Colombian peso
Encyclopedia
The peso is the currency of Colombia
Currency of Colombia
-Spanish colonial coinage:Peso = 8 RealesEscudo = 2 Pesos During the Spanish colonial period, present-day Colombia was part of the New Kingdom of Granada ....

. Its ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 code is COP and it is also informally abbreviated as COL$. However, the official peso symbol is $. As 20 July 2011, the exchange rate of the Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...

n peso is 1750 Colombian pesos to 1 U.S. dollar.

History

The peso has been the currency of Colombia since 1837. It replaced the real
Colombian real
The real was the currency of Colombia until 1837. No subdivisions of the real existed until after the real had ceased to be the primary unit of currency. However, 8 reales = 1 peso and 16 reales = 1 escudo.-History:...

at a rate of 1 peso = 8 reales and was initially subdivided into 8 reales. In 1847, Colombia decimalized and the peso was subdivided into ten reales, each of 10 decimos de reales. The real was renamed the decimo in 1853, although the last real coins were struck in 1880. The current system of 100 centavos to the peso was first used in 1819 on early banknotes but did not reappear until the early 1860s on banknotes and was not used on the coinage until 1872.

In 1871, Colombia went on to the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...

, pegging the peso to the French franc
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...

 at a rate of 1 peso = 5 francs. This peg only lasted until 1886. From 1888, printing press inflation caused Colombia's paper money (pegged to the British pound at a rate of 4300 pesos = 1 pound) to depreciate and the exchange rate between coins and paper money was fixed at 100 peso moneda corriente = 1 coinage peso. Between 1907 and 1914, coins were issued denominated in "peso p/m", equal to paper pesos. In 1910, the Junta de Conversion began issuing paper money and, in 1915, a new paper currency was introduced, the peso oro. This was equal to the coinage peso and replaced the old peso notes at a rate of 100 old paper pesos = 1 peso oro. In 1931, when the U.K. left the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...

, Colombia shifted its peg to the U.S. dollar, at a rate of 1.05 pesos = 1 dollar, a slight devaluation from its previous peg.

Although it never appeared on coins, Colombia's paper money continued to be issued denominated in peso oro until 1993, when the word oro was dropped. Since 2001, the Colombian senate has debated whether to redenominate
Redenomination
Redenomination is the process of changing the face value of banknotes or coins used in circulating currency.When redenomination occurs, financial data that spans the change must be correctly accounted for. For example, the GDP is properly documented....

 the currency by introducing a new peso worth 1000 old pesos. Such a plan has yet to be adopted.

Coins

Between 1837 and 1839, the Republic of New Grenada introduced silver ¼, ½, 1, 2 & 8 real coins along with gold 1, 2 & 16 pesos. These were mostly continuations of coins issued before 1837 in the name of the Republic of Colombia but with the escudo denominations replaced by pesos. In 1847, the currency was decimalized and coins were introduced in denominations of ½ and 1 decimo de real in copper and 1, 2, 8 and 10 reales in silver. ¼ & ½ real coins followed in 1849 and 1850. In 1853, silver ½ and 1 decimo & gold 10 peso coins were introduced, followed by 2 decimos in 1854 & 1 peso in 1855, both in silver. In 1856, gold 5 peso coins were added.

Between 1859 and 1862, coins were issued by the Grenadine Confederation in silver for ¼, ½ and 2 reales, ¼, ½ and 1 decimo, and 1 peso, and in gold for 1, 2, 5, 10 and 20 pesos. The United States of New Grenada issued silver 1 decimo & 1 peso in 1861.

Beginning in 1862, coins were issued by the United States of Colombia. Silver coins were struck in denominations of ¼, ½, 1, 2 & 5 decimos and 1 peso, together with gold 1, 2, 5, 10 and 20 pesos. With the introduction of the centavo in 1872, silver 2½, 5, 10, 20 & 50 centavos were issued, followed by cupro-nickel 1¼ centavos in 1874 & cupro-nickel 2½ centavos in 1881.

In 1886, the country's name reverted to the Republic of Colombia. The first issues were cupro-nickel 5 centavos. Except for silver 50 centavos (also denominated 5 decimos) issued between 1887 and 1889, no other denominations were issued until 1897, when silver 10 and 20 centavos were introduced. Silver 5 centavos were issued in 1902

In 1907, following the stabilization of the paper money, cupro-nickel 1, 2 and 5 pesos p/m were introduced and issued until 1916. In 1913, after the pegging of the peso to sterling, gold 2½ and 5 peso coins were introduced which were of the same weight and composition as the half sovereign and sovereign. Gold 10 pesos were also issued in 1919 and 1924, with the 2½ and 5 pesos issued until 1929 and 1930, respectively.

In 1918, the 1, 2 and 5 pesos p/m coins were replaced by 1, 2 and 5 centavo coins of the same size and composition. In 1942, bronze 1 and 5 centavo coins were introduced, followed by bronze 2 centavos in 1948. Between 1952 and 1958, cupro-nickel replaced silver in the 10, 20 and 50 centavos.

In 1967, copper-clad-steel 1 and 5 centavos were introduced, together with nickel-clad-steel 10, 20 and 50 centavos and cupro-nickel 1 peso coins, the 2 centavos having ceased production in 1960. In 1977, bronze 2 pesos were introduced. In 1984, production of all coins below 1 peso ended. Higher denominations were introduced in the following years of high inflation. 5 peso coins were introduced in 1980, followed by 10 pesos in 1981, 20 pesos in 1982, 50 pesos in 1986, 100 pesos in 1992, 200 pesos in 1994, 500 pesos in 1993 and 1000 pesos in 1996. However, due to massive counterfeiting problems, the 1000 pesos was withdrawn by stages. By 2002, the coin was out of circulation.
Currently Circulating Coins
Image Value Technical parameters Description
Reverse Obverse Diameter Thickness Mass Composition Obverse Reverse
20 pesos 17.2 mm 1.15 mm 2 g 70% copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


30% zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...

Simón Bolívar
Simón Bolívar
Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...

Value
50 pesos 21 mm 1.3 mm Coat of arms of Colombia
Coat of arms of Colombia
The coat of arms of Colombia contains a shield with numerous symbols. Perched on top of the shield is an Andean Condor holding an olive crown and the condor symbolizing freedom. The national motto, Libertad y Orden , is on a scroll in between the bird and the shield in black font over golden...

 bordered with the words República de Colombia
Value
100 pesos 23 mm 1.55 mm 5.31 g Aluminium bronze
Aluminium bronze
Aluminium bronze is a type of bronze in which aluminium is the main alloying metal added to copper, in contrast to standard bronze or brass...


92% copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


6% aluminium
Aluminium
Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances....


2% nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...

Coat of arms of Colombia
Coat of arms of Colombia
The coat of arms of Colombia contains a shield with numerous symbols. Perched on top of the shield is an Andean Condor holding an olive crown and the condor symbolizing freedom. The national motto, Libertad y Orden , is on a scroll in between the bird and the shield in black font over golden...

 bordered with the words República de Colombia
Value
200 pesos 24.4 mm 1.7 mm 7.08 g 65% copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


20% zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...


15% nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...

Quimbaya civilization
Quimbaya civilization
The Quimbaya civilization is a South American civilization, noted for spectacular gold work characterized by technical accuracy and detailed designs. The majority of the gold work is made in tumbaga alloy, with 30% copper, which imparts beautiful color tonalities to the pieces...

 figurine
Value
500 pesos 23.5 mm 2 mm 7.43 g Rim: 92% copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


6% aluminium
Aluminium
Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances....


2% nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...


Centre: 65% copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


20% zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...


15% nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...

El arbol de Guacari Guacari's tree, in recognition of the efforts by the people of Guacari, Valle del Cauca to preserve the environment and protect the ecology Value


All the coins have in the lower part of the reverse the year of production.

Banknotes

Between 1857 and 1880, five of Colombia's then provinces, Bolívar
Bolívar Department
Bolívar is a department of Colombia. It was named after one of the original nine states of the United States of Colombia. It is located to the north of the country, extending from the coast at Cartagena near the mouth of the Magdalena River, then south along the river to a border with Antioquia.Its...

, Cauca
Cauca Department
Cauca is a Department of Colombia. Located in the south-western part of the country, facing the Pacific Ocean to the west, the Valle del Cauca Department to the north, Tolima Department to the northeast, Huila Department to the east and the Nariño Department to the south, covering a total area of...

, Cundinamarca
Cundinamarca State
Cundinamarca State was one of the states of Colombia. It was created on 15 June 1857 as Estado Federal de Cundinamarca , in 1858 was recognized as Estado de la Federación, and in the constitution of 1863 re-named as Estado Soberano of the United States of Colombia.- Subdivisions :With the law of...

, Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...

 and Santander
Santander Department
Santander is a department of Colombia. Santander inherited the name of one of the nine original states of the United States of Colombia. It is located in the central northern part of the country, east of the Magdalena River, bordered to the south and southeast by Boyacá, to the northeast by Norte...

 issued paper money. Denominations included 10 and 50 centavos, 1, 2, 3, 5, 10, 50 and 100 pesos.

In the early 1860s, the Tesori General de los Estados Unidos de Nueva Granada issued notes in denominations of 20 centavos, 1, 2, 3, 10, 20 and 100 pesos, with all denominations also given in reales. In 1863, Treasury notes of the Estados Unidos de Colombia were introduced for 5, 10 and 20 centavos, 1, 2, 5, 10, 20 and 50 pesos.

More than sixty private banks issued notes between 1865 and 1923. Denominations issued included 10, 20, 25, 50 centavos, 1, 2, 5, 10, 20, 25, 50, 100 and 500 pesos. Uniquely, the Banco de Colombia issued notes denominated in both pesos and sterling, due to the peg of 1 peso = 4 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...

s.

In 1881, the Banco Nacional introduced notes for 20 centavos, 1, 5, 10, 20, 50 and 100 pesos. These were followed by 50 centavo notes in 1882 and 10 centavos in 1885. 1000 peso notes were introduced in 1895 and 500 pesos in 1900. In 1904, the Treasury took over paper money production, issuing 1, 2, 5, 10, 25, 50 and 100 peso notes, followed by 1000 pesos in 1908. In 1910, the Junta de Conversion introduced 50 and 100 peso notes, followed by 1, 2, 5 and 10 pesos in 1915.

Regional issues were reintroduced in 1898 and were issued until 1920. Antioquia
Antioquia Department
Antioquia is one of the 32 departments of Colombia, located in the central northwestern part of Colombia with a narrow section that borders the Caribbean Sea. Most of its territory is mountainous with some valleys, much of which is part of the Andes mountain range...

, Bolivar, Magdalena
Magdalena Department
Magdalena is a department of Colombia, located to the north of the country by the Caribbean Sea. The capital of the Magdalena Department is Santa Marta and was named after the Magdalena River...

, Santander and Tolima issued notes, with denominations including 10, 20, 50 centavos, 1, 2½, 5, 10, 20 and 50 pesos.

In 1923, the Banco de la Republica took over paper money production and introduced notes denominated in peso oro. The first were provisional issues, overprinted on earlier notes of the Casa de Moneda de Medellin, in denominations of 2½, 5, 10 and 20 pesos. Regular issues followed for 1, 2, 5, 10, 50, 100 and 500 pesos oro. 20 peso notes were introduced in 1927.

In 1932 and 1941, silver certificates were issued for 1 and 5 pesos plata, although 1 and 5 peso oro notes continued to be produced. Treasury notes for 5 and 10 pesos oro were issued in 1938, followed by ½ pesos oro between 1948 and 1953. ½ peso oro notes were also produced by the Banco de la Republica in 1943 by cutting in half 1 peso notes.

The Banco de la Republica introduced 200 and 1000 peso oro notes in 1974 and 1979, respectively, whilst 1 and 2 peso oro notes ceased production in 1977, followed by 10 pesos oro in 1980, 5 pesos oro in 1981, 20 pesos in 1983 and 50 pesos in 1986. 500 peso oro notes were introduced in 1986 with 10,000 pesos oro following in 1992. Production of 100 peso oro notes ended in 1991, followed by that of the 200 and 500 pesos oro in 1992 and 1993, respectively. From 1993, the word oro was dropped. 20,000 peso notes were introduced in 1996 and 50,000 pesos in 2000.

On November 17, 2006, the 1,000 and 2,000 peso notes were reduced in size from 140 x 70 to 130 x 65mm, because these notes are frequently replaced due to heavy use.
Currently Circulating Banknotes
Image Value* Dimensions Description
Obverse Reverse Obverse Reverse
1,000 pesos 140 × 70 mm
130 × 65 mm
Jorge Eliécer Gaitán
Jorge Eliécer Gaitán
Jorge Eliécer Gaitán Ayala was a politician, a leader of a populist movement in Colombia, a former Education Minister and Labor Minister , mayor of Bogotá and one of the most charismatic leaders of the Liberal Party.He was assassinated during his second presidential campaign in 1948, setting off...

 
Jorge Eliécer Gaitán
Jorge Eliécer Gaitán
Jorge Eliécer Gaitán Ayala was a politician, a leader of a populist movement in Colombia, a former Education Minister and Labor Minister , mayor of Bogotá and one of the most charismatic leaders of the Liberal Party.He was assassinated during his second presidential campaign in 1948, setting off...

 (body until the chest) and a crowd
2,000 pesos Francisco de Paula Santander
Francisco de Paula Santander
Francisco José de Paula Santander y Omaña , was a Colombian military and political leader during the 1810–1819 independence war of the United Provinces of New Granada...

 
The door of the Casa de la moneda
Casa de la Moneda de Colombia
The Casa de Moneda de Colombia is a Colombian currency museum based in the city of Bogotá, Cundinamarca. It was founded in 1621 as the mint . The current mint is known simply as the Fábrica de Moneda .-External links:...

5,000 pesos José Asunción Silva
José Asunción Silva
José Asunción Silva was a Colombian poet. He is considered one of the founders of Spanish-American Modernism.-Life:...

 
Outdoors and a fragment of the poem Nocturnal
10,000 pesos Policarpa Salavarrieta
Policarpa Salavarrieta
Policarpa Salavarrieta , also known as La Pola, was a Neogranadine seamstress who spied for the Revolutionary Forces during the Spanish Reconquista of the Viceroyalty of New Granada. She was captured by Spanish Royalists and ultimately executed for high treason...

 
Guaduas
Guaduas
Guaduas is a city in Colombia, in the province of Lower Magdalena department of Cundinamarca.-Geographical Context:At about 117 km from Bogotá. It is an agricultural and tourist center of some importance. It has about 33,000 inhabitants...

 main plaza, place of birth of Policarpa Salavarrieta
20,000 pesos Julio Garavito Armero
Julio Garavito Armero
Julio Garavito Armero was a Colombian astronomer.Born in Bogotá, he was a child prodigy in science and mathematics. He obtained his degrees as mathematician and civil engineer in the Escuela Nacional de Ingeniería...

 
The Moon
Moon
The Moon is Earth's only known natural satellite,There are a number of near-Earth asteroids including 3753 Cruithne that are co-orbital with Earth: their orbits bring them close to Earth for periods of time but then alter in the long term . These are quasi-satellites and not true moons. For more...

, a reference to the Garavito Crater
Garavito (crater)
Garavito is a lunar crater that is located in the southern hemisphere on the Moon's far side. It lies to the north-northwest of the huge walled plain Poincaré, and to the west of the crater Chrétien. It takes its name in honor of the Colombian astronomer Julio Garavito Armero.This crater has a worn...

50,000 pesos Jorge Isaacs
Jorge Isaacs
Jorge Isaacs Ferrer was a Colombian writer, politician and soldier. His only novel, María, became one of the most notable works of the Romantic movement in Spanish literature....

 
A paragraph of La María
María (novel)
María is a novel written by Colombian writer Jorge Isaacs between 1864 and 1867. It is a costumbrist novel representative of the Spanish romantic movement...


External links

Colombian banknotes database, history and information related all issues Banknotes and coins
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