[1] The monetary law of 11 May 1871 replaced the peso (the only one of the coins in circulation that was legal tender) with the venezolano at par.Coins were minted by several banks including la Compañía de Crédito (lit.Coins minted in conformity with the 1857 monetary law (centavos of pesos) were to continue in circulation, however, it would cease to be legal to accept payment in foreign currency.This design had already been contemplated as part of the monetary law of 12 June 1865 for coins that would be minted in gold and silver, but this was never carried out.The subsidiary silver coinage was only .835 fine, legal tender to a maximum of 40 venezolanos per transaction.