User:Paoloecuadorian/sandbox


 * Bulleted list item

Ecuadorian centavo coins were introduced in 2000 when Ecuador converted its currency from the sucre to the U.S. dollar. The coins are in denominations of 1, 5, 10, 25 and 50 centavos and are identical in size and value to their U.S. cent counterparts (although the U.S. 50-cent piece is rarely used.) They circulate within Ecuador alongside coins and banknotes from the USA. Although U.S. $1 coins are rarely used domestically, they are commonly used in Ecuador. Ecuador does not issue any banknotes, relying on U.S. issues.

History
By January 2000, President Jamil Mahuad officially decided to opt for dollarization to overcome the economic crisis that had been planned. This alternative involved both a change in the exchange rate regime as a change in the monetary system Thus, in the early days of dollarization, sucres were the circulating currency and it was not till the administration of Gustavo Noboa that the designs for coins of 1, 5, 10, 25 and 50 cents of Ecuadorian dollar were ordered. The Central Bank of Ecuador and the Royal Canadian Mint signed on June 28, 2000, a contract for the provision of 150 million units of pennies, which were received in nine shipments 3 by flight and 6 by sea, from the September 6 to November 27, 2000. Additionally, the Central Bank of Ecuador and the Mexican Mint signed on June 12, 2000, a contract for the provision of 514 million units of coins of 50, 25,10 and 5 cents, which were received on 17 shipments 1 by air and 16 by sea from 25 August to 24 December 2000

Description
The Central Bank of Ecuador (BCE) felt that Ecuador still needed its own currency to boost the national identity of the time. A group of distinguished citizens to whom the BCE called to define coin designs have opted to keep the figures as used in their notes and coins «General Eloy Alfaro (50,000 sucres bill), Eugenio Espejo (500 sucres bill) and Juan Montalvo (5,000 sucres bill) »Only added José Joaquín de Olmedo on the quarter and the map of America on the penny There are some common features in current monetary currencies cone:


 * At the top of the coin, the legend: Republica del Ecuador. In the bottom, the caption identifies the main character of the front whose name is between four 5-pointed stars, two at the left and two at the right.
 * At the bottom has the Banco Central del Ecuador legend. In the bottom, the entry with the nominal value of the currency in capital letters. In the center of the back is the nominal value in number.
 * In addition, on the bottom side a isogram composed of a set of 4 horizontal and oblique parallel lines represent the four regions of Ecuador: Insular, Costa, Sierra and Oriente. Above the isogram it is reported the year of issue on two lines, the first word YEAR and below the year «they were only issued in 2000 or 2003 »
 * Mintmarks and assayer initials are absent from all coins.
 * The beading perimeter line is smooth for both the front and the back