Ecuador is a South American country which is the official user of US dollar. The Ecuador currency before the dollar was Ecuadorian sucre. 1 Ecuadorian sucre was equal to 100 centavos or 10 decimos. The currency of the Ecuadorian has been sucre since a long time. In 2000 Ecuador adopted the US dollar which has increased the cost of living of the country. 1 USD = 25¸000 ECS. The dollar is used as the official currency of the country ever since.
About Ecuador Currency
Ecuador was previously using the Ecuadorian sucre before it adopted the US dollar as its currency. The Ecuadorian sucre was initially known as peso. But later in 1884¸ it was renamed as ‘sucre’ in respect of the Antonio Jose de Sucre. The sucre had many standards before the dollar took over its place as the official currency of Ecuador. The sucre was known as the silver standard and it was later transformed into golden standards. The gold standard of the Ecuadorian sucre was suspended in 1932 and it was decided that it would be a legal trader with US dollar.
The US dollar was made the official currency of Ecuador in 2000. 1 US dollar was equal to 25¸000 Ecuadorian sucre. At this rate the exchange was made. When the circulation of the US dollar started the Ecuadorian currency was ceased and slowly the filtration of the Ecuadorian currency started. Sucre banknotes were no more the legal tender for the country from September 11th 2000. In 2001¸ people were allowed to exchange their Ecuadorian sucre for US dollars.
Ecuador Currency ISO 4217 Code
The ISO 4217 code of the Ecuador dollar is USD. This code is an alphabetically generated code which is used to recognize the dollar all over the world. This code is generated to all the currencies which are spread all around the world. The symbol of the dollar is ‘$’.
Ecuador Currency Banknotes Types
Ecuador currency is presently US dollar. The US dollar is issued by the Federal Reserve Bank. The denominations in which the banknotes are circulated are $1¸ $2¸ $5¸ $10¸ $20 and $50. The typical US dollar bills are mostly green in color. They can be used in any provinces which are dollarized. In 2004 there was a new proposal by the Congress to change the color of the banknotes and use brighter colors.
Ecuador Currency Coins Types
Ecuador currency coins are minted in the country itself. They have the official rights to mint the US dollar coins. The denominations in which the US dollar coins are circulated are 1¢¸ 5¢¸ 10¢¸ 25¢¸ 50¢ and $1. These coins have a mint mark which is very unique and not found in other currency coins. They have their national symbol on one side of the coin.
Currency Exchange Rate to other World Famous Currencies like US
The exchange rate of US dollar when compared to other major currencies in the world as of February 25th 2011 is –
1.00 USD = 0.726744 EUR
1.00USD = 0.619057 GBP
For more information on the Ecuadorian dollar you can visit www.federalreserve.gov