Currently, El Salvador’s official currency is the United States dollar (USD) . It was officially adopted in 2001, replacing the Salvadoran colón (SVC).
- Historical Currency: The colón was El Salvador’s currency from 1892 to 2001.
- Subdivisions: It was subdivided into 100 centavos.
- Name: Named after Christopher Columbus (Cristóbal Colón in Spanish).
- Symbol: The colón’s symbol is a “₡” (a “C” with two slashes).
- Replacement: The U.S. dollar officially replaced the colón in 2001 at a fixed rate of 8.75 colones per USD. While no longer in active circulation for everyday transactions, it remains technically legal tender.
- Official Currency: The US dollar has been the official currency of El Salvador since 2001.
- Dollarization: El Salvador’s adoption of the USD is known as dollarization. The move aimed to stabilize the economy, attract foreign investment, and reduce exchange rate volatility.
- Bitcoin as Legal Tender: It is important to note that while the US dollar remains dominant, El Salvador also made Bitcoin legal tender in 2021. However, the use of Bitcoin in daily transactions remains minor.
In summary, if you are looking for El Salvador coins, it’s likely you are looking for collectible Salvadoran colón coins from the pre-2001 era. If you are looking to purchase goods or services in El Salvador, you will use the US dollar.
