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The E-Sylum: Volume 10, Number 35, September 3, 2007, Article 10 ON SACAJAWEA DOLLARS IN ECUADOR Regarding last week's question on the use of Sacagawea dollars in Ecuador, Roberto Jovel writes: "I am sure you and your readers will recall that Ecuador dollarized its economy many years ago, and that since then U.S. coins and notes have been used for daily transactions, including the Dollar coin. Another Latin American country that dollarized its economy recently is El Salvador, and U.S. coins and notes are used as well, except for the one-dollar coin denomination." Eric von Klinger writes: "Coin World has reported several times on Ecuador's "dollarization" program involving circulation of Sac dollars. We reported Feb. 11, 2002, that the U.S. Treasury Dept. had supplied $5 million in Sacs to Ecuador; the same article reported a large export of the coins to El Salvador, where a similar program was in place. Other articles followed in the July 25 and Oct. 21, 2002 issues of CW, and in the April 19, 2004, issue. The article in October 2002 concerned a problem of widespread use of counterfeits of the coin in Ecuador." Eric sent along the text of a May 31, 2004 report on the success of the program; here's one excerpt: "U.S. currency officially became legal tender throughout Ecuador in September 2000. The extraordinary action was an effort to stabilize the South American nation's shaky economy and to deal with rampant inflation of the up-till-then monetary unit, the sucre. By New Year's Day 2003, the U.S. government had shipped more than 500 million of the dollar coins to Ecuador for use as circulating currency." SACAGAWEA DOLLARS IN ECUADOR esylum_v10n34a16.html Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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