General José María Orellana assumes the presidency of the Republic of Guatemala on March 15, 1922, in the middle of an economic crisis promoting the necessary measures for advancing toward an economic arrangement. One of the primary measures was to detain the issue of unsupported paper currency, creating for that purpose the Regulatory Till, whose finality was that of preparing the conversion of national currency and organizing the monetary system.
It is in this period that our current currency is born: the “Quetzal” as a new monetary unit of the country that substituted the weight, sanctioning this reform with agreement No. 879 dated November 26, 1924. The Regulatory Till, through Governmental Agreement dated June 30, 1926, finally became the Central Bank of Guatemala, of mixed capital, granting it the unique role of money issuer.
In this period the paper monetary issue is begun again, highlighting the famous “chemas” in numismatic history – nickname of José María – due to the effigy of President Orellana followed by the “centrales” of the period of General Jorge Ubico, both accompanied by metallic coins in different denominations and designs. The revolution of 1944 unchains a series of changes at all levels, one of them being the disappearance of the Central Bank of Guatemala.ry reform in 1924.
PIECES - PHOTOGRAPHS