Venezuela: First Bimetallic currency in the world with the effigy of the Liberator. 
The December 5, 2006 Venezuela was released in the circulation of the first bimetallic coin of the country's history. Like all circulation coins Venezuela since 1873, these pieces bear the effigy of Simón Bolivar. Just five weeks after its release to the public, the Central Bank of Venezuela announced the suspension of the coinage and the withdrawal of the same coin to a new piece, this time with the current National Shield.
This unusual action is based on the argument in Venezuela on whether the coin contains an error or not. The coin shows as the year of issue 2005 and is the national emblem in force in that year. In this regard, details two positions:
Does the currency a failure in the Shield or Date?
The March 7, 2006 the National Assembly of Venezuela approved the "Law National Flag, Anthem and Coat of Arms of the Bolivarian Republic of Venezuela " http://www.asambleanacional .gov.ve/ns2/leyes.asp? id = 722 which among its most important changes was the inclusion of an eighth star in the National Flag and the change in the orientation of the horse depicted in the third quarter of the Coat of Arms. Previously, the horse was facing to the left of the currency (or the right of the observer) and the new law states that " galloping to the left of the viewer and looking ahead ', Therefore, although the law indicated that the old symbols were valid for five years but also means that the new National Symbols should be used in all new impressions, coinage and documents that are made after approval of the Act.
Accordingly, a position indicates that the first coin of Bs 1000 in Venezuela has two errors. The first is the year indicated on it, taking into account that the public was announced in October 2006, the coinage was initiated in November 2006 and was released to the public in December 2006. The second mistake would be a condition of the former. The coin was minted with a national shield was not in effect at that time.
"The coin is minted right and according to the law?
The other view states the currency was adopted in a resolution of BCV end of 2005 and therefore is printed that year and the current seal at the time. Also the third transitional provision of the new law indicates that for technical reasons, the symbols can be maintained up to 5 years old more.
"The Central Bank of Venezuela in regard to the need to make the necessary adjustments to their technical systems production of currency put into circulation may new monetary Coat of Arms, whose designs correspond to the parameters of Law of Flag, Shield and Anthem, sanctioned on 10 February 1954 and published in the Official Gazette of the Republic of Venezuela No. 24,371 dated February 17, 1954, up to a period of five years from the date of the enactment of this Act "
A final assessment is political: The BCV has the power to" make or not "outstanding monetary species using symbols that allows the previous Law of Symbols. Based on this authority, may at any time substitute any kind of new money and use of Symbols According to the prevailing political moment in the country, in which the old badge represents, for many, a period exceeded. This may be the real reason for the withdrawal and future replacement of the first coin of Bs 1000 in Venezuela.
Palis Written by Erwin on January 13, 2007.
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