As a foreigner arriving in a new country, you may be wondering how to use Colombian Pesos. This post will be useful for you to understand money in Colombia and recognize the different denominations, learn more about the history of Colombian money, accurately convert Colombian pesos to American dollars, and more.
The history of Colombian money
Before the Colombian peso, Colombia used the Spanish colonial real. In 1810, the Colombian peso was introduced to the market as the official currency of the country, having the value of 8 reales. Eventually, reales stopped circulating.
In 1871, Colombia adopted a monetary system that considered a fixed quantity of gold as an economic unit of value. Adopting the gold standard in the 19th century was a very popular measure many countries used to regulate their monetary system, and Colombia was no exception. The Colombian peso was pegged to the French franc, modern gold coins minted during the restoration of France. One Colombian peso equated five francs.
The Banco Nacional de la República de Colombia was founded in 1880 during the government of President Rafael Núñez. The bank was responsible for printing the Colombian banknotes, which was pegged to the British pound, but the bills dropped their value due to printing press inflation.
In 1923, the country needed assistance to face the aftermath of the First World War. President Pedro Nel Ospina requested help from the United States, a country that was starting in Latin America what is known as the Kemmerer Missions.
Colombian pesos denominations
Colombian pesos code is COP, and its commonly used symbol is COL$. If you are interested in buying or selling outmoded Colombian peso coins, visit our website.
10 Colombian pesos
20 Colombian pesos
50 Colombian pesos
100 Colombian pesos
200 Colombian pesos
500 Colombian pesos
1000 Colombian pesos
The current Colombian bills have two designs. Since the diversity of Colombian paper money was increased by adding larger denominations, the bank started printing a new design that shortened the value expressed on the paper. For example, “50,000” was changed to “50 thousand”. However, both designs are accepted in the market. You can visit Foreign Currency & Coin Exchange to have access to all current and outmoded Colombian peso banknotes.
1000 Colombian pesos
2000 Colombian pesos
5000 Colombian pesos
10000 Colombian pesos
20000 Colombian pesos
50000 Colombian pesos
100000 Colombian pesos
Some recommendations Foreign Currency & Coin Exchange has for you is to break down banknotes with large denominations since it can be difficult to get change from taxis and small convenience stores.
This is all you need to know to understand how Colombian pesos work. You can convert your USD to Colombian pesos on our website, or convert any other currency since we have them all! We make it not only easy and safe, but we also offer you a fair exchange rate.