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Colombian peso

The Colombian peso (sign: $; code: COP) is the currency of Colombia. Its ISO 4217 code is COP. The official peso symbol is $, with Col$.[1] also being used to distinguish it from other peso- and dollar-denominated currencies.

Colombian peso
peso colombiano (Spanish)
ISO 4217
CodeCOP (numeric: 170)
Subunit0.01
Unit
Symbol$
Denominations
Subunit
1100centavo
(Discontinued in 1984)
Banknotes
 Freq. used$2,000, $5,000, $10,000, $20,000, $50,000, $100,000
 Rarely used$1,000 (no longer printed since 2016)
Coins
 Freq. used$100, $200, $500, $1,000
 Rarely used$50
Demographics
Date of introduction1837
ReplacedColombian real
Official user(s) Colombia
Unofficial user(s) Venezuela
Issuance
Central bankBanco de la República
 Websitewww.banrep.gov.co
Valuation
Inflation10,99% (September 2023)

One peso is divided one hundred centavos; however, because of high inflation in the 1970s and 1980s, Colombia ceased issuing centavo coins for circulation in 1984. It remains customary to write monetary amounts with centavos, although it is rare in daily lives and general contexts. The 50 peso coins are still legal tender, but due to its low value and circulation, most cash transactions are rounded to the nearest 100 pesos.

History edit

 
US dollar exchange rate against Colombian peso, starting from 1991.

Colombia used Spanish colonial real until 1820 after independence from Spain was achieved. It was replaced by the Colombian real. In 1837, the Colombian real was replaced by the current peso at a rate of 1 peso = 8 reales and was initially subdivided into 8 reales. In 1847, Colombia decimalized the currency and the peso was subdivided into ten reales, each of 10 décimos de reales, later centavos. The real was renamed the décimo in 1853, although the last reales 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 adopted the gold standard, pegging the peso to the French franc 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 sterling at a rate of four shillings to one peso, or 5 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 Conversion Board began issuing banknotes in the form of peso oro. In 1931, the United Kingdom left the gold standard and the peso shifted its peg to the United States dollar, at a rate of 1.05 pesos = 1 dollar, a slight devaluation from its previous peg, this until 1949. Nevertheless, Peso banknotes continued to be issued expressed as peso oro until 1993.

In 2018, the Congress of Colombia debated whether to redenominate the peso at a rate of 1,000 pesos = 1 new peso, removing three zeroes from its face value, in order to make accounting and banking operations easier. A new series of banknotes was introduced in 2016 with the last three zeroes of the denomination replaced by the word "mil" (thousand), this would enable the printing of the same banknotes with the word "mil" replaced by the word "nuevos" (new). The proposal was supported by then President Juan Manuel Santos, but faced opposition due to the high cost it would have and the minimal benefits it would bring, also confusion in a mostly cash-based economy, contracts made, and the possibility of future inflation rending the changes meaningless, though reduction of inflation was not one of the expected outcomes of the redenomination. President Iván Duque did not support the change, and the proposal is currently not considered by the Government.

Coins edit

Between 1837 and 1839, silver 14, 12, 1, 2, and 8 real coins were introduced, along with gold 1, 2, and 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 12 and 1 décimo de real in copper and 1, 2, 8, and 10 reales in silver. 14 and 12 real coins followed in 1849 and 1850. In 1853, silver 12 and 1 décimo, and gold 10 peso coins were introduced, followed by 2 décimos in 1854 and 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 14, 12 and 2 reales, 14, 12 and 1 décimo, and 1 peso, and in gold for 1, 2, 5, 10 and 20 pesos. The United States of New Grenada issued silver 1 décimo and 1 peso in 1861.

Beginning in 1862, coins were issued by the United States of Colombia. Silver coins were struck in denominations of 14, 12, 1, 2, and 5 décimos, and 1 peso, together with gold 1, 2, 5, 10, and 20 pesos. With the introduction of the centavo in 1872, silver 2+12, 5, 10, 20, and 50 centavos were issued, followed by cupro-nickel 1+14 centavos in 1874 and cupro-nickel 2+12 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 décimos) 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 2+12 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 2+12 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.

In February 2009, the central bank stopped the minting of 5, 10, 20 peso coins. They were still legal tender, but due to their low value and circulation, most cash transactions were rounded to the nearest 100 pesos.

In 2012, the Bank of the Republic of Colombia issued a new series of coins with the 500 and 1000 peso coins now struck as Bi-metallic coins.[2]

2012 Coin Series[3]
Image Value Technical parameters Description
Obverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse
    50 pesos 17 mm 1.3 mm 2.0 g Nickel-plated steel Plain The spectacled bear, its popular name, and scientific name. Value, bordered with the words "Republic of Colombia" and the year of minting.
    100 pesos 20.3 mm 1.55 mm 3.34 g Brass-plated steel
90.8% iron, 1.2% carbon; Layers: 6.4%-7.2% copper, 3.2%-2.4% zinc
Plain The frailejón, its popular name, and scientific name. Value, bordered with the words "Republic of Colombia" and the year of minting.
    200 pesos 22.4 mm 1.7 mm 4.61 g 65% copper
20% zinc
15% nickel
Lettered with Plain edge The scarlet macaw, its popular name, and scientific name. Value, bordered with the words "Republic of Colombia" and the year of minting.
    500 pesos 23.7 mm 2 mm 7.14 g Outer Ring: 65% copper
20% zinc
15% nickel
Centre Plug: 92% copper
6% aluminium
2% nickel
Segmented (Plain and Reeded sections) The glass frog, its popular name, and scientific name. Value, bordered with the words "Republic of Colombia" and the year of minting.
    1,000 pesos 26.7  mm 9.95 g Outer Ring: 92% copper
6% aluminium
2% nickel
Centre Plug: 65% copper
20% zinc
15% nickel
Security The loggerhead sea turtle, its popular name, and scientific name. Value, bordered with the words "Republic of Colombia" and the year of minting.
Pre-2012 Coin Series
Image Value Technical parameters Description
Obverse Reverse Diameter Thickness Mass Composition Obverse Reverse
20 pesos 17.2 mm 1.15 mm 2 g 70% copper
30% zinc
Simón Bolívar Value
    50 pesos 21 mm 1.3 mm 4.5 g 65% copper,
20 % zinc,
15 % nickel
Coat of arms of Colombia bordered with the words República de Colombia Value
    100 pesos 23 mm 1.55 mm 5.31 g aluminium bronze
92% copper
6% aluminium
2% nickel
Coat of arms of Colombia bordered with the words República de Colombia Value
    200 pesos 24.4 mm 1.7 mm 7.08 g 65% copper
20% zinc
15% nickel
Quimbaya civilization figurine Value
    500 pesos 23.5 mm 2 mm 7.43 g Outer Ring: 65% copper
20% zinc
15% nickel
Centre Plug: 92% copper
6% aluminium
2% nickel
Guacarí's tree "El árbol de Guacarí", in recognition of the efforts by the people of Guacarí, Valle del Cauca to preserve the environment and protect the ecology Value

Banknotes edit

Between 1857 and 1880, five of Colombia's then provinces, Bolívar, Cauca, Cundinamarca, Panama and Santander issued their own paper money. Denominations included 10¢ and 50¢, 1, 2, 3, 5, 10, 50 and 100 pesos.

In the early 1860s, banknotes were issued in denominations of 20¢ and 1, 2, 3, 10, 20 and 100 pesos, with all denominations also given in reales. In 1881, the Banco Nacional introduced notes for 20¢, and 1, 5, 10, 20, 50 and 100 pesos. These were followed by 50¢ notes in 1882 and 10¢ in 1885. 1,000 peso notes were introduced in 1895 and 500 peso notes in 1900. In 1904, the Treasury took over paper money production, issuing 1, 2, 5, 10, 25, 50 and 100 peso notes, followed by 1,000 pesos in 1908. In 1910, the Conversion Board introduced 50 and 100 peso notes, followed by 1, 2, 5 and 10 pesos in 1915.

More than sixty retail banks issued banknotes between 1865 and 1923. Denominations issued included 10¢, 20¢, 25¢, 50¢, and 1, 2, 5, 10, 20, 25, 50, 100 and 500 pesos.

In 1923, the Banco de la República monopolized 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 Medellín, in denominations of 2+12, 5, 10 and 20 pesos. Regular issues followed for 1, 2, 5, 10, 50, 100, and 500 pesos oro. Twenty 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 12 peso oro between 1948 and 1953. Half peso oro notes were also produced by the Banco de la República in 1943 by cutting in half 1 peso notes.

The Banco de la República introduced 200 and 1,000 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 pesos oro notes were introduced in 1986 with 10,000 pesos oro in 1992. Production of 100 peso oro notes ended in 1991, followed by that of the 200 pesos oro in 1992 and 500 pesos oro in 1993. In 1993, the word oro was dropped. 20,000 peso notes were introduced in 1996, followed by 50,000 pesos in 2000.

In November 2006, the 1,000 and 2,000 peso notes were reduced in size from 140 × 70 mm to 130 × 65 mm, because these notes are frequently replaced due to heavy use.

In December 2010, the Banco de la República issued a 2,000 peso note that now includes the number "2" expressed in Braille in the watermark area.[4]

In 2016, the Banco de la Republica issued a new series of banknotes in denominations of 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 pesos, with the latter being a new and the highest denomination. These banknotes give continuity of biodiversity present in the new series of coins that began circulating in 2012, while highlighting a group of cultural elements and landscapes of Colombia's geography. Additionally, the notes pay tribute to major personalities of culture, science and politics, and reinforces recognition of women's important role in Colombian society.[5] The new 100,000 pesos banknote was introduced on 31 March 2016,[6] followed by the 20,000 pesos note on 30 June 2016,[7][8] the 50,000 pesos note on 19 August 2016,[9][10] the 5,000 pesos note on 9 November 2016,[11] and the 2,000 pesos note on 29 November 2016.[12] The 10,000 pesos note was issued on 7 December 2016, completing the new banknote series.

2016 Banknote series
Image Value Dimensions Background color Description Date of Notes
Obverse Reverse Watermark first series Issue last series
2,000 pesos 128 × 66 mm   Blue Débora Arango Caño Cristales The face of painter Débora Arango and the number 2 19 August 2015 29 November 2016
5,000 pesos 133 × 66 mm   Brown José Asunción Silva Colombian paramos The face of poet José Asunción Silva and the number 5 19 August 2015 9 November 2016
10,000 pesos 138 × 66 mm   Red Virginia Gutiérrez de Pineda Amazon natural region The face of anthropologist Virginia Gutiérrez and the number 10 19 August 2015 7 December 2016
20,000 pesos 143 × 66 mm   Orange Alfonso López Michelsen La Mojana channels in the region of the Zenú people and the sombrero vueltiao The face of President Alfonso López Michelsen and the number 20 19 August 2015 30 June 2016
50,000 pesos 148 × 66 mm   Violet Gabriel García Márquez Lost City (core of the culture tayrona) The face of Nobel Prize winner, Gabriel García Márquez and the number 50 19 August 2015 19 August 2016
100,000 pesos 153 × 66 mm   Green Carlos Lleras Restrepo Wax palm in Cocora valley, Quindío; Barranquero bird; Luis Vidales’s poem about wax palm; Liberty head bank seal
The face of President Carlos Lleras Restrepo and the number 100.
8 August 2014 31 March 2016
Pre-2016 Banknote series
Image Value Dimensions Background color Description Date of Notes
Obverse Reverse Watermark first series Issue last series
1,000 pesos 130 × 65 mm   Orange Jorge Eliécer Gaitán Jorge Eliécer Gaitán (upper-half body) and a crowd Jorge Eliécer Gaitán August 7, 2001 November 17, 2001
2,000 pesos 130 × 65 mm   Green and beige Francisco de Paula Santander The door of the Casa de la moneda Francisco de Paula Santander April 2, 1996 April 2, 1996 2000 pesos banknotes with the issue date of 19.08.2009 (August 19, 2009) include a Braille script added in the watermark area.
5,000 pesos 140 × 70 mm   Green José Asunción Silva Outdoors and the entire "Nocturno" poem in microtext font José Asunción Silva March 1, 1995 September 22, 1995
10,000 pesos 140 × 70 mm   Reddish brown Policarpa Salavarrieta Guaduas main plaza, place of birth of Policarpa Salavarrieta Policarpa Salavarrieta March 1, 1995 November 30, 1995
[1] 20,000 pesos 140 × 70 mm   Sapphire Julio Garavito, and the Moon, a reference to the Garavito Crater The Earth as viewed from the Moon's surface Julio Garavito July 23, 1996 December 2, 1996
50,000 pesos 140 × 70 mm   Purple and white Jorge Isaacs A paragraph of La María Jorge Isaacs August 7, 2000 November 24, 2000
Withdrawn Banknotes
Image Value Dimensions Background color Description Date of Notes
Obverse Reverse Obverse Reverse Watermark first series Issue last series
1 peso oro 140 × 70 mm   Turquoise Santander and Bolívar Effigy of the freedom Without watermarks
1 peso oro 140 × 70 mm   Indigo Bolívar and Santander Andean condor Without watermarks August 7, 1973
2 pesos oro 140 × 70 mm   Purple Policarpa Salavarrieta Muisca raft. The figure refers to the ceremony of the legend of El Dorado. Without watermarks July 20, 1976
5 pesos oro 140 × 70 mm   Dark green José María Córdova Castillo San Felipe de Barajas, Cartagena Without watermarks July 20, 1971
10 pesos oro 140 × 70 mm   Purple Antonio Nariño San Agustín Archaeological Park Without watermarks August 7, 1980
20 pesos oro 140 × 70 mm   Coffee Francisco José de Caldas Various archaeological items belonging to the Museo del Oro Without watermarks
20 pesos oro 140 × 70 mm   Purple Francisco José de Caldas Building of the Banco de la República in Barranquilla. Gold Museum Without watermarks January 2, 1961
50 pesos oro 140 × 70 mm   Purple Camilo Torres Tenorio Orchidaceae (Cattleya trianae), national flower of Colombia Camilo Torres Tenorio July 20, 1973
100 pesos oro 140 × 70 mm   Purple Francisco de Paula Santander Capitolio Nacional, Bogotá The freedom.
100 pesos oro 140 × 70 mm   Orange Antonio Nariño Villa de Leyva, Boyacá Department Antonio Nariño August 7, 1981
200 pesos oro 140 × 70 mm   Dark green Simón Bolívar Peasant collecting coffee Simón Bolívar
200 pesos oro 140 × 70 mm   Dark green José Celestino Mutis Cloister of the Colegio Mayor de Nuestra Señora del Rosario, Bogotá José Celestino Mutis April 1, 1991
500 pesos oro 140 × 70 mm   Green dark and black Francisco de Paula Santander Salt Cathedral of Zipaquirá Perfil.
500 pesos oro 140 × 70 mm   Coffee Francisco de Paula Santander Casa de la Moneda, Bogotá Perfil July 20, 1986
1000 pesos oro 140 × 70 mm   Brown and green José Antonio Galán Casa de Nariño, Bogotá José Antonio Galán April 1, 1979
1000 pesos 140 × 70 mm   Turquoise Simón Bolívar Monument to the Lancers, Boyacá Department Simón Bolívar January 1, 1982 1997
2000 pesos oro 140 × 70 mm   Brown Simón Bolívar Pass of El Libertador Simon Bolivar over the Pisba Tableland., work of Francisco Antonio Cano Simón Bolívar January 1, 1984 1994
5000 pesos oro 140 × 70 mm   Purple Rafael Núñez Miguel Antonio Caro, the shield and the States that made up the United States of Colombia Rafael Núñez August 5, 1986 1994
10,000 pesos oro 140 × 70 mm   Coffee Emberá people Birds of the fauna of Colombia and the map of Waldseemüller (1507) Emberá people 1994

Use in Venezuela edit

The crisis in Venezuela has caused an economic crisis in which the value of the bolívar declined rapidly, resulting in hyperinflation. Some areas in Venezuela informally accept the peso for transactions, alongside the United States dollar.[13]

The state of Táchira adopted the Colombian peso as legal tender, and the bolívar is rarely used.[14]

Current COP exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD INR
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD INR

Unidad de Valor Real (UVR) edit

The Unidad de Valor Real ("real value unit", UVR, ISO 4217 code COU) is an accounting currency, maintained by the Banco de la Republíca, that reflects inflation and purchase power. It is used to calculate the cost of housing loans which allows financial entities to maintain the purchasing power of borrowed money.[15]

See also edit

References edit

  1. ^ "World Bank Editorial Style Guide 2020 - page 135" (PDF). openknowledge.worldbank.org. Retrieved 2022-08-22.
  2. ^ . Archived from the original on 2012-09-19. Retrieved 2012-06-20. Banco de la República de Colombia (Bank of the Republic of Colombia). (Spanish) Retrieved 2012-06-19.
  3. ^ Billetes y monedas 2012-05-05 at the Wayback Machine (in Spanish) Accessed 2007-05-21
  4. ^ Colombia new 2,000-peso note with Braille confirmed BanknoteNews.com. Retrieved 2012-08-11.
  5. ^ Colombia new banknote family reported for introduction in 2016 BanknoteNews.com. October 11, 2015. Retrieved on 2015-12-09.
  6. ^ Colombia new 100,000-peso note introduced 31.03.2016 BanknoteNews.com. April 2, 2016. Retrieved on 2016-07-01.
  7. ^ Colombia new 20,000-peso note confirmed BanknoteNews.com. July 1, 2016. Retrieved on 2016-07-01.
  8. ^ "Billete de 20 mil pesos, 5 pasos para reconocerlo". Banrep.gov.co. 20 June 2016. Retrieved 16 October 2017.
  9. ^ "Colombia new 50,000-peso note confirmed - Banknote News". banknotenews.com. Retrieved 16 October 2017.
  10. ^ "Billete de 50 mil pesos, 5 pasos para reconocerlo". Banrep.gov.co. 5 August 2016. Retrieved 16 October 2017.
  11. ^ "Billete de 5 mil pesos, 5 pasos para reconocerlo". Banrep.gov.co. 26 October 2016. Retrieved 16 October 2017.
  12. ^ "Billete de 2 mil pesos, 5 pasos para reconocerlo". Banrepgov.co. 15 November 2016. Retrieved 16 October 2017.
  13. ^ Tiempo, Casa Editorial El. "El peso colombiano está desplazando al bolívar en Venezuela". Portafolio.co (in Spanish). Retrieved 2020-08-15.
  14. ^ Opinión, Diario la. "Táchira prefiere el peso como moneda corriente al bolívar". La Opinión (in Spanish). Retrieved 2020-08-15.
  15. ^ "Unidad de valor real (UVR)". Banco de la Republíca Colombia. Retrieved 2022-11-08.

Bibliography edit

External links edit

  • Colombia Coin Patterns and Krause Corrections by Guillermo Granados (in Spanish)
  • USD/COP Exchange Rate Analysis
  • Historical and current banknotes of Colombia (in English and German)

colombian, peso, sign, code, currency, colombia, 4217, code, official, peso, symbol, with, also, being, used, distinguish, from, other, peso, dollar, denominated, currencies, peso, colombiano, spanish, 4217codecop, numeric, subunit0, 01unitsymbol, denomination. The Colombian peso sign code COP is the currency of Colombia Its ISO 4217 code is COP The official peso symbol is with Col 1 also being used to distinguish it from other peso and dollar denominated currencies Colombian pesopeso colombiano Spanish ISO 4217CodeCOP numeric 170 Subunit0 01UnitSymbol DenominationsSubunit 1 100centavo Discontinued in 1984 Banknotes Freq used 2 000 5 000 10 000 20 000 50 000 100 000 Rarely used 1 000 no longer printed since 2016 Coins Freq used 100 200 500 1 000 Rarely used 50DemographicsDate of introduction1837ReplacedColombian realOfficial user s ColombiaUnofficial user s VenezuelaIssuanceCentral bankBanco de la Republica Websitewww wbr banrep wbr gov wbr coValuationInflation10 99 September 2023 One peso is divided one hundred centavos however because of high inflation in the 1970s and 1980s Colombia ceased issuing centavo coins for circulation in 1984 It remains customary to write monetary amounts with centavos although it is rare in daily lives and general contexts The 50 peso coins are still legal tender but due to its low value and circulation most cash transactions are rounded to the nearest 100 pesos Contents 1 History 2 Coins 3 Banknotes 4 Use in Venezuela 5 Unidad de Valor Real UVR 6 See also 7 References 8 Bibliography 9 External linksHistory edit nbsp US dollar exchange rate against Colombian peso starting from 1991 Colombia used Spanish colonial real until 1820 after independence from Spain was achieved It was replaced by the Colombian real In 1837 the Colombian real was replaced by the current peso at a rate of 1 peso 8 reales and was initially subdivided into 8 reales In 1847 Colombia decimalized the currency and the peso was subdivided into ten reales each of 10 decimos de reales later centavos The real was renamed the decimo in 1853 although the last reales 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 adopted the gold standard pegging the peso to the French franc 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 sterling at a rate of four shillings to one peso or 5 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 Conversion Board began issuing banknotes in the form of peso oro In 1931 the United Kingdom left the gold standard and the peso shifted its peg to the United States dollar at a rate of 1 05 pesos 1 dollar a slight devaluation from its previous peg this until 1949 Nevertheless Peso banknotes continued to be issued expressed as peso oro until 1993 In 2018 the Congress of Colombia debated whether to redenominate the peso at a rate of 1 000 pesos 1 new peso removing three zeroes from its face value in order to make accounting and banking operations easier A new series of banknotes was introduced in 2016 with the last three zeroes of the denomination replaced by the word mil thousand this would enable the printing of the same banknotes with the word mil replaced by the word nuevos new The proposal was supported by then President Juan Manuel Santos but faced opposition due to the high cost it would have and the minimal benefits it would bring also confusion in a mostly cash based economy contracts made and the possibility of future inflation rending the changes meaningless though reduction of inflation was not one of the expected outcomes of the redenomination President Ivan Duque did not support the change and the proposal is currently not considered by the Government Coins editBetween 1837 and 1839 silver 1 4 1 2 1 2 and 8 real coins were introduced along with gold 1 2 and 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 1 2 and 1 decimo de real in copper and 1 2 8 and 10 reales in silver 1 4 and 1 2 real coins followed in 1849 and 1850 In 1853 silver 1 2 and 1 decimo and gold 10 peso coins were introduced followed by 2 decimos in 1854 and 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 1 4 1 2 and 2 reales 1 4 1 2 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 and 1 peso in 1861 Beginning in 1862 coins were issued by the United States of Colombia Silver coins were struck in denominations of 1 4 1 2 1 2 and 5 decimos and 1 peso together with gold 1 2 5 10 and 20 pesos With the introduction of the centavo in 1872 silver 2 1 2 5 10 20 and 50 centavos were issued followed by cupro nickel 1 1 4 centavos in 1874 and cupro nickel 2 1 2 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 1902In 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 2 1 2 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 2 1 2 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 In February 2009 the central bank stopped the minting of 5 10 20 peso coins They were still legal tender but due to their low value and circulation most cash transactions were rounded to the nearest 100 pesos In 2012 the Bank of the Republic of Colombia issued a new series of coins with the 500 and 1000 peso coins now struck as Bi metallic coins 2 2012 Coin Series 3 Image Value Technical parameters DescriptionObverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse nbsp nbsp 50 pesos 17 mm 1 3 mm 2 0 g Nickel plated steel Plain The spectacled bear its popular name and scientific name Value bordered with the words Republic of Colombia and the year of minting nbsp nbsp 100 pesos 20 3 mm 1 55 mm 3 34 g Brass plated steel90 8 iron 1 2 carbon Layers 6 4 7 2 copper 3 2 2 4 zinc Plain The frailejon its popular name and scientific name Value bordered with the words Republic of Colombia and the year of minting nbsp nbsp 200 pesos 22 4 mm 1 7 mm 4 61 g 65 copper20 zinc15 nickel Lettered with Plain edge The scarlet macaw its popular name and scientific name Value bordered with the words Republic of Colombia and the year of minting nbsp nbsp 500 pesos 23 7 mm 2 mm 7 14 g Outer Ring 65 copper20 zinc15 nickelCentre Plug 92 copper6 aluminium2 nickel Segmented Plain and Reeded sections The glass frog its popular name and scientific name Value bordered with the words Republic of Colombia and the year of minting nbsp nbsp 1 000 pesos 26 7 mm 9 95 g Outer Ring 92 copper6 aluminium2 nickelCentre Plug 65 copper20 zinc15 nickel Security The loggerhead sea turtle its popular name and scientific name Value bordered with the words Republic of Colombia and the year of minting Pre 2012 Coin SeriesImage Value Technical parameters DescriptionObverse Reverse Diameter Thickness Mass Composition Obverse Reverse20 pesos 17 2 mm 1 15 mm 2 g 70 copper30 zinc Simon Bolivar Value nbsp nbsp 50 pesos 21 mm 1 3 mm 4 5 g 65 copper 20 zinc 15 nickel Coat of arms of Colombia bordered with the words Republica de Colombia Value nbsp nbsp 100 pesos 23 mm 1 55 mm 5 31 g aluminium bronze92 copper6 aluminium2 nickel Coat of arms of Colombia bordered with the words Republica de Colombia Value nbsp nbsp 200 pesos 24 4 mm 1 7 mm 7 08 g 65 copper20 zinc15 nickel Quimbaya civilization figurine Value nbsp nbsp 500 pesos 23 5 mm 2 mm 7 43 g Outer Ring 65 copper20 zinc15 nickelCentre Plug 92 copper6 aluminium2 nickel Guacari s tree El arbol de Guacari in recognition of the efforts by the people of Guacari Valle del Cauca to preserve the environment and protect the ecology ValueBanknotes editBetween 1857 and 1880 five of Colombia s then provinces Bolivar Cauca Cundinamarca Panama and Santander issued their own paper money Denominations included 10 and 50 1 2 3 5 10 50 and 100 pesos In the early 1860s banknotes were issued in denominations of 20 and 1 2 3 10 20 and 100 pesos with all denominations also given in reales In 1881 the Banco Nacional introduced notes for 20 and 1 5 10 20 50 and 100 pesos These were followed by 50 notes in 1882 and 10 in 1885 1 000 peso notes were introduced in 1895 and 500 peso notes in 1900 In 1904 the Treasury took over paper money production issuing 1 2 5 10 25 50 and 100 peso notes followed by 1 000 pesos in 1908 In 1910 the Conversion Board introduced 50 and 100 peso notes followed by 1 2 5 and 10 pesos in 1915 More than sixty retail banks issued banknotes between 1865 and 1923 Denominations issued included 10 20 25 50 and 1 2 5 10 20 25 50 100 and 500 pesos In 1923 the Banco de la Republica monopolized 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 2 1 2 5 10 and 20 pesos Regular issues followed for 1 2 5 10 50 100 and 500 pesos oro Twenty 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 1 2 peso oro between 1948 and 1953 Half 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 1 000 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 pesos oro notes were introduced in 1986 with 10 000 pesos oro in 1992 Production of 100 peso oro notes ended in 1991 followed by that of the 200 pesos oro in 1992 and 500 pesos oro in 1993 In 1993 the word oro was dropped 20 000 peso notes were introduced in 1996 followed by 50 000 pesos in 2000 In November 2006 the 1 000 and 2 000 peso notes were reduced in size from 140 70 mm to 130 65 mm because these notes are frequently replaced due to heavy use In December 2010 the Banco de la Republica issued a 2 000 peso note that now includes the number 2 expressed in Braille in the watermark area 4 In 2016 the Banco de la Republica issued a new series of banknotes in denominations of 2 000 5 000 10 000 20 000 50 000 and 100 000 pesos with the latter being a new and the highest denomination These banknotes give continuity of biodiversity present in the new series of coins that began circulating in 2012 while highlighting a group of cultural elements and landscapes of Colombia s geography Additionally the notes pay tribute to major personalities of culture science and politics and reinforces recognition of women s important role in Colombian society 5 The new 100 000 pesos banknote was introduced on 31 March 2016 6 followed by the 20 000 pesos note on 30 June 2016 7 8 the 50 000 pesos note on 19 August 2016 9 10 the 5 000 pesos note on 9 November 2016 11 and the 2 000 pesos note on 29 November 2016 12 The 10 000 pesos note was issued on 7 December 2016 completing the new banknote series 2016 Banknote seriesImage Value Dimensions Background color Description Date of NotesObverse Reverse Watermark first series Issue last series2 000 pesos 128 66 mm Blue Debora Arango Cano Cristales The face of painter Debora Arango and the number 2 19 August 2015 29 November 20165 000 pesos 133 66 mm Brown Jose Asuncion Silva Colombian paramos The face of poet Jose Asuncion Silva and the number 5 19 August 2015 9 November 201610 000 pesos 138 66 mm Red Virginia Gutierrez de Pineda Amazon natural region The face of anthropologist Virginia Gutierrez and the number 10 19 August 2015 7 December 201620 000 pesos 143 66 mm Orange Alfonso Lopez Michelsen La Mojana channels in the region of the Zenu people and the sombrero vueltiao The face of President Alfonso Lopez Michelsen and the number 20 19 August 2015 30 June 201650 000 pesos 148 66 mm Violet Gabriel Garcia Marquez Lost City core of the culture tayrona The face of Nobel Prize winner Gabriel Garcia Marquez and the number 50 19 August 2015 19 August 2016100 000 pesos 153 66 mm Green Carlos Lleras Restrepo Wax palm in Cocora valley Quindio Barranquero bird Luis Vidales s poem about wax palm Liberty head bank seal The face of President Carlos Lleras Restrepo and the number 100 8 August 2014 31 March 2016Pre 2016 Banknote seriesImage Value Dimensions Background color Description Date of NotesObverse Reverse Watermark first series Issue last series1 000 pesos 130 65 mm Orange Jorge Eliecer Gaitan Jorge Eliecer Gaitan upper half body and a crowd Jorge Eliecer Gaitan August 7 2001 November 17 20012 000 pesos 130 65 mm Green and beige Francisco de Paula Santander The door of the Casa de la moneda Francisco de Paula Santander April 2 1996 April 2 1996 2000 pesos banknotes with the issue date of 19 08 2009 August 19 2009 include a Braille script added in the watermark area 5 000 pesos 140 70 mm Green Jose Asuncion Silva Outdoors and the entire Nocturno poem in microtext font Jose Asuncion Silva March 1 1995 September 22 199510 000 pesos 140 70 mm Reddish brown Policarpa Salavarrieta Guaduas main plaza place of birth of Policarpa Salavarrieta Policarpa Salavarrieta March 1 1995 November 30 1995 1 20 000 pesos 140 70 mm Sapphire Julio Garavito and the Moon a reference to the Garavito Crater The Earth as viewed from the Moon s surface Julio Garavito July 23 1996 December 2 199650 000 pesos 140 70 mm Purple and white Jorge Isaacs A paragraph of La Maria Jorge Isaacs August 7 2000 November 24 2000Withdrawn BanknotesImage Value Dimensions Background color Description Date of NotesObverse Reverse Obverse Reverse Watermark first series Issue last series1 peso oro 140 70 mm Turquoise Santander and Bolivar Effigy of the freedom Without watermarks1 peso oro 140 70 mm Indigo Bolivar and Santander Andean condor Without watermarks August 7 19732 pesos oro 140 70 mm Purple Policarpa Salavarrieta Muisca raft The figure refers to the ceremony of the legend of El Dorado Without watermarks July 20 19765 pesos oro 140 70 mm Dark green Jose Maria Cordova Castillo San Felipe de Barajas Cartagena Without watermarks July 20 197110 pesos oro 140 70 mm Purple Antonio Narino San Agustin Archaeological Park Without watermarks August 7 198020 pesos oro 140 70 mm Coffee Francisco Jose de Caldas Various archaeological items belonging to the Museo del Oro Without watermarks20 pesos oro 140 70 mm Purple Francisco Jose de Caldas Building of the Banco de la Republica in Barranquilla Gold Museum Without watermarks January 2 196150 pesos oro 140 70 mm Purple Camilo Torres Tenorio Orchidaceae Cattleya trianae national flower of Colombia Camilo Torres Tenorio July 20 1973100 pesos oro 140 70 mm Purple Francisco de Paula Santander Capitolio Nacional Bogota The freedom 100 pesos oro 140 70 mm Orange Antonio Narino Villa de Leyva Boyaca Department Antonio Narino August 7 1981200 pesos oro 140 70 mm Dark green Simon Bolivar Peasant collecting coffee Simon Bolivar200 pesos oro 140 70 mm Dark green Jose Celestino Mutis Cloister of the Colegio Mayor de Nuestra Senora del Rosario Bogota Jose Celestino Mutis April 1 1991500 pesos oro 140 70 mm Green dark and black Francisco de Paula Santander Salt Cathedral of Zipaquira Perfil 500 pesos oro 140 70 mm Coffee Francisco de Paula Santander Casa de la Moneda Bogota Perfil July 20 19861000 pesos oro 140 70 mm Brown and green Jose Antonio Galan Casa de Narino Bogota Jose Antonio Galan April 1 19791000 pesos 140 70 mm Turquoise Simon Bolivar Monument to the Lancers Boyaca Department Simon Bolivar January 1 1982 19972000 pesos oro 140 70 mm Brown Simon Bolivar Pass of El Libertador Simon Bolivar over the Pisba Tableland work of Francisco Antonio Cano Simon Bolivar January 1 1984 19945000 pesos oro 140 70 mm Purple Rafael Nunez Miguel Antonio Caro the shield and the States that made up the United States of Colombia Rafael Nunez August 5 1986 199410 000 pesos oro 140 70 mm Coffee Embera people Birds of the fauna of Colombia and the map of Waldseemuller 1507 Embera people 1994Use in Venezuela editThe crisis in Venezuela has caused an economic crisis in which the value of the bolivar declined rapidly resulting in hyperinflation Some areas in Venezuela informally accept the peso for transactions alongside the United States dollar 13 The state of Tachira adopted the Colombian peso as legal tender and the bolivar is rarely used 14 Current COP exchange ratesFrom Google Finance AUD CAD CHF CNY EUR GBP HKD JPY USD INRFrom Yahoo Finance AUD CAD CHF CNY EUR GBP HKD JPY USD INRFrom XE com AUD CAD CHF CNY EUR GBP HKD JPY USD INRFrom OANDA AUD CAD CHF CNY EUR GBP HKD JPY USD INRUnidad de Valor Real UVR editThe Unidad de Valor Real real value unit UVR ISO 4217 code COU is an accounting currency maintained by the Banco de la Republica that reflects inflation and purchase power It is used to calculate the cost of housing loans which allows financial entities to maintain the purchasing power of borrowed money 15 See also editEconomy of Colombia Vertical currency 20 000 Colombian peso note 50 000 Colombian peso noteReferences edit World Bank Editorial Style Guide 2020 page 135 PDF openknowledge worldbank org Retrieved 2022 08 22 Base Archived from the original on 2012 09 19 Retrieved 2012 06 20 Banco de la Republica de Colombia Bank of the Republic of Colombia Spanish Retrieved 2012 06 19 Billetes y monedas Archived 2012 05 05 at the Wayback Machine in Spanish Accessed 2007 05 21 Colombia new 2 000 peso note with Braille confirmed BanknoteNews com Retrieved 2012 08 11 Colombia new banknote family reported for introduction in 2016 BanknoteNews com October 11 2015 Retrieved on 2015 12 09 Colombia new 100 000 peso note introduced 31 03 2016 BanknoteNews com April 2 2016 Retrieved on 2016 07 01 Colombia new 20 000 peso note confirmed BanknoteNews com July 1 2016 Retrieved on 2016 07 01 Billete de 20 mil pesos 5 pasos para reconocerlo Banrep gov co 20 June 2016 Retrieved 16 October 2017 Colombia new 50 000 peso note confirmed Banknote News banknotenews com Retrieved 16 October 2017 Billete de 50 mil pesos 5 pasos para reconocerlo Banrep gov co 5 August 2016 Retrieved 16 October 2017 Billete de 5 mil pesos 5 pasos para reconocerlo Banrep gov co 26 October 2016 Retrieved 16 October 2017 Billete de 2 mil pesos 5 pasos para reconocerlo Banrepgov co 15 November 2016 Retrieved 16 October 2017 Tiempo Casa Editorial El El peso colombiano esta desplazando al bolivar en Venezuela Portafolio co in Spanish Retrieved 2020 08 15 Opinion Diario la Tachira prefiere el peso como moneda corriente al bolivar La Opinion in Spanish Retrieved 2020 08 15 Unidad de valor real UVR Banco de la Republica Colombia Retrieved 2022 11 08 Bibliography editKrause Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501 Pick Albert 1994 Standard Catalog of World Paper Money General Issues Colin R Bruce II and Neil Shafer editors 7th ed Krause Publications ISBN 0 87341 207 9 External links editColombia Coin Patterns and Krause Corrections by Guillermo Granados in Spanish USD COP Exchange Rate Analysis Historical and current banknotes of Colombia in English and German Portals nbsp Colombia nbsp Money nbsp Numismatics nbsp South America Retrieved from https en wikipedia org w index php title Colombian peso amp oldid 1184957664, wikipedia, wiki, book, books, library,

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