In 1817 the Chilean peso became the country’s official currency but remained pegged to (meaning that its value was directly tied to the value of) the Spanish real. However, in 1960 the peso was replaced by an new currency – the escudo. When it was introduced, 1 escudo was worth 1 000 pesos. But just 15 years later in 1975 the peso was reintroduced and replaced the escudo. In 1976, 5 and 10 peso coins were circulated; 5 years later 50 and 100 peso coins were introduced; and 500 peso coins were minted for the first time in 2000. Each peso is worth 100 centavos – although there are no centavo coins in circulation.
