Currency of Colombia. Colombian peso exchange rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

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 during the late Middle Ages. That is how the local currency was called in those days. In addition, it was also used in the Spanish colonial possessions. In translation, "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.

Introduction of the Colombian peso

Colombian currency 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 has undergone several devaluations that were caused by economic and financial crises. It has also been pegged to silver and then to gold throughout its history.

Colombian money rate. Issue

One Colombian peso includes one hundred centavos. This monetary unit is characteristic of the region and is used in manyother states. Literally translated, "centavo" means "a hundredth of something", including a metal coin.

Another devaluation led to the depreciation of the Colombian peso. Therefore, today the centavo appears only in some official documents and is not actually used.

The currency of Colombia against 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.

Today, paper banknotes are in circulation in denominations of one, two, five, ten, twenty and fifty thousand pesos. In addition, five, ten, twenty, fifty, one hundred, two hundred, five hundred and one thousand pesos coins are used.

Colombian money design

It should be noted that all banknotes are produced by the national mint, located in the capital city of Bogota. The design of Colombian peso banknotes is quite original, although it is typical for most countries in Latin America.

For example, the front of the banknotes of the Colombian currency contains images of prominent cultural and political figures who had a great influence on the development of the country in a given historical period.

The obverse of the 1,000 peso note bears the image of Jorge Elécer Gaitán, who, since 1946, was the leader of the Liberal Party of Colombia. The obverse side of the two thousand pesos contains the image of FranciscoJosé de Paula Santander y Omagna, an outstanding political and military leader of the country.

Five thousand Colombian currency bears the image of the famous poet José Asunción Silva, and the ten thousand banknote bears the image of Policarpa Salavarieta, who was a prominent fighter for the country's independence.

The twenty thousand peso note contains a portrait of the Colombian mathematician, engineer, astronomer and economist Julio Garavito Armero, and the fifty thousand peso note features the famous writer, politician and military man Jorge Isaacs.

Reverse Colombian pesos

The reverse side of the Colombian currency includes images of architectural monuments, various significant events from the country's history and other objects. For example, a thousand pesos contains a picture of the greeting of the people by the already mentioned President of the Senate, Jorge Elécer Gaitán. The two thousand peso note depicts the facade of the former state mint, and the five thousand peso note depicts a picturesque alley of the capital's National Park and a woman.

The banknote of ten thousand contains an illustration of the city's central square of Guaduas, and twenty thousand - the surface of the moon and the view from it to our planet. The 50,000 note features an estate in El Paraiso.

Coin design

All Colombian peso coins are produced, like paper bills, by the national mint of Colombia in the capital of the state. It should be noted that the design of metal money is of particular interest to collectors. At the same time, with aestheticfrom the point of view, the design of the coins is quite ordinary and unpretentious.

So, their front side contains the denomination in digital format with different edging. The reverse of up to one hundred pesos includes images of the state emblem of Colombia. The rest of the coins depict other national signs. All metal Colombian pesos are made in the form of a circle. Various materials are used to make coins. So, inclusive up to a hundred pesos is brass. Two hundred pesos are made of copper-nickel alloy, and five hundred and a thousand of several metals. The middle of the coin is made of aluminum-bronze alloy, and the rest of the coin is made of copper-nickel.

It should be noted that the thousand peso coin was regularly attacked by counterfeiters. Therefore, it was decided to gradually withdraw this denomination from circulation, stopping its minting. The process was launched in 2008. In 2012, new samples of metal money were made. So, the reverses of coins from fifty to five hundred pesos began to be decorated 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 you can exchange your banknotes for the Colombian peso at the normal rate only in specialized financial institutions in Bogota and other major cities of the country. The exchange rate of the Colombian currency against the US dollar is 1 to 2704.68, and to the euro - 1 to 3335.32.

On the other hand, in recentyears, there has been an increase in the popularity of the US dollar, which is increasingly being used as a full-fledged and legitimate payment instrument. The United States is Colombia's main trading partner, 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 rate of the Colombian currency against the ruble is already known to the reader.