Colombian peso
Worldwide use:
- Colombia
Description:
The Colombian Peso is the official currency of Colombia. One Colombian Peso is worth 100 Centavos. Coins come in denominations of 50, 100, 200 and 500 Pesos. 20 Peso coins are also in existence but rarely used. Banknotes are available in 1000, 2000, 5000, 10000, 20000 and 50000 Pesos.
Although there are 100 Centavos to the Colombian Peso, Centavos coins are not used due to the minuscule value that they represent. At the time of writing Colombia is the 3rd largest economy in Latin America due to a relatively stable exchange rate and low inflation.
Origin:
The Colombian Peso was introduced in 1810, replacing the Real. At the time, one Peso was equal to 8 Reales but the currency was decimalized in 1847 so that one Peso equaled 10 Reales. Then, in 1871, the Colombian Peso was pegged to the French Franc in accordance with the country’s new Gold Standard. However, due to the rise in cost of printing in 1888, paper money devalued and so a fixed exchange rate was introduced of 100 Peso Moneda Corriente to 1 Coinage Peso. Following this, coins were distributed from 1907 that were of the same value as banknote Pesos until 1910 when banknotes were once again issued as Peso Oros. This paper money was of the same value as the Coinage Peso and one Peso Oro was worth 100 old paper Pesos. The Peso Oro continued until 1993 when the currency became known as simply Peso again.
Component units:
- Centavo (100)
Date introduced:
- 1810
Central bank:
- Banco de la República
Printer:
Mint:
