The peso is the currency of Chile. The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960. The symbol used locally for it is $. The ISO 4217 code for the present peso is CLP. It is subdivided into 100 centavos, although no centavo denominated coins remain in circulation. The average exchange rate of the Chilean Peso to the U.S Dollar was 1 U.S. Dollar to 559.61 Chilean Pesos in 2009.
The peso used to be in constant devaluation year on year against the US dollar and other hard currency. However the peso seemed to stabilize against the US dollar in the 1994 to 1997 period, to continue devaluation afterwards with a peak on pesos per US dollar nearing and sometimes surpassing 700 CLP per 1 US dollar in 2002 and 2003. Since that peak the peso has been revalued significantly.