The Peso is the currency of Chile and the current incarnation has existed since 1975. The previous generation circulated between 1817 and 1960. Locally, the currency is represented by a "$" symbol and the ISO standard currency code is "CLP". Originally, the Peso denoted an amount equivalent to one-hundred centavos. However, there is no longer a centavo denomination of coin circulating in Chile, which is largely attributed to inflation that the country experienced in the early 1980's. That is, the relatively high rates made such small denominations of money obsolete.