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Colombia Currency

ISO 4217 code
COP
Central bank
Banco de la República
 Website
www.banrep.gov.co
User(s)
Colombia
Inflation
1.94%
 Source
January 2014[1]
Subunit
 1/100
centavo
Symbol
$
Coins
 Freq. used
50, 100, 200, 500
pesos
 Rarely used
20 pesos
Banknotes
1000, 2000, 5000,
10,000, 20,000, 50,000
pesos
The peso is the
currency of Colombia.
Its ISO 4217 code is COP
and it is also informally
abbreviated as COL$.
However, the official
peso symbol is $. As of
4 June 2013, the
exchange rate of the
Colombian peso is
1,900.45 Colombian
pesos to 1 U.S. dollar.
History
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. The
real was renamed the
decimo in 1853,
although the last reales
were struck in 1880.
The current system of
100 centavos to the
peso was first used in
1819 on early
banknotes but did not
reappear until the early
1860s on banknotes
and was not used on
the coinage until 1872.
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, Colombia
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 paper money
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
currency by introducing
a new peso worth 1000
old pesos. Such a plan
has yet to be adopted.


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