ECUADOR 1000 sucres set 8.6.1988
$15.00
ECUADOR, 1000 sucres set, 8.6.1988, Face: green and brown on multicolor, Rumiñahui, Back: green and multicolor, arms, series IV, IX, IY, and IZ, P125b, 4 pieces, AU-Unc
2 in stock
Description
Rumiñahui (Rumiñawui) was an Inca commander who led the northern wing of anti-Spanish resistance after the assassination of Inca Emperor Atahualpa. He concealed what remained of the Inca treasury. Captured and killed by the Spanish but did not reveal the location of the treasure, which has never been found.
Inflation has been a problem in Ecuador from the beginning. At the time this note was issued an official exchange rate with the USA dollar had fallen apart and inflation was galloping.
Ecuador broke away from Colombia in 1830. Instability was the norm for most of the 19th century. Some periods of calm occurred in the 20th century and more recently.
Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.
Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.
