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500 Bolívares
| Issuer | Banco Central de Venezuela |
|---|---|
| Year | 1998-1999 |
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| Value | Log in to see details |
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| Composition | Log in to see details |
| Weight | 8.4 g |
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| Obverse description | Log in to see details |
|---|---|
| Obverse script | Log in to see details |
| Obverse lettering | •REPÚBLICA DE VENEZUELA• 1998 500 BOLÍVARES (Translation: Venezuela Republic 1998 500 Bolivares) |
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| Mint | Log in to see details |
| Mintage | 1998 - Y#79.1; NCV# mv500bs-ga; Czech mint and Budapest mint - 150,000,000 1999 - Y#79.2; NCV# mv500bs-gb; Maracay mint - |
| Additional information |
Venezuela's late-1990s monetary situation was deteriorating sharply — oil revenues had collapsed, inflation was running above 30% annually, and the bolívar was losing ground steadily against the dollar. Striking a 500-bolívar coin in nickel-plated steel rather than a more expensive alloy was a direct cost-containment response. Within a few years the denomination was effectively worthless in purchasing power terms.
Hugo Chávez won the presidential election in December 1998, mid-way through this coin's production window. The monetary redenomination that eventually followed in 2008 wiped out three zeros from the bolívar, making the 500-bolívar piece worth half a single new bolívar fuerte.