Pre-Hispanic period
On the American continent the natives did not know the coin in its modern concept, they performed their foreign exchange with the various tribes, barter style through different products by way of currency, including urao (sort of bitter salt extracted
A very important phenomenon is striking through the accounts of the first attempts of Spanish colonization in Venezuela. All authors agree that Indians were pleased to foreign visitors, and the willingness of indigenous peoples for dealing with the Spaniards, in which both found great advantages is remarkable. It is worth noting in the stories of the first trips to the Venezuelan coasts the familiarity of the Indians with the operations of trucking, their fondness for them and the existence of a more or less regular exchange between people and others on the coast and in the interior of the country. Likewise, noted in indigenous some cunning in changing operations, because they were not easily but those things that they had in abundance, but which were sparingly, not gave off with ease. The action of haggling which shows some experience in barter and true concept already formed the value measurement was also observed. The real value of things was determined by the effort and fatigue consumed in manufacture them or buy them. The Indians had above all the sense of the utility, the notion of value in use; While the Spanish had the most advanced knowledge of exchange value. For Indians, the pearls were of very secondary importance, to the point of being a by-product, as ordinarily they fished oysters to eat them, and without doubt it was a prized food. This Exchange was made with joy on both sides, since the Indians looked amazing receive things like knives, scissors, fabric, pins and things of metal in Exchange for objects for them useless and abundant. In the State of backwardness of our tribes, the knife had to represent an innovation as important as the use of electricity in civilized society.
In Venezuela, the first known coins were brought by the conquistadors in 1498. But the shortage of coins and little production of salable objects, did that in the 16th century predominated the barter trade which required to directly give product-by-product basis, as what turned out to be insufficient for the lack of coincidence of desires and needs among the population. And even in case of coincidence of needs, there was the difference in the required amount. This lack of relationship made to further highlight the need for some means of payment more reliable and accepted by all. The pearls were calls to fill this void. Note that the Caracas Cabildo said pearls of Margarita as currency, decision which was maintained between 1589 and 1620. During the 16th century the Venezuelan economic organization made prevailing primitive direct barter system. Various objects exerting the function of currency. Pearls, mainly played this role until the 17TH century. The pearls were classified in four genera: chain, medium chain, rostrillo and medium rostrillo. Its circulation, was so common that the merchants, finance officials and private individuals generally made valuations of goods and other effects in "real Pearl", this was the basis of commercial transactions and with these most taxes are collected.Since the discovery were known pearls which are fished in Cubagua and Margarita and its wealth allowed to use them as a means of payment. The assigned value depended on its weight which brought with it the need for a balance in order to know its equivalence with the money. But the difference in size and quality made it difficult for the application of the general rule of that 16 silver reales; in this case in pearls, they outside were equal to a weight of gold. The trend was to accept 18 to 20 Reales in pearls by weight. And there was still uncertainty among the pearls and the Royals of silver, which the authorities decided to finally set eleven grains of rostrillo for each real.
For over a century turned pearl currency function.
In the use of beads can distinguish two periods:
The first corresponds to the time of arrival of the Spanish to thirty or forty years later, when the beads were obtained from the Indians themselves or extracted in the vicinity of Cubagua, these pearls were considered luxury goods and even occasionally used as currency
In the second period, and the beads were no longer an object of so much greed and the price was more or less stable, remained constantly in circulation and ceased to be a simple barter transactions as its value kept a firm balance, this can
During the same time also with bits of gold was to be printed real brand, which guaranteed the quality of the metal, but not its price.
In 1600 it presented a problem as there was any gold in the colony and few pearls, so the council had to inform the King that the lack of coins, the neighbors had seen the need to return to barter,
The coin pearls were always served small and irregular, since large and regular were used as jewelry.
To facilitate the implementation of the measure of the "once grains" and avoid deception and fraud, the Cabildo de Caracas was manufactured by the silversmith Pedro Fernandez, weights two real, one real and actual average, duly stamped with a mark of lion
On the other hand, was of concern to the authorities not only the use of pearls like coins, but the tax evasion, since fishing for pearls and later use often is towards not having to place the "quinto real", as he was serving in the exploitation and coinage of precious metals.
The pearls as currency continued to have setbacks and to the early seventeenth century finally disappeared from the market, which again won barter as most used form of trade.
