The Republic of Guatemala, the northernmost of the five Central American republics, has an area of 42,042 sq. mi. (108,889 sq. km.) and a population of 12.2 million. Capital: Guatemala City. The economy of Guatemala is heavily dependent on resources, which are being developed. Coffee, cotton and bananas are exported. ,Guatemala, once the site of the ancient Mayan civilization, was conquered by Pedro de Alvarado, the lieutenant of Cortes who undertook the conquest from Mexico. Skilled in strategy and cruelty, he progressed rapidly along the Pacific coastal lowlands to the highland plain of Quezaltenango where the decisive battle for Guatemala was fought. After routing the Mayan forces, he established the first capital of Guatemala in 1524.,, ,Guatemala of the colonial period included all of the Central America but Panama. Guatemala declared its independence of Spain in 1821 and was absorbed into the short-lived Mexico empire of Augustin Iturbide, 1822-1823. From 1823 to 1839 Guatemala became an independent republic.,, Monetary System:,,, ,1 Peso = 100 Centavos to 1924,, ,1 Quetzal = 100 Centavos, 1924-,,