v18_2580 - RÉPUBLIQUE DE VENEZUELA Médaille du district fédéral n.d.

REPUBLIC OF VENEZUELA

Located between the Caribbean Sea, Colombia, Brazil and British Guiana, Venezuela was discovered during the third voyage of Christopher Columbus in 1498. In 1499, Amerigo Vespucci and Alonso de Ojeda explored its coasts and the view of the small houses on stilts of the Indians inspired them the name of Venezuela ("little Venice"). Colonization began around 1530 while in 1556 Venezuela was attached to the Spanish crown with Caracas, founded in 1567, as its capital. In 1811, Francisco Miranda proclaimed independence which was only recognized in 1845 by Spain. In the 1950s, thanks to its oil wealth, Venezuela had a higher income than other Latin American states until the nationalization of its oil in 1976. Since then, the country's economic situation has worsened with a decline significant GNP, significant inflation and a social crisis that led to two military coup attempts in 1992.