What is the currency in Colombia? In this country, the local peso is used as official currency. The name of this unit is rooted in Spain of the late Middle Ages. That is what the local currency was called in those days. In addition, it was also used in Spanish colonial possessions. Translated "peso" means "weight". In turn, this word comes from the Latin "pensum" - "weighted". In the international standard ISO 4217, the Colombian peso has the code 170 and the designation COP.
Commissioning of the Colombian Peso
The currency of Colombia is not freely convertible. It was put into circulation almost immediately after the state gained independence from the Spanish crown. During its existence, the Colombian peso underwent several devaluations that were caused by economic and financial crises. In addition, throughout its history it has been tied to silver, and then to gold.
The course of Colombian money. Emission
One Colombian peso includes one hundred centavos. This bargaining unit is characteristic of the region and is used in many other states. Literally translated, “centavo” means “a hundredth part of something,” including a metal coin.
Another devaluation led to the depreciation of the Colombian peso. Therefore, today centavo appears only in some official documents and is not actually used.
The Colombian currency to the ruble is quoted at a ratio of 1 to 43.60. That is, for one Russian ruble you can get 43.60 pesos. The issue of Colombian banknotes is handled by the Bank of the Republic of Colombia.
To date, paper notes in denominations of one, two, five, ten, twenty and fifty thousand pesos are in circulation. In addition, coins are used in denominations of five, ten, twenty, fifty, one hundred, two hundred, five hundred and one thousand pesos.
Colombian money design
It should be noted that all banknotes are made by the national mint, located in the state capital Bogota. The design of paper notes of the Colombian peso is quite original, although it is typical for most countries of Latin America.
For example, the front part of Colombian currency banknotes contains images of prominent cultural and political figures who have had a great influence on the country's development in a given historical period.
On the obverse of a thousand peso denomination is the image of Jorge Eliecer Gaitán, who, since 1946, was the leader of the Liberal Party of Colombia. The front side of the two thousand pesos contains an image of Francisco José de Paula Santander y Omanya, an outstanding political and military leader of the country.
Five thousand Colombian currencies depict the image of the famous poet Jose Asuncion Silva, and on a banknote of ten thousand denominations Polycarp of Salavareta, who was a prominent fighter for the country's independence.
A twenty thousand peso banknote contains a portrait of a Colombian mathematician, engineer, astronomer and economist Julio Garavito Armero, and fifty thousand pesos contain the famous writer, politician and military Jorge Isaacs.
Reverse Colombian Pesos
The flip side of the Colombian currency includes images of architectural monuments, various significant events from the history of the country and other objects. For example, a thousand pesos contains a picture of a greeting from the side of the already mentioned Senate Chairman Jorge Eliecer Gaitan. On a two thousand bill, the facade of the former mint of the state is depicted, and on five thousand pesos there is a picturesque alley of the capital's National Park and a woman.
A banknote of ten thousand contains an illustration of the city center square of Guaduas, and twenty thousand - the surface of the moon and a view from it on our planet. The fifty thousandth bill shows an estate in El Paraiso.
Coin design
All Colombian peso coins are made, like paper bills, by the Colombian National Mint in the state capital. It should be noted that the design of metallic money is of particular interest to collectors. At the same time, from an aesthetic point of view, the design of coins is quite ordinary and unpretentious.
So, their front side contains dignity in digital format with various edging. Reverse to one hundred pesos includes images of the coat of arms of Colombia. The remaining coins depict other national signs. All metal Colombian pesos are made in the shape of a circle. Different materials are used to make coins. So, including up to a hundred pesos, this is brass. Two hundred pesos are made of a copper-nickel alloy, and five hundred and a thousand of several metals. The middle of the coin is from aluminum-bronze alloy, and the rest from copper-nickel.
It should be noted that a thousand peso coin was regularly attacked by counterfeiters. Therefore, it was decided to gradually withdraw this face value from circulation, stopping its minting. The process was launched in 2008. In 2012, new samples of metallic money were made. Thus, coin reversals from fifty to five hundred pesos began to be drawn up using images of animals and plants found in Colombia. At the same time, they were put into circulation in a limited edition.
Money Exchange in Colombia
Travelers who decide to visit the Republic of Colombia must remember that they can exchange their money for the Colombian peso at the normal rate only in specialized financial institutions of Bogotá and other major cities of the country. The Colombian currency exchange rate against the US dollar is 1 to 2704.68, and against the euro - 1 to 3335.32.
On the other hand, in recent years there has been an increase in the popularity of the American dollar, which is increasingly being used as a full-fledged and legitimate payment instrument. The USA is the main trading partner of Colombia, and the constant influx of this country's currency into the territory of the state has led to the fact that today it is possible to purchase goods and services without the help of the Colombian peso. The current exchange rate to the ruble of the Colombian currency is already known to the reader.