DEFINITION of 'PEN (Peruvian Nuevo Sol)'
The currency abbreviation or currency symbol for the Peruvian nuevo sol (PEN), the currency of Peru. The Peruvian nuevo sol is made up of 100 céntimo and is often represented by the symbol S/. The word "sol" is Spanish for "sun," and its use here is meant to give power to the Peruvian people.
BREAKING DOWN 'PEN (Peruvian Nuevo Sol)'
The high inflation in Peru during the 1980's forced the country to revalue their currency. The nuevo sol replaced the previous currency, the inti, at a rate of 1,000,000 to 1. A currency referred to as the old sol was used before the inti. It was replaced by the inti for the same reason the nuevo sol replaced the inti - hyperinflation.