Note: This currency has been replaced by the US Dollar.
The official currency of Ecuador was the Ecuador Sucre (ECS); it was in circulation from 1884 to 2000. The Sucre was subdivided into 100 centavos, which are equal to 10 decimos. The United States Dollar replaced the Sucre in 2000.
- Ecuador’s economy is based on export products, including shrimp, bananas, oil, and gold.
- Tha main industries are chemicals, wood products, petroleum, textiles, and food processing.
- Unemployment in the country is 5.9%.
- Import products are lubricants and fuels, industrial materials, and nondurable consumer goods.
- Industrial-based businesses are limited, due to the lack of electricity resources.
- Service industries account for 60.3% of the yearly GDP.
- In 1884, the Ecuador Peso was changed to the Ecuador sucre. It became part of the silver standard and 22.5g silver = 5 Latin Monetary Union Francs.
- All substandard coins were taken out of circulation from 1887 to 1892. Good quality silver coins remained in circulation.
- In 1898, the country switched over to the gold standard and the Sucre was evaluated at 2 shillings Sterling = 732.224 mg gold.
- After 1914, when World War I began, the Sucre was made non-convertible.
- In 1927, the Sucre was re-established and became part of the gold exchange standard; 300.933mg fine gold = 0.20 USD.
- The gold exchange standard was dropped in 1932 and the sucre was fixed to the US Dollar at 5.95 Sucre = 1 USD.
- A crawling peg was implemented in 1983.
- The turmoil caused by devaluation of the sucre forced the country to adopt the USD as the official currency in 2000.
- People were able to exchange Sucre notes until the end of March 2001.
Symbols and Names
- Symbols: S/.
- Nicknames: none
ISO 4217 Code
- Centavo = 1/100 of a Sucre
- Bills: 5,000, 10,000, 20,000, 50,000 sucres
- Coins: 100, 500, 1,000 sucres
Countries Using This Currency
Currencies Pegged To ECS :
Is Pegged To:
ECS Is Pegged To:
- US Dollar = 25,000 Sucres