Zerlin abstract 2007
Guevara Zerlin, Banco Central de Venezuela
*The 'MACQUINA' in Venezuela: challenges, uses, conservation and socioeconomic problems*
The currency that was used starting from the XVII century, by the provinces that today make up Venezuela, coins known as macuquinas (cob money or crud money), came mainly from the silver coined by the Viceroyalty of New Spain, today Mexico, as a result of the constant commercial exchange generated specially by the esteemed Venezuelan cocoa fruit.
This narrow and fractional money helped Creoles, inhabitants of Caracas and members of other northern South American provinces, to acquire products and goods from other neighboring colonies and pay the Compañía Guipuzcoana; a monopolist, private company of the Spanish Crown that tried to transfer almost all the production to the Iberian Peninsula, between 1728 and 1780. This was done because of the Crown’s desire to ratify its overseas territorial possession on the production of Venezuelan well-liked cocoa.
Starting from the Colony, and up to the beginning of the XIX century, Venezuela didn't mint any coins until 1802, when it made the first ones out of copper. In 1813, our nation started the production of the first macuquinas, named caraqueñas. From that moment on, minting became difficult and chaotic. During the Independence War, between 1810 and 1821, consecutive and occasional minting was done by both republicans and royalists, resulting in spasmodic issues and, in many cases, counterfeiting. After the war, both the caraqueñas macuquinas, and those minted in Mexico, continued circulating until well into the XIX century. Macuquinas caused many problems among the population since they didn't escape from being pilfered, cut off and punctured by the citizens who, desperate due to the lack of currency, recurred to any subterfuge in order to benefit by the metal.
Nevertheless, it is to be noted that the macuquinas were the only coins accepted throughout nineteenth century Venezuela, in spite of all attempts to establish other kinds of currency. This explains why its state of preservation is an expression of our history, full of anguishes and instabilities.
"back to Vienna programme":http://www.icomon.org.uk/meetings/31/vienna-programme