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Coin Collecting NewsChavez Revives Historic Coin in Campaign to Reduce Inflation
Venezuelan President Hugo Chavez’s latest effort to reduce Latin America’s highest inflation rate revives a coin rooted in Venezuela’s colonial past: the “locha,” based on the old Spanish “piece of eight.”
The locha is worth 12.5 cents, or an eighth of a new “strong bolivar,” a currency that debuted today with seven new coins and six new bills. Chavez says the new bolivar, created by lopping three zeros off the old currency, will simplify pricing and help slow consumer price increases.
“During the 1940s and through the 1960s, the locha was one of the most popular coins,” Armando Leon, a director of the central bank, said in an interview in Caracas. “It circulated during a very long period of stability.” Read Full Story
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