Colombian peso

The peso has been the currency of Colombia since 1810. It replaced the real 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 décimos de reales, later centavos. The real was renamed the decimo in 1853, although the last reales were struck in 1880. was first used in 1819 on early banknotes but did not reappear until the 2000s on banknotes and was not used on the coinage until 2013.

In 1871, Colombia went on 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 the British pound at a rate of 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 Junta de Conversión 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, Colombian peso 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 banknotes 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 the peso worth 1000 old pesos, in other words, to remove three zeroes from its face value. Such a plan has yet to be adopted. However, the family of banknotes introduced in 2016 have the last three zeroes replaced by the word "mil" (thousand), making the value easier to read.

Between 1837 and 1839, the Republic of New Grenada introduced silver ¼, ½, 1, 2, and 8 real coins, 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 ½ and 1 décimo de real in copper and 1, 2, 8 and 10 reales in silver. ¼ and ½ real coins followed in 1849 and 1850. In 1853, silver ½ 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 ¼, ½ and 2 reales, ¼, ½ 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 & 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, 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 2½, 5, 10, 20, and 50 centavos were issued, followed by cupro-nickel 1¼ centavos in 1874 and 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 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 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.

Coins of 20 pesos were no longer produced as of 2008; there are only some remaining in circulation.

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.[1]

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

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

In the early 1860s, the Tesoría 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, and 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, and 50 centavos, and 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 shillings.

In 1881, the Banco Nacional introduced notes for 20 centavos, and 1, 5, 10, 20, 50 and 100 pesos. These were followed by 50 centavo notes in 1882 and 10 centavos in 1885. One thousand 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 Conversión 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, Bolivar, Magdalena, Santander and Tolima issued notes, with denominations including 10, 20, 50 centavos, and 1, 2½, 5, 10, 20 and 50 pesos.

In 1923, the Banco de la República 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 Medellín, in denominations of 2½, 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 ½ 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 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. Five-hundred pesos 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. Twenty thousand 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 × 70 mm to 130 × 65 mm, because these notes are frequently replaced due to heavy use.

On December 28, 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.[3]

In 2016, the Banco de la Republica issued a new family of notes in denominations of 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 pesos, with the latter being the newest and highest denomination. The new family of banknotes gives continuity of biodiversity present in the family of coins that began circulating in 2012, while highlighting a group of cultural elements and landscapes of Colombia's geography which have become symbols of its wealth, variety and creativity. Additionally, the notes pay tribute to major characters of the country's culture, science and politics, and reinforces recognition of women's role in Colombian society.[4] The new 100,000 pesos banknote was introduced on 31 March 2016,[5] followed by the 20,000 pesos note on 30 June 2016,[6][7] the 50,000 pesos note on 19 August 2016,[8][9] the 5,000 pesos note on 9 November 2016,[10] and the 2,000 pesos note on 29 November 2016.[11] The 10,000 pesos note was issued on 7 December 2016, completing the family of notes. A new legal mandate was presented to the Colombian Congress to remove three zeros from both banknotes and coins. The denominations on the notes introduced in 2016 contain the word "Mil" (thousand); by removing the word from the master plates, the redenominated notes would be ready for production.[12]

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

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]

• Economy of Colombia
• Vertical currency

• Krause, 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.

• 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)