Silver Spot Price & Charts in Chilean Pesos

Silver Prices in Chilean Pesos

Although silver is a dollar denominated commodity, the white metal can be transacted in any currency. If you live in Chile or other areas of South America, you may see silver traded and quoted using the Chilean Peso. Dealers may price silver per ounce, gram and kilogram using the local currency and possibly other currencies such as dollars.

The current Chilean Peso has been used since 1975. When the peso was introduced, it replaced the escudo at a rate of one peso per 1000 escudos.

The peso has seen some changes since its introduction, at times floating against a crawling band and at times being pegged to the dollar. Beginning in 1999, the currency was allowed to float freely against the dollar, although the Chilean Central Bank has stepped in on a few occasions since that time to fight significant depreciation in the currency.

There was a silver rush in Chile between 1830 and 1850. During this time, mining became one of the country’s primary sources of wealth. Silver deposits were found in the Norte Chico Mountains that led to rapid economic expansion. The rush didn’t last long, however, and the silver rush in Chile was over by the 1870s. Chile is currently one of the top silver producing countries in the world.

Silver Pricing in Chilean Pesos

If you are in Chile or other areas in the region, you would likely see the price of silver quoted in Chilean Pesos, and possibly some other currencies as well. The silver market can at times be very quiet and can at times exhibit significant price movement and volatility. Regardless of what currency the market may be quoted or traded in, the silver market can see changes in price based on numerous potential factors. Some of these factors include:

• Jewelry demand
• Investment demand
• Currency markets
• Supplies
• Geopolitics

Unlike its counterpart gold, the silver market can see not only significant investment demand but also significant industrial demand. This industrial demand could potentially create a divergence between gold and silver prices. The uses for silver have grown over the years, and the white metal is now used in:

• Photography
• Solar energy
• Medicine
• Electronics

And much, much more.

Chilean Mints and Products

The Casa de Moneda de Chile is a securities printing house and mint. It produces coins, banknotes and other securities.

The Chilean Mint began minting coins in 1749, and it began producing coinage for the country when it was still a Spanish colony. The mint now also produces coinage for other countries in addition to Chile.

The Chilean Mint has built a solid reputation of quality and craftsmanship. The mint uses an “S” mintmark that is the oldest mintmark used by the nation and symbolizes the patron saint of the capital, the Apostle Santiago.

If you are looking for a Chilean silver coin, the 1867-1891 Chilean Peso may be a good choice. This silver coin contains an actual silver weight (ASW) of .7234 ounces. The silver is .900 percent fine. The coin features a plumed arms within wreath design on the obverse, while the reverse features a condor with wings spread and shield.

You can also look at other various Chilean silver coins, such as the 1902-1905 50 Centavos coin. These coins contain .225 ounces of silver. Another possible choice might be the 1927 Dos Pesos coin which contains .289 ounces of silver. There is also a 1927 CINCO Pesos coin that contains .723 ounces of silver.

The Chilean economy is considered one of the most stable in South America, and the country is one of the largest copper producers in the world. Chile could potentially see increasing foreign investment in the decades ahead, and this could potentially fuel an increase in the value of the peso. As the nation’s economy and wealth grows, alternative asset classes like silver may potentially become more popular as a means of portfolio diversification. If the peso were to appreciate versus the dollar, it could make silver relatively less expensive for Chilean investors.

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