Costa Rican colón facts for kids

Quick facts for kids Costa Rican colón
ISO 4217 Code	CRC
User(s)	Costa Rica
Inflation	-0.03% (June 2024)
Source	Central Bank of Costa Rica
Method	CPI
Subunit
1⁄100	céntimo (out of circulation)
Symbol	₡
Plural	colones
Coins
Freq. used	₡10, ₡25, ₡50, ₡100, ₡500
Rarely used	₡5 (discontinued, still legal tender)
Banknotes
Freq. used	₡1 000, ₡2 000, ₡5 000, ₡10 000, ₡20 000
Rarely used	₡50 000 (Withdrawn, still exchangeable at Banco de Costa Rica)

The colón (plural: colones) is the money used in Costa Rica. Its special symbol is ₡. The colón was named after Christopher Columbus, who is known as Cristóbal Colón in Spanish. One colón is made up of one hundred smaller units called céntimos.

What is the Colón Symbol?

The symbol for the colón looks like a capital letter "C" with two diagonal lines crossing through it. You can often type this symbol on a computer keyboard by pressing the ALT key and then 8353.

It's important not to mix up the colón symbol with the cent sign (¢). Even so, people in Costa Rica sometimes use the cent symbol (¢) when writing prices or in advertisements.

History of the Costa Rican Colón

The colón first started being used in Costa Rica in 1896. It took the place of the old money, which was called the peso. One colón was worth the same as one peso.

The colón is divided into 100 centimos. For a short time between 1917 and 1919, some coins were called "centavos" instead of "centimos."

In the early 1900s, different banks printed colones. But since 1951, only the Central Bank of Costa Rica has been in charge of making all the colón coins and banknotes.

For many years, the colón's value was slowly adjusted against the U.S. dollar. This was like a "crawling peg." But since 2006, the colón's value can change more freely. It now "floats" within a certain range set by the Central Bank.

Coins of Costa Rica

Costa Rica has many different coins. Over the years, different banks have made them.

Early Coins (1897–1917)

When the colón first came out, there was no immediate need for new coins. This was because it replaced the peso at the same value. In 1897, the first gold coins were made. These were for 2, 5, 10, and 20 colones.

Later, silver coins for 50 centimos were made. Then, in 1903, copper-nickel 2 centimos coins were added. In 1905, silver 5 and 10 centimos coins were released. The 5 and 10 centimos coins had the letters G.C.R. on them. This showed they were made by the government.

Centavo Coins (1917–1919)

For a short time in 1917, coins were called "centavos" instead of "centimos." These were 5 and 10 centavos. All of these coins also had the G.C.R. initials.

Government Coins (1920–1941)

The government started making centimo coins again in 1920. These were 5 and 10 centimos. In 1923, some older 25 and 50 centimos peso coins were re-stamped. Their value was doubled to 50 centimos and 1 colón.

In 1925, new silver 25 centimo coins were introduced. The last coins made by the government were brass 10 centimos. These were made between 1936 and 1941.

Coins from Different Banks

• Banco Internacional (1935): This bank made copper-nickel coins. They were for 25 and 50 centimos, and 1 colón. These coins had the letters B.I.C.R.
• Banco Nacional (1937–1948): This bank started making coins in 1937. They made 25 and 50 centimos, and 1 colón coins. These had the letters B.N.C.R. Later, they added 5 and 10 centimos in 1942, and 2 colones in 1948.

Central Bank Coins (1951–Present)

Since 1951, the Central Bank of Costa Rica has been the only one to make coins. Their coins have the letters B.C.C.R. They first made 5 and 10 centimo coins.

Over the years, new coins have been added and old ones changed:

• In 1954, 1 and 2 colones coins were made.
• In 1965, 50 centimos were added.
• In 1967, 25 centimos were added.
• In the 1980s, smaller coins were made, and 5, 10, and 20 colones coins were introduced.
• Between 1995 and 1998, smaller 1, 5, and 10 colones coins were made. New 25, 50, and 100 colones coins were also added.
• In 2003, 500 colones coins were introduced.
• In 2006, new aluminum 5 and 10 colones coins were made.
• Today, 1 colón coins are not used much.
• In 2009, some older, larger coins were taken out of use.
• By the end of 2019, the ₡5 coin was no longer used.
• In 2021, a new, smaller ₡500 coin was made. This coin celebrated 200 years of Costa Rican independence.

Banknotes of Costa Rica

Banknotes are the paper money we use. In Costa Rica, different banks used to print their own banknotes.

Early Banknotes (1896–1914)

Four private banks printed notes between 1864 and 1917. These were the Banco Anglo–Costarricense, Banco Comercial de Costa Rica, Banco de Costa Rica, and Banco Mercantil de Costa Rica.

• Banco Anglo–Costarricense: This bank started in 1864. It printed notes until 1917. Later, it became a state-owned bank but closed in 1994. They printed notes for 1, 25, 50, and 100 pesos. They also printed 5, 10, 20, 50, and 100 colones.
• Banco de Costa Rica: This bank started in 1890. It printed notes until 1914. Today, it is a state-owned bank. They printed notes for 1, 2, 5, 10, 20, and 100 pesos. They also printed 5, 10, 20, 50, and 100 colones.
• Banco Comercial de Costa Rica: This bank printed notes between 1906 and 1914. They made notes for 5, 10, 20, 50, and 100 colones.
• Banco Mercantil de Costa Rica: This bank printed notes between 1910 and 1916. They also made notes for 5, 10, 20, 50, and 100 colones.

Government Banknotes (1897–1917)

The government also printed special "gold certificates" in 1897. These were for 5, 10, 25, 50, and 100 colones. Between 1902 and 1917, they printed "silver certificates." These were for 50 centimos, 1, 2, 50, and 100 colones.

Banco Internacional Banknotes (1914–1936)

In 1914, the Banco Internacional de Costa Rica started printing notes. These were for 5, 10, 20, 50, and 100 colones. In 1918, they added 25 and 50 centimos, and 1 and 2 colones. After 1917, this bank's notes were the only ones used.

Banco Nacional Banknotes (1937–1949)

In 1937, the Banco Nacional de Costa Rica took over printing paper money. They printed notes for 1, 2, 5, 10, 20, 50, and 100 colones until 1949. Many of their first notes were temporary. They were made by printing over old Banco Internacional notes.

Central Bank Banknotes (1950–Present)

The Banco Central de Costa Rica began printing paper money in 1950. They started with notes for 5, 10, 20, 50, and 100 colones. Their first notes were also temporary versions of old Banco Nacional notes.

Regular notes began in 1951. Over time, new values were added:

• 1,000 colones notes were added in 1958.
• 500 colones notes in 1973.
• 5,000 colones notes in 1992.
• 2,000 and 10,000 colones notes in 1997.
• 20,000 and 50,000 colones notes in 2011.

Banknote Changes

In 2011 and 2012, Costa Rican banknotes were updated. They were replaced with a new series. Each banknote in this new series has a different color and size. Two new values were also added: 20,000 and 50,000 colones. The older notes can still be exchanged at the Central Bank.

In 2020 and 2021, a new series of banknotes was made from polymer (a type of plastic). These notes kept the same themes as the 2011 series but had slightly new designs. The old paper notes were taken out of use in 2022. The 50,000-colón note was not included in this new series, but the existing ones are still valid.

How the Colón's Value Changes

The colón has a unique relationship with the U.S. dollar. For a long time, its value slowly got weaker against the dollar at a set rate. This was called a "crawling peg."

However, since October 17, 2006, the Central Bank of Costa Rica no longer controls these small, fixed changes. Now, the exchange rate can float more freely within a certain range. The Central Bank gives a "reference" rate, but other financial places can set their own values. This helps the market keep the rates fair.

Nicknames for the Colón

People in Costa Rica sometimes use fun nicknames for their money.

• Peso: The colón is sometimes called the "peso." This was the name of Costa Rica's money before the colón. Many countries in Latin America use or used the name "peso" for their money.
• Caña: This word means "sugar cane." It's used for amounts under 100 colones, usually in groups of ten (like 10 cañas, 20 cañas). This nickname is not as common now.
• Teja: This means "roof tile." It's the slang term for one hundred colones. So, a 500 colones coin or note is called "cinco tejas" (five roof tiles). A 50 colones coin or note is called "media teja" (half roof tile).
• Morado: This means "purple." The old 500 colones note was called "morado" because of its color. But this note is no longer used.
• Un rojo: This means "one red." The 1,000 colones note is called "un rojo" because it's red. This name is also used for amounts that are multiples of a thousand colones (like "veinte rojos" for twenty thousand colones).
• Tucán: This refers to the toucan. The 5,000 colones note used to have a picture of a toucan on it. Now it has a monkey.
• Un puma: This refers to the puma. The 10,000 colones note is sometimes called "un puma" because an earlier version had a puma on it.

Images for kids

• 

  Costa Rica 1897 20 Colones (proof), first year coins were issued. The coin shows the Costa Rican coat of arms on the front and a picture of Christopher Columbus on the back.

See also

In Spanish: Colón (moneda de Costa Rica) para niños

• Economy of Costa Rica
• Commemorative coins of Costa Rica
• Commemorative banknotes of Costa Rica