The bolivar was the monetary unit of Venezuela from 1879 to 2008, so called in honor of the hero Simón Bolívar and replaced by the strong bolivar.
Due to the scarcity of metallic coins and the small production of objects for sale, in the XVI century, pearls were used as a means of payment. The value was given according to the weight of the pearl. These pearls came mainly from the islands of Cubagua and Margarita. The Cabildo of Caracas resolved that the pearls of Margarita would be the legal tender, and they did so, between 1589 and 1620.
In 1787 the King Carlos III ordered to mint silver coins to be used in Venezuela and the Antillean Islands, with values of 0.5 and 2 reals, manufactured in the Casa de Moneda in Mexico. They entered into circulation in 1788.
During the Independence, different currencies were created, the first of them being the peso venezolano in 1811.
After several political changes, in 1876 a single currency was created in the country, called the “venezolano” and replaced by the bolivar in 1879. The first currency was issued in 1876, designed by French engraver with the portrait of Simón Bolívar in the obverse and the coat of arms of the Republic of Venezuela in the reverse side. This design has been kept until today with just a few changes.
Regarding the national mint, the first one was open in 1886 by the president Antonio Guzmán Blanco under the name Casa de la Moneda de Caracas (Minting House of Caracas). Later on, this facility was closed and the country depended on the coins and notes manufactured in England, the United States, Germany and Denmark.
The first coins with the name “Republic of Venezuela” arrived to the country in 1844 and they were cents, half-cents and quarters of cent made in copper, minted by England.
Simón José Antonio de la Santísima Trinidad Bolívar Palacios Ponte y Blanco (1783 – 1830) was a Venezuelan military and political leader who led what are currently the countries of Colombia, Venezuela, Ecuador, Peru, Panama and Bolivia to independence from the Spanish Empire.
OBVERSE: Coat of arms, wheat represents the union of the 24 states of the Republic existing at the time and the wealth of the nation. In sinister chief, weapons a sword, a sabre and three lances and two national flags are tied by a branch of laurel, represents a symbol of triumph in war. In base, wilde horse, representing Simón Bolívar's horse Palomo, runs free, which represent independence and freedom.
Above the shield are two crossed cornucopias, horns of plenty, pouring out wealth. The shield is flanked by an olive branch and another of palm, both tied at the bottom of the coat with a large band that represents the national tricolour for the nation's wealth, the ocean separating Venezuela from Spain, the blood and courage of the people. The inscription at the top, date and value at the bottom.
Lettering: ★ REPÚBLICA DE VENEZUELA ★ 1977 5 BOLIVARES 19 de Abril de 1810 20 de Febrero de 1859 Independencia Federación República Bolivariana de Venezuela
Translation: April 19, 1810 February 20, 1859 Independence Federation Bolivarian Republic of Venezuela
Engraver: A. Barre
REVERSE: Portrait of Simón Bolívar facing left, engraver's name below
Lettering: BOLÍVAR LIBERTADOR BARRE
Engraver: A. Barre
EDGE: Reeded
Designer : "BARRE" - Désiré-Albert Barre (1818–1878), was French engraver, medalist, and the 18th Chief Engraver of the Paris Mint from 27 February 1855 to his death.
Mint: Royal Spanish Mint
MIntage in 1977 60 000 000
Country Venezuela
Period Fourth Republic (1953-1999)
Type Standard circulation coin
Years 1977-1988
Value 5 Bolívares
Currency Bolivar (1879-2007)
Composition Nickel
Weight 15.09 g
Diameter 31 mm
Thickness 2.67 mm
Shape Round
Orientation Coin alignment ↑↓
Demonetized 31 December 2011
References Y#53.1; NCV# mv5bs-ca01