Colombian Peso

About The Colombian Peso: The Strong Currency of Colombia

Quick Facts About the Colombian Peso Notes

Country of Origin	Colombia
Symbol	$
Currency Code	COP
Nick Names
Minor units	Centavo
Denominations (Banknotes)	$1,000, $2,000, $5,000, $10,000, $20,000, $50,000 and $100,000
Motto
Identification Feature	When it comes to 10,000 pesos note, you will find the image of Policarpa Salavarrieta on the obverse side.
Issuing Bank	Banco de la República
In Circulation Since	1810

The peso is the currency that is used in Colombia. While its code is COP, the Colombian peso symbol is $ or Col$. Even though the 5, 10, 20, and 50 peso coins are still known to be valid tender, the vast majority of monetary transactions are counted to the closest hundred pesos due to the low value and high circulation of these pieces. The Colombian Peso price is INR (0 🔄) .

History of the Colombian Peso

Following its proclamation of independence from Spain in 1820, Colombia made the decision to adopt the United States dollar as its primary form of currency. The Colombian Real has replaced all other currencies as the official currency in use. The real was the currency used in Colombia until 1837, when it was replaced by the present-day peso, which could initially be divided into 8 reales.

1847 saw the beginning of the decimalization of the Colombian peso, with each peso being subdivided into ten reales (later renamed centavos). The real was rechristened the décimo in 1853, despite the fact that it was still in circulation until as late as 1880.

The current system of 100 centavos to the peso only came back in the early 1860s, and it was not utilised on the coins until 1872. The current system was first used on banknotes in 1819, but it was not used again until 1872. In 1871, Colombia made the changeover from using silver to gold as its primary form of currency, and the value of the peso was set at 5 French francs to 1 peso. This standard was only valid up until the year 1886.

In 1888, the value of Colombian paper currency, which had been pegged to the British pound at the rate of 5 pesos = 1 pound, began to decline as a result of inflation caused by printing presses. As a result, the official exchange rate between paper money and coins was set at 100 pesos moneda corriente = 1 coinage peso. This rate has remained in place to this day.

The value of one peso in paper form was equivalent to the value of one peso in coins struck between 1907 and 1914. In 1910, the Conversion Board was the entity that initially printed banknotes denominated in peso oro. After the United Kingdom abandoned the gold standard in 1931, the peso was tied to the United States dollar at a rate of 1.05 pesos to 1 dollar. This was a little depreciation from its previous peg, which lasted until 1949. The peg was maintained until 1949. Despite this, banknotes with the value of peso oro continued to be issued right up until the year 1993.

In 2018, the Colombian Congress debated whether or not to redenominate the peso at a rate of 1,000 pesos = 1 new peso, which would include removing three zeroes from the face value of the currency. This would simplify banking and accounting procedures.

$ or Col represents the Colombian peso symbol.

Countries Accepting the Colombian Peso

Amount in the Colombian Peso You Should Carry for Your Trip

The amount of money that you will need to spend on a trip to Colombia's magnificent capital city is dependent on a number of different things. Your vacation spending plan will be affected in many ways by the costs of travelling to and staying at your location, as well as the costs of food and beverages while you are there. It is possible for a traveller to Colombia to get by on as low as CO$48,968 a day if they are careful with their spending. On the other hand, a single day of vacation can easily cost more than CO$456,254 if you make use of only the most luxurious modes of transportation, dine at restaurants with Michelin stars, and only stay in the most opulent hotels. The cost of a vacation in Colombia for two individuals, on the other hand, can range anywhere between CO$100,000 and CO$10,00,000.

Accommodation in Colombia can cost anything from CO$16,288 to CO$140,741 per day for each individual. On the other hand, the cost of transportation on a daily basis might be anywhere from CO$8,689 and CO$76,576, depending on whether you choose public transit or private transportation.

All in all, you can keep an eye on the live Colombian Peso rate in order to exchange your currency notes.