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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 $, with COL$ also being used to distinguish it from other peso- and dollar-denominated currencies.
Colombian peso
peso colombiano  (Spanish)
ISO 4217
CodeCOP
Number170
Denominations
Subunit
1100centavo
Symbol$
Banknotes
 Freq. used$2000, $5000, $10,000, $20,000, $50,000, $100,000
 Rarely used$1, $2, $5, $10, $15, $20, $25, $50, $100, $200, $500, $1000
Coins
 Freq. used$50, $100, $200, $500, $1000
 Rarely used1¢, 212¢, 5¢, 10¢, 20¢, 50¢, $1, $2, $5, $10, $20
Demographics
Official user(s)
 Colombia
Unofficial user(s)
 Venezuela
Issuance
Central bankBanco de la República
 Website
www.banrep.gov.co
Valuation
Inflation3.03% (2017)
One peso is subdivided into one hundred centavos; however, because of its very low value, centavo coins are seldom used or encountered, and the lowest denomination in common use is the 50-peso coin; thus, cash transactions are usually rounded to the nearest 50 pesos.
History
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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[citation needed].
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[citation needed]. 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[citation needed]. 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[citation needed]. 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[citation needed]. 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.
Coins
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]
Currently Circulating Coins[2] (since 2012)
ImageValueTechnical parametersDescription
ObverseReverseDiameterThicknessMassCompositionEdgeObverseReverse
50 pesos17 mm1.3 mm2.0 gNickel-plated steelPlainThe spectacled bear, its popular name, and scientific name.Value, bordered with the words "Republic of Colombia" and the year of minting.
100 pesos20.3 mm1.55 mm3.34 gBrass-plated steel
90.8% iron, 1.2% carbon; Layers: 6.4%-7.2% copper, 3.2%-2.4% zinc
PlainThe frailejón, its popular name, and scientific name.Value, bordered with the words "Republic of Colombia" and the year of minting.
200 pesos22.4 mm1.7 mm4.61 g65% copper
20% zinc
15% nickel
Lettered with Plain edgeThe scarlet macaw, its popular name, and scientific name.Value, bordered with the words "Republic of Colombia" and the year of minting.
500 pesos23.7 mm2 mm7.14 gOuter 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.
1000 pesos26.7  mm9.95 gOuter Ring: 92% copper
6% aluminium
2% nickel
Centre Plug: 65% copper
20% zinc
15% nickel
SecurityThe loggerhead sea turtle, its popular name, and scientific name.Value, bordered with the words "Republic of Colombia" and the year of minting.
Currently circulating coins (previous series)
ImageValueTechnical parametersDescription
ObverseReverseDiameterThicknessMassCompositionObverseReverse
20 pesos17.2 mm1.15 mm2 g70% copper
30% zinc
Simón BolívarValue
50 pesos21 mm1.3 mm4.5 g65% copper,
20 % zinc,
15 % nickel
Coat of arms of Colombia bordered with the words República de ColombiaValue
100 pesos23 mm1.55 mm5.31 galuminium bronze
92% copper
6% aluminium
2% nickel
Coat of arms of Colombia bordered with the words República de ColombiaValue
200 pesos24.4 mm1.7 mm7.08 g65% copper
20% zinc
15% nickel
Quimbaya civilization figurineValue
500 pesos23.5 mm2 mm7.43 gOuter 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 ecologyValue
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, 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]
Currently Circulating Banknotes (since 2016)
ImageValueDimensionsBackground colorDescriptionDate ofNotes
ObverseReverseWatermarkfirst seriesIssuelast series
[1]2000 pesos128 × 66 mm BlueDébora ArangoCaño CristalesThe face of painter Débora Arango and the number 219 August 201529 November 2016
[2]5000 pesos133 × 66 mm BrownJosé Asunción SilvaColombian paramosThe face of poet José Asunción Silva and the number 519 August 20159 November 2016
[3]10,000 pesos138 × 66 mm RedVirginia Gutiérrez de PinedaAmazon natural regionThe face of anthropologist Virginia Gutiérrez and the number 1019 August 20157 December 2016
[4]20,000 pesos143 × 66 mm OrangeAlfonso López MichelsenLa Mojana channels in the region of the Zenú people and the sombrero vueltiaoThe face of President Alfonso López Michelsen and the number 2019 August 201530 June 2016
[5]50,000 pesos148 × 66 mm VioletGabriel García MárquezLost City (core of the culture tayrona)The face of Nobel Prize winner, Gabriel García Márquez and the number 5019 August 201519 August 2016
[6]100,000 pesos153 × 66 mm GreenCarlos Lleras RestrepoWax 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 201431 March 2016
Currently Circulating Banknotes (will be removed)
ImageValueDimensionsBackground colorDescriptionDate ofNotes
ObverseReverseWatermarkfirst seriesIssuelast series
1000 pesos130 × 65 mm OrangeJorge Eliécer GaitánJorge Eliécer Gaitán (upper-half body) and a crowdJorge Eliécer GaitánAugust 7, 2001November 17, 2001
2000 pesos130 × 65 mm Green and beigeFrancisco de Paula SantanderThe door of the Casa de la monedaFrancisco de Paula SantanderApril 2, 1996April 2, 19962000 pesos banknotes with the issue date of 19.08.2009 (August 19, 2009) include a Braille script added in the watermark area.
5000 pesos140 × 70 mm GreenJosé Asunción SilvaOutdoors and the entire "Nocturno" poem in microtext fontJosé Asunción SilvaMarch 1, 1995September 22, 1995
[7]10,000 pesos140 × 70 mm Reddish brownPolicarpa SalavarrietaGuaduas main plaza, place of birth of Policarpa SalavarrietaPolicarpa SalavarrietaMarch 1, 1995November 30, 1995
[8]20,000 pesos140 × 70 mm SapphireJulio Garavito, and the Moon, a reference to the Garavito CraterThe Earth as viewed from the Moon's surfaceJulio GaravitoJuly 23, 1996December 2, 1996
[9]50,000 pesos140 × 70 mm Purple and whiteJorge IsaacsA paragraph of La MaríaJorge IsaacsAugust 7, 2000November 24, 2000
Withdrawn Banknotes
ImageValueDimensionsBackground colorDescriptionDate ofNotes
ObverseReverseObverseReverseWatermarkfirst seriesIssuelast series
1 peso oro140 × 70 mm TurquoiseSantander and BolívarEffigy of the freedomWithout watermarks
1 peso oro140 × 70 mm IndigoBolívar and SantanderAndean condorWithout watermarksAugust 7, 1973
2 pesos oro140 × 70 mm PurplePolicarpa SalavarrietaMuisca raft. The figure refers to the ceremony of the legend of El Dorado.Without watermarksJuly 20, 1976
5 pesos oro140 × 70 mm Dark greenJosé María CórdovaCastillo San Felipe de Barajas, CartagenaWithout watermarksJuly 20, 1971
10 pesos oro140 × 70 mm PurpleAntonio NariñoSan Agustín Archaeological ParkWithout watermarksAugust 7, 1980
20 pesos oro140 × 70 mm CoffeeFrancisco José de CaldasVarious archaeological items belonging to the Museo del OroWithout watermarks
20 pesos oro140 × 70 mm PurpleFrancisco José de CaldasBuilding of the Banco de la República in Barranquilla. Gold MuseumWithout watermarksJanuary 2, 1961
50 pesos oro140 × 70 mm PurpleCamilo Torres TenorioOrchidaceae (Cattleya trianae), national flower of ColombiaCamilo Torres TenorioJuly 20, 1973
100 pesos oro140 × 70 mm PurpleFrancisco de Paula SantanderCapitolio Nacional, BogotáThe freedom.
100 pesos oro140 × 70 mm OrangeAntonio NariñoVilla de Leyva, Boyacá DepartmentAntonio NariñoAugust 7, 1981
200 pesos oro140 × 70 mm Dark greenSimón BolívarPeasant collecting coffeeSimón Bolívar
200 pesos oro140 × 70 mm Dark greenJosé Celestino MutisCloister of the Colegio Mayor de Nuestra Señora del Rosario, BogotáJosé Celestino MutisApril 1, 1991
500 pesos oro140 × 70 mm Green dark and blackFrancisco de Paula SantanderSalt Cathedral of ZipaquiráPerfil.
500 pesos oro140 × 70 mm CoffeeFrancisco de Paula SantanderCasa de la Moneda, BogotáPerfilJuly 20, 1986
1000 pesos oro140 × 70 mm Brown and greenJosé Antonio GalánCasa de Nariño, BogotáJosé Antonio GalánApril 1, 1979
1000 pesos140 × 70 mm TurquoiseSimón BolívarMonument to the Lancers, Boyacá DepartmentSimón BolívarJanuary 1, 19821997
2000 pesos oro140 × 70 mm BrownSimón BolívarPass of El Libertador Simon Bolivar over the Pisba Tableland., work of Francisco Antonio CanoSimón BolívarJanuary 1, 19841994
5000 pesos oro140 × 70 mm PurpleRafael NúñezMiguel Antonio Caro, the shield and the States that made up the United States of ColombiaRafael NúñezAugust 5, 19861994
10,000 pesos oro140 × 70 mm CoffeeEmberá peopleBirds of the fauna of Colombia and the map of Waldseemüller (1507)Emberá people1994
Use in Venezuela
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 EUR GBPHKD JPY USD CNY INR
From Yahoo! Finance:AUD CAD CHF EUR GBPHKD JPY USD CNY INR
From XE.com:AUD CAD CHF EUR GBPHKD JPY USD CNY INR
From OANDA:AUD CAD CHF EUR GBPHKD JPY USD CNY INR
From fxtop.com:AUD CAD CHF EUR GBPHKD JPY USD CNY INR
See also
References
  1. ^ "Archived copy". 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.
  2. ^ Billetes y monedas Archived 2012-05-05 at the Wayback Machine (in Spanish) Accessed 2007-05-21
  3. ^ Colombia new 2,000-peso note with Braille confirmed BanknoteNews.com. Retrieved 2012-08-11.
  4. ^ Colombia new banknote family reported for introduction in 2016 BanknoteNews.com. October 11, 2015. Retrieved on 2015-12-09.
  5. ^ Colombia new 100,000-peso note introduced 31.03.2016 BanknoteNews.com. April 2, 2016. Retrieved on 2016-07-01.
  6. ^ Colombia new 20,000-peso note confirmed BanknoteNews.com. July 1, 2016. Retrieved on 2016-07-01.
  7. ^ "Billete de 20 mil pesos, 5 pasos para reconocerlo". Banrep.gov.co. 20 June 2016. Retrieved 16 October 2017.
  8. ^ "Colombia new 50,000-peso note confirmed - Banknote News". banknotenews.com. Retrieved 16 October 2017.
  9. ^ "Billete de 50 mil pesos, 5 pasos para reconocerlo". Banrep.gov.co. 5 August 2016. Retrieved 16 October 2017.
  10. ^ "Billete de 5 mil pesos, 5 pasos para reconocerlo". Banrep.gov.co. 26 October 2016. Retrieved 16 October 2017.
  11. ^ "Billete de 2 mil pesos, 5 pasos para reconocerlo". Banrepgov.co. 15 November 2016. Retrieved 16 October 2017.
  12. ^ Tiempo, Casa Editorial El. "Gobierno presentará en marzo proyecto para quitarle tres ceros al peso". eltiempo.com.
  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.
Bibliography
External links
Last edited on 30 March 2021, at 02:48
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