In January of 2008, Venezuela introduced their new unit of currency, the bolívar fuerte. Venezuela’s bolívar fuerte replaced the bolívar, which was revalued at a ratio of 1:1000 to help make transactions and accounting easier for the Venezuelan people and foreigners doing business with Venezuela.
The two word phrase, “bolívar fuerte”, also abbreviated as Bs.F. or Bs. is a temporary name for Venezuela’s new currency and is used only to differentiate it from the old bolívar currency still in circulation. Venezuela’s currency is said to be going back to the original bolívar in the future.
Venezuela has issued bolívar fuerte coins in 1, 5, 10, 12 ½, 25, and 50 céntimos demonimations, as well as 1 bolívar.
The current exchange rate between the bolívar of Venezuela and the US dollar is $1 USD equaled approximately 2.59 to 4.29 bolívar from November 2010 through February 2011, according to x-rates. Rates are subject to changes on a daily basis.
In 1879, the Venezuelan government introduced silver coins that were worth one-fifth, one-half, 2, and 5 bolívares. Venezuela also issued 20 and 100 bolívares gold coins in the late 1800s. In 1896, Venezuela also released the 12 ½ céntimos (cents) coin.
In 1912, Venezuela stopped producing all gold coins, except for the 5 bolívares gold coin, which continued to be issued until 1936.
In 1965, Venezuela replaced the silver in their coins with nickel in their 25 céntimos, and 50 céntimos coins. Then, in 1967, they did the same with their 1 and 2 bolívares coins.
In the early 1970s, Venezuela introduced addition coins and changed the metals used to make each coin.
Then, in 1998, after a period of very high inflation, Venezuela introduced a new set of coins valued at 10, 20, 50, 100, and 500 bolívares.