He Colombian pesos it is the official currency of the country and has been used since 1810, when it replaced the real currency.
During its history, it has undergone various changes and revaluations due to various economic and political circumstances.
Read here: (Why is the Colombian currency devalued more than the others in the region?)
The devaluation of the Colombian peso is due to various global and local factors, mainly what is happening today with the global economy.
For the Spanish, the weight was a concept that referred to 4.6 grams of gold, so The more value the coin had, the more weight it had in gold..
In Latin America, the word was removed to refer to a round object that weighed 27 grams of «gold», since the object was actually made of copper and hence its origin, as explained by the BBC.
The path of the Colombian peso is intertwined with national events and with the Creation of the Bank of the Republic of Colombia in 1880 by President Rafael Núñez.
Among its functions was that of printing paper money which, from 1888, suffered accelerated inflation.
In the first half of the 20th century, the Colombian peso was strong and stable due to the production of coffee and banana However, in the 1950s and 1960s, inflation and currency devaluation began to be a recurring problem in the country.
In 1993, a financial restructuring known as the Convertibility Plan took place, which fixed the exchange rate of the Colombian peso to a 1 to 1 relationship with the US dollar.
This measure helped stabilize the economy and reduce inflation, but it also limited the ability of the Central Bank of Colombia to control the currency.
Read on: (The reason why most currencies are called ‘peso’ in Latin America)
In 2002, the Colombian peso underwent a significant devaluation due to the economic and political crisis in the country. However, since then it has regained its strength and stability.
Currently, the Colombian peso is a strong and stable currency, and it is widely used in the country and in the region. Despite the economic and political challenges it has faced throughout its history, it has managed to remain an important and respected currency in Latin America.
However, as in many other parts of the world, the covid-19 pandemic has had a significant impact on the Colombian economy and, therefore, on the value of the peso.
Currently, the peso is the currency of countries in the region such as Argentina, Chile, Colombia, Cuba, Mexico, the Dominican Republic and Uruguay.
the currency now
– 1,000 pesos: The new design of this banknote was put into circulation on November 17, 2006, with an issue date of November 1, 2005. These banknotes have the same design and the same general characteristics and security devices as those of the previous edition.
– 2,000 pesos: The new design of this banknote was put into circulation on November 17, 2006, with an issue date of March 7, 2005.
– 5,000 pesos: On September 22, 1995, the 5,000-peso bills were put into circulation, with which homage is paid to the Colombian poet José Asunción Silva.
– 10,000 pesos: On November 30, 1995, the new 10,000-peso bill was put into circulation, with which the Banco de la República paid tribute to the heroine of Colombian independence, Policarpa Salavarrieta.
– 20,000 pesos: As of December 2, 1996, the 20,000-peso bill was put into circulation, with which a tribute is paid to one of the most important scientists in the country: Julio Garavito Armero.
– 50,000 pesos: With this edition of the 50,000 Colombian peso bill, the Banco de la República pays tribute to the writer Jorge Isaacs, author of the novel María.
– 100,000 pesos: On March 31, 2016, the Banco de la República de Colombia issued a circular for the new $100,000 bill, the first of the new family of bills. On the obverse is the image of President Carlos Lleras Restrepo together with the gully bird and the flower of the seven-leaved.
The reverse highlights the Valle de Cocora in Quindío and the wax palm, the national tree.
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With information from BBC and Global Exchange.