291) Banknotes and Coinage of Colombia (Part 2): History of Evolution of Banknotes in Colombia:

291) Banknotes and Coinage of Colombia (Part 2): History of Evolution of Banknotes in Colombia:  

For Part 1 of this post “Evolution of Colombian coinage” please click on the following link: (Banknotes & Coinage of Colombia: (Part 1): Evolution of coinage in Colombia)

History of Evolution of Banknotes in Colombia:

Since 1810, the Peso has been the currency of Colombia. The exchange rate for the Reales already in circulation was 1 Peso for 8 Reales.

In 1819, the present currency system of 100 Centavos to 1 Peso was adopted and was first used on the early Banknotes.

 Banknotes were issued by the Government in denominations of ½, 1, 2 and 4 Reales and 6¼, 12½, 25 and 50 Centavos. The present system of 100 Centavos to one Peso was first used in this year on these initial Banknotes, but did not reappear until the early 1860s on Banknotes.

In the 1820s, Banknotes of 1, 2, 3 and 5 Pesos were circulated.

In 1847, the first attempt to decimalise the currency brought out a Peso equivalent to 10 Reales or Decimos and a new Real was introduced which had the value of one-tenth of a Peso and was sub-divided into 10 Decimos de Reales.

Between 1857 and 1880, five of Colombia’s then Provinces – Bolivar, Cauca, Cundinamarca, Panama and Santander issued paper money/Banknotes in the denominations of 10 and 50 Centavos, 1, 2, 3, 5, 10, 50 and 100 Pesos.

The decimal system of 100 Centavos reappeared in the early 1860s on banknotes and on coins in 1872 when the Peso of 100 Centavos was adopted.

In the early 1860s, the “Tesoria General de los Estados Unidos de Neuva Granada” issued Banknotes in denominations of 20 Centavos, 1, 2, 3, 10, 20 and 100 Pesos, with all denominations also being mentioned in Reales.

In 1863, Treasury Notes of the “Estados Unidos de Colombia” were introduced for 5, 10 and 20 Centavos, 1, 2, 5, 10, 20 and 50 Pesos

Between 1865 and 1923, more than 60 private banks were issuing Banknotes in the denominations of 10, 20, 25, 50, 100 and 500 Pesos.

During this period, the “Banco de Colombia” issued Banknotes denominated in both Pesos and Pound Sterling.

In 1880, the Government set up the “Banco Nacional” to act as its Banker and to promote public credit.

In 1881, the “Banco Nacional” introduced Banknotes in the denominations of 20 Centavos and 1, 5, 10, 20, 50 and 100 Pesos.

In 1882, 50 Centavos Banknotes were issued.

In 1885, 10 Centavos Banknotes were issued.

In 1895, 1000 Pesos Banknotes were issued.

In 1900, 500 Pesos Banknotes were issued.

In 1904, the Treasury took over the control of paper money production and printed Banknotes and printed Banknotes in the denominations of 1, 2, 5, 10, 25, 50 and 100 Pesos.

In 1905, the “Banco Central de Colombia” was established which took over the functions of the “Banco Nacional” which was liquidated due to registered excesses in currency issue. This Bank functioned till 1909, when it was liquidated for similar reasons.

In 1908, the Treasury printed 1000 Pesos Banknotes.

In 1910, the “Junta de Conversion” circulated Banknotes in the denominations of 50 and 100 Pesos.

In 1915, the Junta printed Banknotes in the denominations of 1, 2, 5 and 10 Pesos.

From 1898 to 1920, Regional Banknote issues were printed. Printing Presses at Antioquia, Bolivar, Magdalena, Santander and Tolima issued Banknotes collectively in the denominations of 10, 20 and 50 Centavos and 1, 2 ½, 5, 10, 20 and 50 Pesos and 20 Pesos denomination in 1927.

In 1923, the “Banco de la Republica” (or the Central Bank of the Republic of Colombia) was set up under Law 25 of 25.07.1923, with its headquarters at Bogota.

From 1907 to 1916, once Colombia’s paper currency had got stabilised, 1, 2 and 5 Pesos coins (all in cupro-nickel) were issued. During this period, coins were issued denominated in “Peso p/m” (abbreviations for “Papel Moneda” or “paper money”) which were equivalent to paper pesos.

In 1910, the “Junta de Conversion” began issuing paper money.

In 1915, a new paper currency was introduced, the “Peso Oro” (equal to the coinage Peso) and replaced the old Peso Banknotes at an exchange rate of 100 old paper Pesos to 1 “Peso Oro”.

In 1923, the “Banco de la Republica” took over printing of paper money and introduced Banknotes denominated in “Peso Oro”. The first were provisional issues, overprinted on earlier Banknotes of the “Casa de Moneda de Medellin” denominated in 2 ½, 5, 10 and 20 Pesos.

Thereafter, regular issues were made in the denominations of 1, 2, 5, 10, 50, 100 and 500 “Pesos Oro”.

In 1927, 20 “Peso Oro” Banknotes were issued.

In 1932 and 1941, silver certificates were issued for 1 & 5 “Pesos plata” (“plata” meaning “silver”), in addition to the 1 and 5 “Peso Oro” Banknotes which were issued parallely.

In 1938, Treasury Notes in the denominations of 5 and 10 “Pesos Oro” were issued.

Between 1948 and 1953, ½ “Peso Oro” Banknotes were issued.

In 1943, half Peso Oro Banknotes were also circulated by the “Banco de la Republica” by cutting 1 Peso Banknotes in half.

In 1974, the “Banco de la Republica” circulated 200 Peso Banknotes denominated in “Peso Oro”.

In 1977, the printing of 1 and 2 “Peso Oro” Banknotes was stopped due to inflationary pressures and that of 10 Peso Oro, in 1980, followed by 5 Peso Oro (1981), 20 Peso Oro (1983), 50 Peso Oro (1986) 100 Peso Oro (1991) and 200 Peso Oro (1992).

In 1979, the Bank circulated 1000 “Peso Oro” Banknotes.

In 1986, 500 “Peso Oro” Banknotes were circulated which continued till 1993.

In 1992, 10,000 “Peso Oro” Banknotes were circulated.

Until 1993, Colombia’s paper money (but not coinage) continued to be denominated in “Peso Oro” whereafter they were only denominated in Pesos.

In 1996, 20,000 Peso Banknotes were circulated.

In 2000, 50,000 Peso Banknotes were introduced.

On 28.12.2010, the “Banco de la Republica” issued a 2000 Peso Banknote which includes the numeral “2” in the watermark area in Braille for easy identification by visually challenged users. This feature has been extended in the higher denominations as well.

The presently circulating Banknote Series:

On the Front of the 1000 Pesos Banknote or "Mil Pesos" is depicted Jorge Eliecer Gaitan.

Jorge Eliecer Gaitan Ayala (23.01.1903 – 09.04.1948): He was a politician, a leader of a populist movement in Colombia and held various positions at different times, an Education minister and Labour Minister as well as the Mayor of Bogota. One of the most charismatic leaders of the Liberal Party, he was assassinated during his second Presidential campaign in 1948, setting off the “Bogotazo” (the “Bogotazo” refers to the massive riots that followed his assassination in Bogota. The 10 hour riot left about 5000 persons dead and destroyed much of downtown Bogota) and leading to a violent period of political unrest in Colombian history knows as “La Violencia” (“La Violencia” was a part of the Colombian Civil wars and began with Jorge Elicer Gaitan Ayala’s assassination in 1948 and continued for a decade till 1958, leaving some 200,000 persons dead).

 On the Back of the 1000 Pesos Banknote is depicted the upper half picture of Jorge Elicer Gaitan waving to a crowd of his followers.

The dimensions of this Banknote are 130 mm x 65 mm.

On the Front of the 2000 Pesos Banknote or "Dos Mil Pesos" is depicted Francisco Jose de Paula Santander y Omana.

Francisco Jose de Paula Santander y Omana (02.04.1792 – 06.05.1840): He was a Colombian military and political leader during the Independence War of the “United Provinces of Granada” (present day Colombia- fought from 1810 to 1819). He became the acting President of “Gran Columbia” (from 1819 to 1826). He was later elected by Congress as the President of the Republic of New Granada (from 1832 to 1837).

Santander was popularly known as “El Hombre de las Leyes” (meaning “The Man of the Laws”).

On the Back of the 2000 Pesos Banknote is depicted the door of the “Casa de la Moneda” (meaning “the House of Money/Currency” or “Mint”).

 The above is an image of the Casa de Moneda de Colombia founded in 1621

The Casa de Moneda de Colombia: is a Colombian Currency Museum based in the city of Bogota. It was founded in 1621 as a Spanish Mint. Interestingly, the current mint is known as the “Fabrica de Moneda” (meaning the “Coin Factory”). 

The dimensions of this Banknote are 130 mm x 65 mm.

On the Front of the 5000 Pesos or "Cinco Mil Pesos" Banknote is depicted Jose Asuncion Silva.

Jose Asuncion Silva (27.11.1865 – 23.05.1895): He was a Colombian poet and is considered to be one of the founders of Spanish-American Modernism. His poem “Nocturno” (meaning “Nocturnal”) was his most famous work, published posthumously in 1908. It was written after the passing away of his sister, Elvira. The imagery, especially the symbolism of the shadow evokes a sense of melancholy and sadness. Some other works credited to him are “El libero de versos” (1923 – published posthumously) and “De sobremesa” (1925 – also published posthumously).

 On the Back of the 5000 Pesos Banknote is depicted the Outdoors and a fragment of the poem “Nocturno”.

The dimensions of this Banknote are 140 mm x 70 mm.

On the Front of the 10,000 Pesos or "Diez Mil Pesos" Banknote is depicted Policarpa Salavarrieta.

Policarpa Salavarrieta (26.01.1795-14.11.1817) : She was also known by various names – “La Pola”, Gregoria Apolinaria, Apolonia et al. She was a Neogranadine seamstress who spied for the Revolutionary Forces during the “Spanish Reconquista” of the “Viceroyalty of New Granada”. She was captured by the Spanish Royalists and executed for high treason as a spy. She is considered to be a martyr and a heroine of the Colombian Independence Movement.

On the Back of the 10,000 Pesos Banknote is depicted the “Guaduas” Main Plaza, the place of birth of Policarpa Salavarrieta.

Guaduas: is a town in the Lower Magdalena Province Department of Cundinamarca about 17 kms from Bogota. Its name refers to a variety of Bamboo cane.

The dimensions of this Banknote are 140 mm x 70 mm.

 On the Front of the 20,000 Pesos or "Veinte Mil Pesos" Banknote is depicted Julio Garavito Armero.

Julio Garavito Armero (05.01.1865 – 11.03.1920): He was a Colombian astronomer. A child prodigy in Science & Mathematics, he worked as the Director of the “Observatario Astronomico Nacional” (National Astronomical Observatory). His works were published in “Los Anales de Ingenieria” (“The Annals of Engineering” Journal) of which he also became the Editor.

During the Revolutionary War he was a member of a secret scientific society called “El Circulo de los Neuve Puntos” (meaning “The Nine-Point Circle”), which became defunct upon his demise. His scientific achievements included – calculating the latitude of Bogota, studies about comets, solar eclipses, lunar fluctuations & their influence on weather, floods, polar ice and the Earth-orbital acceleration. He also contributed immensely in the fields of economics and optics. He has been compared to two of the great scientists of the Nineteenth Century – Jose Celestino Mutis and Francisco Jose de Caldas.

 On the Back of the 20,000 Pesos Banknote is depicted the Moon, a reference to the “Garavito Crater”.

Julio Garavito Armero has been honoured by naming a crater on the Moon’s far side “Garavito” after him. Also, one of the most prestigious universities in Colombia “Escuela Colombiana de Ingenieria” has been named after him.

The dimensions of this Banknote are 140 mm x 70 mm.

On the Front of the 50,000 Pesos Banknote or "50 Mil Pesos" is depicted Jorge Isaacs.

Jorge Isaacs Ferrer (01.04.1837-17.04.1895): He was a Colombian writer, politician and soldier. His sole novel “Maria” is one of the most notable works of the “Romantic Movement” in Spanish-language literature, which was well liked all over Colombia and Latin America.

 On the Back of the 50,000 Pesos Banknote is depicted a paragraph of La Maria.

The dimensions of this Banknote are 140 mm x 70 mm.

New Family of Banknotes:

In 2016, “Banco de la Republica” will be releasing a new family of Banknotes comprising the following six denominations: $2000, $5000, $10000, $20000, $50000 and $100000.

These new Banknotes are being introduced to strengthen the security features of the Banknotes.

Only recently, Brazil, Canada, Chile, Costa Rica, the USA, New Zealand, Peru, Sweden and the Euro system have already made changes in their Banknotes, with a view to enhance the security features.

Generally, Central Banks upgrade their Banknotes once every 10 to 12 years. On the other hand, Colombian Banknotes have been circulating for an average of 18 years, as such, a major modification in their designs & security features was overdue.

The new family of Banknotes will give continuity to the concept of bio-diversity which has been introduced in the new Series of Coins issued in June 2012. The new Banknotes will also highlight a group of cultural elements and landscapes of Colombia’s geography which are symbolic of Colombia’s bio-diversity, wealth, variety and creativity.

Furthermore, the new Series of Banknotes will pay a tribute to major personalities/prominent figures of the country’s culture, science and politics and reinforces the recognition of women’s role in the Colombian society.

The new Banknotes will share special characteristics and will incorporate inks and security threads of vivid colours with colour changing and movement effects to facilitate their identification, as well as, their genuineness.

They will also incorporate touch sensitive elements/features for assisting the visually challenged users who will also be assisted in identification by the different sizes of the Banknotes.

The time-table/schedule for the release of these Banknotes in 2016 is:

$100,000 – upto March 2016 (First quarter)

$20,000 – upto June 2016 (Second Quarter)

$50,000 – upto September 2016 Third Quarter)

$10,000, $5,000 and $2,000 – upto December 2016 (Fourth Quarter)

The new Banknotes will circulate simultaneously with the ones presently in circulation.

The designs on this new Series:

On the Front of the $100,000 Banknote is depicted President Carlos Lleras Restrepo, (complying with Act 1167 of 2007).

On the Back of the $100,000 Banknote is depicted an image of “Valle de Cocora”, Quindio, and the Wax Palm which is the National Tree of Colombia.

On the Front of the $50,000 Banknote is depicted Nobel Laureate Gabriel Garcia Marquez who won the Nobel Prize for Literature, (complying with Act 1741 of 2014).

On the Back of the $50,000 Banknote is depicted an image of “Ciudad Perdida”, the heart of the Tayrona culture in the Sierra Nevada de Santa Marta.

On the Front of the $20,000 Banknote is depicted President Alfonso Lopez Michelsen (complying with Act 1599 of 2012).

On the Back of the $20,000 Banknote is depicted an image of canals at La Mojana where the Zenu people settled and the famous “sombrero vueltiao” (complying with Act 908 of 2004).

On the Front of the $10,000 Banknote is depicted the image of the anthropologist Gutierrez, a pioneer in family research in Colombia.

On the Back of the $10,000 Banknote is depicted an image of the Amazon with its exotic bio-diversity.

On the Front of the $5,000 Banknote is depicted the image of the poet Jose Asuncion Silva.

On the Back of the $5,000 Banknote is depicted an image of the Colombian paramos, ecosystems of unparalleled wealth.

On the Front of the $2,000 Banknote is depicted the image of the painter Debora Arango, a pioneer of modern art in Colombia.

On the Back of the $2,000 Banknote is depicted an image of “Cano Cristales” the beautiful River of five colours, located in the Sierra de la Macarena.

(The above Banknotes are from the collection of Jayant Biswas. Post researched & written & Banknotes scanned & uploaded by Rajeev Prasad)







 Links to some other interesting posts on South American countries & Mexico:

1) The Travels of a silver Mexican Peso struck in 1898 and restruck in 1949 for the Chinese Government

2) Brazilian Currency: Brazilian Real

3) The 31st Summer Olympics 2015 or Rio-2016 - Brazil

4) Currency and Coinage of Guatemala

5) Currency and Coinage of the Republic of Chile (Part I)

6) Currency and Coinage of the Republic of Chile (Part II)

7) Banknotes and Coinage of Colombia (Part I)

8) Banknotes and Coinage of Colombia (Part II)

9) Currency and Coinage of Mexico - Pesos and Centavos (Part I)

10) Currency and Coinage of Mexico - Pesos and Centavos (Part II)

11) Evita or Eva Peron - A Commemorative/Circulating 100 Pesos Banknote issued on her in 2012

12) Currency and Coinage of Peru: Nuevo Sol and Centavo (Part I)

13) Currency and Coinage of Peru: Nuevo Sol and Centavo (Part II)
14) 2014 FIFA World Cup held at Brazil