Colombian peso facts for kids

Kids Encyclopedia Facts

Quick facts for kids

Colombian peso

Banknotes of $50,000 from the 2016 series

ISO 4217 Code

COP

Official user(s)

Colombia

Unofficial user(s)

Venezuela

Inflation

7.18% (June 2024)

Subunit

1⁄100

centavo
(Discontinued in 1984)

Symbol

Coins

Freq. used

$100, $200, $500, $1,000

Banknotes

Freq. used

$2,000, $5,000, $10,000, $20,000, $50,000, $100,000

The Colombian peso (symbol: $; code: COP) is the official money used in Colombia. Its special code is COP. The common symbol for the peso is $. Sometimes, people use Col$ to show it's the Colombian peso and not another currency like the dollar.

One peso used to be divided into one hundred centavos. However, because prices went up a lot in the 1970s and 1980s, Colombia stopped making centavo coins in 1984. Even though centavo coins are not used daily, people still write amounts with centavos. For example, you might see something priced at $1.50, but you would usually pay $2.00 in cash. This is because most cash payments are rounded to the nearest 100 pesos. Electronic payments, however, can still include centavos.

History of Colombian Money
Colombian Coins
Colombian Banknotes
Peso Use in Venezuela
Unidad de Valor Real (UVR)
See also

History of Colombian Money

US dollar exchange rate against Colombian peso, starting from 1991.

Before 1820, when Colombia became independent from Spain, people used the Spanish colonial real. This was replaced by the Colombian real. In 1837, the Colombian real was swapped for the current peso. One peso was equal to 8 reales at that time.

In 1847, Colombia changed its money system to a decimal one. This meant the peso was divided into ten reales, and each real was split into 10 décimos de reales (later called centavos). The idea of 100 centavos making one peso first appeared on banknotes in 1819. It became common on banknotes in the 1860s and on coins by 1872.

In 1871, Colombia linked its peso to the French franc. This meant 1 peso was worth 5 francs. This link lasted until 1886. Later, the value of paper money dropped because too much was printed. From 1910, new banknotes called peso oro were introduced. In 1931, the peso was linked to the United States dollar. This link meant 1.05 pesos were worth 1 dollar. Even so, peso banknotes continued to be called peso oro until 1993.

In 2018, the Congress of Colombia talked about changing the peso. The idea was to remove three zeroes from the value, so 1,000 pesos would become 1 new peso. This would make counting and banking easier. New banknotes were already introduced in 2016 with "mil" (thousand) written instead of the last three zeroes. This would have made it easy to change "mil" to "nuevos" (new). The president at the time, Juan Manuel Santos, supported this idea. However, many people were against it because it would cost a lot of money and might confuse people. The next president, Iván Duque, did not support the change, so the idea is not being considered now.

Colombian Coins

Colombia has had many different coins throughout its history. Early coins in the 1830s were in silver and gold. When the currency became decimal in 1847, new coins like the décimo de real were introduced.

Over the years, coins were issued by different governments, including the Granadine Confederation and the United States of Colombia. In 1872, centavo coins were first made.

In the early 1900s, new coins were introduced, including gold coins that were similar in value to British gold coins. As time went on, the materials used for coins changed from silver to copper-nickel and bronze.

Due to high inflation, the value of money changed a lot. Coins with higher values like 5, 10, 20, 50, 100, 200, 500, and even 1,000 pesos were introduced. However, the 1,000 peso coin was taken out of use because of too many fake coins. By 2009, smaller coins like 5, 10, and 20 pesos were no longer made often. This is why most cash payments are rounded to the nearest 100 pesos.

In 2012, the Bank of the Republic of Colombia released a new series of coins. The 500 and 1,000 peso coins in this series are Bi-metallic coins, meaning they are made of two different metals.

2012 Coin Series
Image		Value	Technical parameters				Description
Obverse	Reverse	Value	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse
		50 pesos	17 mm	1.3 mm	2.0 g	Nickel-plated steel	Plain	The spectacled bear, its popular name, and scientific name.	Value, bordered with the words "Republic of Colombia" and the year of minting.
		100 pesos	20.3 mm	1.55 mm	3.34 g	Brass-plated steel 90.8% iron, 1.2% carbon; Layers: 6.4%-7.2% copper, 3.2%-2.4% zinc	Plain	The frailejón, its popular name, and scientific name.	Value, bordered with the words "Republic of Colombia" and the year of minting.
		200 pesos	22.4 mm	1.7 mm	4.61 g	65% copper 20% zinc 15% nickel	Lettered with Plain edge	The scarlet macaw, its popular name, and scientific name.	Value, bordered with the words "Republic of Colombia" and the year of minting.
		500 pesos	23.7 mm	2 mm	7.14 g	Outer Ring: 65% copper 20% zinc 15% nickel Centre Plug: 92% copper 6% aluminium 2% nickel	Segmented (Plain and Reeded sections)	The glass frog, its popular name, and scientific name.	Value, bordered with the words "Republic of Colombia" and the year of minting.
		1,000 pesos	26.7 mm	2.7 mm	9.95 g	Outer Ring: 92% copper 6% aluminium 2% nickel Centre Plug: 65% copper 20% zinc 15% nickel	Security	The loggerhead sea turtle, its popular name, and scientific name.	Value, bordered with the words "Republic of Colombia" and the year of minting.

Pre-2012 Coin Series
Image		Value	Technical parameters				Description
Obverse	Reverse	Value	Diameter	Thickness	Mass	Composition	Obverse	Reverse
		20 pesos	17.2 mm	1.15 mm	2 g	70% copper 30% zinc	Simón Bolívar	Value
		50 pesos	21 mm	1.3 mm	4.5 g	65% copper, 20 % zinc, 15 % nickel	Coat of arms of Colombia bordered with the words República de Colombia	Value
		100 pesos	23 mm	1.55 mm	5.31 g	aluminium bronze 92% copper 6% aluminium 2% nickel	Coat of arms of Colombia bordered with the words República de Colombia	Value
		200 pesos	24.4 mm	1.7 mm	7.08 g	65% copper 20% zinc 15% nickel	Quimbaya civilization figurine	Value
		500 pesos	23.5 mm	2 mm	7.43 g	Outer Ring: 65% copper 20% zinc 15% nickel Centre Plug: 92% copper 6% aluminium 2% nickel	Guacarí's tree "El árbol de Guacarí", in recognition of the efforts by the people of Guacarí, Valle del Cauca to preserve the environment and protect the ecology	Value

Colombian Banknotes

From 1857 to 1880, some of Colombia's regions, like Bolívar and Panama, printed their own paper money. These notes came in different values, from 10 centavos to 100 pesos.

In the early 1860s, banknotes were issued in values like 20 centavos and up to 100 pesos. In 1881, the Banco Nacional (National Bank) started printing notes. Later, in 1904, the Treasury took over making paper money.

More than sixty private banks also printed banknotes between 1865 and 1923.

In 1923, the Banco de la República (Bank of the Republic) became the only place that could print paper money. They introduced notes called peso oro. These notes featured important figures and symbols of Colombia. Over the years, new, higher value notes were introduced as the economy changed. The word oro was removed from the notes in 1993.

In 2006, the 1,000 and 2,000 peso notes were made smaller. This was because they were used a lot and needed to be replaced often. In 2010, the 2,000 peso note was updated to include Braille for people who are visually impaired.

In 2016, the Banco de la República released a brand new series of banknotes. These notes come in values from 2,000 to 100,000 pesos. The 100,000 peso note was the highest value ever introduced. These new banknotes show off Colombia's amazing nature, cultural symbols, and important people from history, science, and politics. They also highlight the important role of women in Colombian society. The new notes were released throughout 2016, starting with the 100,000 peso note in March.

Image	Value	Dimensions	Background color		Description			Date of			Notes
2016 Banknote series
Image	Value	Dimensions	Background color		Obverse	Reverse	Watermark	first series	Issue	last series	Notes
	2,000 pesos	128 × 66 mm		Blue	Débora Arango	Caño Cristales	The face of painter Débora Arango and the number 2	19 August 2015	29 November 2016
	5,000 pesos	133 × 66 mm		Brown	José Asunción Silva	Colombian paramos	The face of poet José Asunción Silva and the number 5	19 August 2015	9 November 2016
	10,000 pesos	138 × 66 mm		Red	Virginia Gutiérrez de Pineda	Amazon natural region	The face of anthropologist Virginia Gutiérrez and the number 10	19 August 2015	7 December 2016
	20,000 pesos	143 × 66 mm		Orange	Alfonso López Michelsen	La Mojana channels in the region of the Zenú people and the sombrero vueltiao	The face of President Alfonso López Michelsen and the number 20	19 August 2015	30 June 2016
	50,000 pesos	148 × 66 mm		Violet	Gabriel García Márquez	Lost City (core of the culture tayrona)	The face of Nobel Prize winner, Gabriel García Márquez and the number 50	19 August 2015	19 August 2016
	100,000 pesos	153 × 66 mm		Green	Carlos Lleras Restrepo	Wax palm in Cocora valley, Quindío; Barranquero bird; Luis Vidales's poem about wax palm; Liberty head bank seal	The face of President Carlos Lleras Restrepo and the number 100.	8 August 2014	31 March 2016

Image	Value	Dimensions	Background color		Description			Date of			Notes
Pre-2016 Banknote series
Image	Value	Dimensions	Background color		Obverse	Reverse	Watermark	first series	Issue	last series	Notes
	1,000 pesos	130 × 65 mm		Orange	Jorge Eliécer Gaitán	Jorge Eliécer Gaitán (upper-half body) and a crowd	Jorge Eliécer Gaitán	August 7, 2001	November 17, 2001
	2,000 pesos	130 × 65 mm		Green and beige	Francisco de Paula Santander	The door of the Casa de la moneda	Francisco de Paula Santander	April 2, 1996	April 2, 1996		2000 pesos banknotes with the issue date of 19.08.2009 (August 19, 2009) include a Braille script added in the watermark area.
	5,000 pesos	140 × 70 mm		Green	José Asunción Silva	Outdoors and the entire "Nocturno" poem in microtext font	José Asunción Silva	March 1, 1995	September 22, 1995
	10,000 pesos	140 × 70 mm		Reddish brown	Policarpa Salavarrieta	Guaduas main plaza, place of birth of Policarpa Salavarrieta	Policarpa Salavarrieta	March 1, 1995	November 30, 1995
[1]	20,000 pesos	140 × 70 mm		Sapphire	Julio Garavito, and the Moon, a reference to the Garavito Crater	The Earth as viewed from the Moon's surface	Julio Garavito	July 23, 1996	December 2, 1996
	50,000 pesos	140 × 70 mm		Purple and white	Jorge Isaacs	A paragraph of La María	Jorge Isaacs	August 7, 2000	November 24, 2000

Image		Value	Dimensions	Background color		Description			Date of			Notes
Withdrawn Banknotes
Obverse	Reverse	Value	Dimensions	Background color		Obverse	Reverse	Watermark	first series	Issue	last series	Notes
		1 peso oro	140 × 70 mm		Turquoise	Santander and Bolívar	Effigy of the freedom	Without watermarks
		1 peso oro	140 × 70 mm		Indigo	Bolívar and Santander	Andean condor	Without watermarks	August 7, 1973
		2 pesos oro	140 × 70 mm		Purple	Policarpa Salavarrieta	Muisca raft. The figure refers to the ceremony of the legend of El Dorado.	Without watermarks	July 20, 1976
		5 pesos oro	140 × 70 mm		Dark green	José María Córdova	Castillo San Felipe de Barajas, Cartagena	Without watermarks	July 20, 1971
		10 pesos oro	140 × 70 mm		Purple	Antonio Nariño	San Agustín Archaeological Park	Without watermarks	August 7, 1980
		20 pesos oro	140 × 70 mm		Coffee	Francisco José de Caldas	Various archaeological items belonging to the Museo del Oro	Without watermarks
		20 pesos oro	140 × 70 mm		Purple	Francisco José de Caldas	Building of the Banco de la República in Barranquilla. Gold Museum	Without watermarks	January 2, 1961
		50 pesos oro	140 × 70 mm		Purple	Camilo Torres Tenorio	Orchidaceae (Cattleya trianae), national flower of Colombia	Camilo Torres Tenorio	July 20, 1973
		100 pesos oro	140 × 70 mm		Purple	Francisco de Paula Santander	Capitolio Nacional, Bogotá	The freedom.
		100 pesos oro	140 × 70 mm		Orange	Antonio Nariño	Villa de Leyva, Boyacá Department	Antonio Nariño	August 7, 1981
		200 pesos oro	140 × 70 mm		Dark green	Simón Bolívar	Peasant collecting coffee	Simón Bolívar
		200 pesos oro	140 × 70 mm		Dark green	José Celestino Mutis	Cloister of the Colegio Mayor de Nuestra Señora del Rosario, Bogotá	José Celestino Mutis	April 1, 1991
		500 pesos oro	140 × 70 mm		Green dark and black	Francisco de Paula Santander	Salt Cathedral of Zipaquirá	Perfil.
		500 pesos oro	140 × 70 mm		Coffee	Francisco de Paula Santander	Casa de la Moneda, Bogotá	Perfil	July 20, 1986
		1000 pesos oro	140 × 70 mm		Brown and green	José Antonio Galán	Casa de Nariño, Bogotá	José Antonio Galán	April 1, 1979
		1000 pesos	140 × 70 mm		Turquoise	Simón Bolívar	Monument to the Lancers, Boyacá Department	Simón Bolívar	January 1, 1982		1997
		2000 pesos oro	140 × 70 mm		Brown	Simón Bolívar	Pass of El Libertador Simon Bolivar over the Pisba Tableland., work of Francisco Antonio Cano	Simón Bolívar	January 1, 1984		1994
		5000 pesos oro	140 × 70 mm		Purple	Rafael Núñez	Miguel Antonio Caro, the shield and the States that made up the United States of Colombia	Rafael Núñez	August 5, 1986		1994
		10,000 pesos oro	140 × 70 mm		Coffee	Emberá people	Birds of the fauna of Colombia and the map of Waldseemüller (1507)	Emberá people			1994

Peso Use in Venezuela

The economic problems in Venezuela have made their money, the Venezuelan bolívar, lose its value very quickly. Because of this, some areas in Venezuela now use the Colombian peso for everyday buying and selling. This happens alongside the United States dollar.

For example, in the state of Táchira in Venezuela, the Colombian peso is widely accepted as money. The Venezuelan bolívar is not used much there anymore.

Current COP exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD INR
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD INR
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD INR
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD INR
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD INR

Unidad de Valor Real (UVR)

The Unidad de Valor Real (UVR), which means "real value unit," is a special accounting unit used in Colombia. The Banco de la República keeps track of it. It helps to show how much money is worth over time, considering how prices change.

The UVR is mainly used to figure out the cost of housing loans. This way, banks can make sure the money they lend keeps its buying power, even if prices go up.