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What is the Peruvian Inti worth today?

by David
(Huanchaco, Trujillo, La Libertad, Peru)

The Inti - Obsolete Millions

The Inti - Obsolete Millions

I have a bill with face value of 1,000,000 Intis. How much is it worth?





Answer from David at Inside-Peru.com:

A visitor to
our Facebook page, InsidePeruTravel
asks this question.

What is the Peruvian Inti worth today?

The Peruvian Inti was a unit of currency for about 6 years before it was replaced. What is it worth today?

I did some research and found that the Inti is worth exactly nothing as a monetary unit.

Theoretically, at the time it became obsolete, it would take 1 million Intis to equal 1 Nuevo Sol (about 30 cents USD).

On the other hand, a collector might pay around $5.00 to $12.00 USD to add to his/her collection.

In 2014, the Peruvian newspaper RPP published an article which I have extracted below along with Peru's National Bank report.

RPP

A little more than 29 years ago, on February 1, 1985, an inflationary spiral forced the president of that time, Fernando Belaúnde Terry, to create a new monetary unit called Inti (I /.), a Quechua word meaning Sun. The Inti replaced the previous standard monetary unit which was called the Sol de Oro.

However, the Inti was again the victim of inflation during the first government of Alan García, who between 1985 and 1990 recorded an accumulated hyperinflation of almost 2.2 million percent.

The Inti was devalued in a very short time, to such an extent that the prices were expressed in millions of Intis to buy the basic necessities.

The Inti was replaced by the current Nuevo Sol in July 1991. Each Nuevo Sol equaled one million Intis.

How much would an Inti be worth today? So if we do the calculation and divide an Inti (I / .1) among a million, the result is S /. 0.000001 In other words, it would have virtually no value.

And if, for example, we would like to buy a ticket to the movies at today's price of S /. 12, we would have to spend 12 million Intis.

However, this example is only hypothetical as Intis no longer have legal value.

*Source: http://rpp.pe/economia/economia/sabes-cuanto-valdria-un-inti-en-2014-noticia-668691


The Peruvian Inti as a Monetary Unit - BANCO CENTRAL DE RESERVA DEL PERÚ

Inti

The Inti was a monetary unit that became effective as of February 1, 1985 in accordance with Law No. 24064, dated January 12, 1985. It was divisible by 100 cents.

As of January 1, 1986, it was established as a unit of account in the accounting of public and private companies.

Its equivalence with the Sol de Oro at that time was:

S /. 1,000.00 (Soles) =  I /. 1.00 (Inti)

In May 1985 the first coins expressed in Intis were put into circulation, while the first banknotes were put into circulation in December of that same year.

The validity of the Inti as monetary unit was until June 30, 1991 (6 years).


INTI MILLON (I / .m.)

Unit of account that became effective as of January 1, 1991, according to the D.S. No. 326-90-EF published on December 16, 1990

Both the prices and the accounting records were expressed in millions of Intis with decimals; for example:

I /. 12 453 734 = I / .m. 12.45

This unit of account was in effect until June 30, 1991

*Source: http://www.bcrp.gob.pe/billetes-y-monedas/unidades-monetarias/inti.html

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