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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 adopted the gold standard, pegging the peso to the French franc at a rate of 1 peso = 5 francs. This peg only lasted until 1886.
The notemanufacturing process lasts 28 days, from first printing to delivery to the Treasury. The average life of paper currency in Colombia from the moment it is put into circulation is one year. [16] In 2012, the lifespan of the 20,000 peso note was higher, at 21 months, although this is still less than the 34 months for the 50,000 peso note.
The 50,000 Colombian peso note is the second highest denomination of Colombian currency. Designed by Óscar Muñoz, the front of the notes feature Jorge Isaacs and the heroine of his novel María , and the back of the notes feature an Albizia saman tree, two palm trees, an image of Isaacs' house El Paraiso, and an excerpt from María.
The Bank of the Republic (Spanish: Banco de la República) is the central bank of Colombia. It was initially established under the regeneration era in 1880. Its main modern functions, under the new Colombian constitution were detailed by Congress according to Ley 31 de 1992. One of them is the issuance of the Colombian currency, the peso.
Currency in Colombia denotes the ingots, coins, and banknotes that have been used in Colombia since 1622. It was in that year, under a licence purchased from King Philip III of Spain, that Alonso Turrillo de Yebra established a mint at Santa Fe de Bogotá and a branch mint at Cartagena de las Indias, where gold cobs were produced as part of Colombia's first currency.
The peso is the monetary unit of several Spanish-speaking countries in Latin America, as well as the Philippines. Originating in the Spanish Empire , the word peso translates to "weight". In most countries of the Americas, the symbol commonly known as dollar sign , "$", was originally used as an abbreviation of "pesos" and later adopted by the ...
These banknotes used the peso being used as equivalent to Spanish reales. [7] Produced by hand, these banknotes featured quantities in the thousands, with 1 peso being worth 8 reales . [ 7 ] Mechanical printing had arrived to Puerto Rico years earlier, but up until 1813, part of the issued notes were being produced by hand and stamped.
The old piece of eight was valued at 10 reales of the new silver coin. The new 8-real coin was known as peso sencillo, the old piece of eight as peso fuerte. Foreign exchange was quoted in pesos de cambio, based on the old piece of eight, which continued to be produced in America. After this, the monetary systems of Spain and of Spanish America ...