guaranies minted until 2005 where demonetized.

Value Obverse Reverse Diameter (mm) Weight (g) First issued Obverse Image Reverse Image
50 ₲ Marshal José Félix Estigarribia Acaray Dam 19 1 1975
100 ₲ General José Eduvigis Díaz Ruins of Humaitá 21 3.73 1990
500 ₲ General Bernardino Caballero Central Bank of Paraguay 23 4.75 1997
1,000 ₲ Marshal Francisco Solano López National Pantheon of the Heroes 25 6 2006

Banknotes

The first guaraní notes were of 50 céntimos, 1, 5, and 10 guaraní overstamped on 50, 100, 500, and 1000 pesos in 1943. Regular guaraní notes for 1, 5, 10, 50, 100, 500 and 1,000 guaraní, soon followed. They were printed by De La Rue.

The 1963 series (under the law of 1952) was a complete redesign. The lineup also expanded upward with the addition of 5000 and 10,000 guaraníes. This designed lasted for decades until inflation removed notes up to and including 500 guaraníes from circulation. The 1982 revision added denominations in the Guaraní language to the reverses.

The first 50,000 guaraníes notes were issued in 1990, followed by 100,000 guaraníes in 1998. During the last two decades of the 20th century, more than one printer printed guaraní notes.

Starting from 2004, the existing denominations, except 50,000 guaraníes, underwent small but easily noticeable changes, such as a more sophisticated and borderless underprint and enhanced security features. Giesecke & Devrient print the new 20,000 guaraní note, while De La Rue prints the rest. In 2009, the Central Bank launched the first 2,000 guaraníes polymer-made bills, which makes the notes more durable than the traditional cotton-fiber bills.

New 50,000 guaraníes bills of series C have been printed with the date of 2005, but as they obviously reached circulation by criminal ways before being launched officially, this series has been declared void and worthless by the central bank[1] and bills of 1000 guaraníes and series A and B of 50,000 guaraníes where demonetized in 2012.

A new 5,000 guaraníes note has been released. The 5,000 Guarani was put into circulation on January 14, 2013. This note has been printed by The Canadian Bank Note Company. Such security features include a see through window in the shape of a locomotive, a watermark of the portrait. However this note will still bear the portrait of Don Carlos Antonio Lopez, the reverse will also have the same design of Lopez's Palace.[2][3] 10,000 as well as 20,000 notes are produced by Polish Security Printing Works (Polska Wytwórnia Papierów Wartościowych).[4]

On December 22, 2016, new 20,000, 50,000 and 100,000 notes were introduced with upgraded security.[5]

Value Color Obverse Reverse First issued Obverse Image Reverse Image
2,000 ₲ Magenta Adela and Celsa Speratti School parade 2008
5,000 ₲ Orange Carlos Antonio López Palace of the Lopez 1963
10,000 ₲ Brown José Gaspar Rodríguez de Francia May 15, 1811 scene 1963
20,000 ₲ Light blue Paraguayan woman Central Bank of Paraguay 2005
50,000 ₲ Beige Agustín Pío Barrios Guitar of Agustín Pío Barrios 1990
100,000 ₲ Green Saint Roque González de Santa Cruz Itaipú Dam 1998

Revaluation

The guaraní is currently one of the least valued currency unit in the Americas, 1 USD being equivalent as of March, 2021, to 6,621 guaraníes (XE).

In 2011, plans were released under which the Paraguayan guaraní would be revalued as the Nuevo guaraní ("New guaraní") (PYN) at the rate of 1,000:1.[6][7]

From day 1 (currently unknown), there would be a conversion at the rate of 1,000 ₲ = 1 N₲ ("nuevo guaraní"). After a two-year transition period (with N₲ as the currency sign, and only the old banknotes available, probably with three zeros crossed out manually), new banknotes with the lower value would be introduced, re-using the name guaraní (₲) for the lower value.[7]

However, due to possible confusion and problems with the projects, it is currently suspended.

Current PYG exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD BRL ARS
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD BRL ARS
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD BRL ARS
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD BRL ARS
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD BRL ARS

See also

  • Economy of Paraguay

References

  1. "Archived copy". Archived from the original on 2012-07-20. Retrieved 2007-05-17.CS1 maint: archived copy as title (link)
  2. "Paraguay new 5,000-guarani polymer note confirmed". Banknote News. 2013-02-21. Retrieved 2017-01-08.
  3. "Presentan nuevo billete de 5 mil guaraníes". Ultimahora.com. Retrieved 2017-01-08.
  4. "Więcej banknotów z Polski dla Paragwaju PWPW PL". Pwpw.pl. 2014-10-16. Archived from the original on 2014-12-09. Retrieved 2017-01-08.
  5. "BCP autorizó la emisión de billetes con nuevas medidas de seguridad" (in Spanish). Banco Central del Paraguay. December 22, 2016. Retrieved February 19, 2017.
  6. "Archived copy" (PDF). Archived from the original (PDF) on 2009-12-29. Retrieved 2009-12-24.CS1 maint: archived copy as title (link)
  7. "Archived copy" (PDF). Archived from the original (PDF) on 2010-10-11. Retrieved 2011-01-03.CS1 maint: archived copy as title (link)

Bibliography

  • A Dictionary of Finance and Banking (3rd ed.). USA: Oxford University Press. 2005. ISBN 0-19-860749-0.
  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
Preceded by:
Paraguayan peso
Reason: inflation
Ratio: 1 guarani = 100 pesos
Currency of Paraguay
1944
Succeeded by:
current
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