Currency in Ecuador

Ecuador’s currency situation has gotten complicated with all the dollarization debates, historical context questions, and practical usage concerns flying around. As someone who has studied Latin American monetary policy and collected Ecuadorian coins, I learned everything there is to know about this unique currency arrangement. Today, I will share it all with you.

The Current System

Probably should have led with this section, honestly—Ecuador uses the U.S. dollar as its official currency. They adopted it in 2000 after severe economic crisis destroyed confidence in the Sucre. Ecuador can’t print dollars, so they must earn them through trade and remittances.

The Sucre

That’s what makes Ecuadorian numismatics endearing to us collectors—the Sucre series (1884-2000) offers interesting designs and historical significance. Named after independence leader Antonio José de Sucre, these coins document Ecuador’s monetary evolution.

By 1999, hyperinflation had destroyed the Sucre’s value. The exchange rate for dollarization was fixed at 25,000 Sucres per dollar.

Collecting Ecuadorian Coins

• Pre-dollarization Sucre coins (various denominations and designs)
• Ecuadorian centavo coins (minted for local use alongside U.S. coins)
• Commemorative issues from both eras

Using Money in Ecuador Today

U.S. bills circulate freely. Ecuador also mints its own centavo coins equivalent to U.S. cents. Breaking large bills ($50, $100) can be difficult in small towns—carry smaller denominations.

Economic Implications

Dollarization brought stability but cost Ecuador control over monetary policy. The country can’t adjust interest rates or print currency to respond to crises. Fiscal policy becomes the primary economic tool.

For Numismatists

Ecuadorian Sucre coins are affordable and tell an interesting story. Complete type sets are achievable, and the history adds depth to any world coin collection.