Colombian Peso

Name of Currency:  Colombian Peso

Country / countries used:  Colombia

Symbol: $

Brief history:

The rate of exchange for the Colombian peso as at the 20th July 2011 was 1750 Colombian pesos to 1 U.S dollar.

Colombia has used the peso since 1810, having replaced the real at an exchange rate of 1 peso to 8 reales it was originally split into 8 reales but in 1847 the subunit became decimalized into 10 reales then renamed to decimos, the current system of 100 centavos wasn’t put in place until 1819 where it was shown on bank notes only and very short lived, not resurfacing until the 1960’s and then only appearing on the notes, it took until 1872 to be used on the coinage.

Colombia moved on to the gold standard in 1871, pegging the peso to the French franc at an exchange rate of 1 peso to 5 francs, however this only lasted until 1886. Coins were issued as “peso p/m“, equivalent to paper pesos between 1907 and 1914. And then in 1910, the Junta de Conversion started to issue banknotes and then in 1915, the peso oro was introduced as another new banknote which was equivalent to the coinage peso and substituted the older peso notes at an exchange rate of 100 old paper pesos to 1 peso oro. Finally in 193 the U.K. left the gold standard and so Colombia transferred its peg on to the strong U.S. dollar, at a rate of 1.05 pesos to 1 dollar, in a minor devaluation from the preceding peg.

The term peso oro was never circulated on their coins, but it continued to be printed on the banknotes until 1993 ‘oro’ was cut. It has been debated since 2001 between the Colombian senate whether or not to ‘redenominate’ the currency by introducing a new denomination equal to 1000 old pesos. This idea has not been put into place as yet.