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Colombian Peso (COP) Profile

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Currency name: 
Currency code: 
Currency symbol: 

COL$

Subunit: 
1/100,  centavo
Coins freq used: 
COL$5, COL$10, COL$20, COL$50, COL$100, COL$200, COL$500, COL$1000
Coins rarely used: 
COL$1000, COL$2000, COL$5000, COL$10000, COL$20000, COL$50000
Banknotes freq used: 
 
Banknotes rarely used: 
Banco de la República (www.banrep.gov.co)
Central bank: 
<a href="/co">Colombia</a>
Currency notes: 

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Currency user map: 

Colombian peso users

The Colombian peso is the currency of Colombia (officially the Republic of Colombia) which locates in northwestern South America. 

Colombia declared independence on July 20, 1818 and was recognized in 1819. From 1819 to 1831, the present-day countries of Colombia, Ecuador, Venezuela and Panama (Panama was then a part of Colombia until 1903.) formed a republic country of Gran Colombia which was soon dissolved in 1831. Ecuador and Venezuela was independent and rest areas adopted the name of Nueva Granada which it kept until 1856 when it was renamed as Granadine Confederation (Confederación Granadina). The name was changed again to United States of Colombia in 1863 and eventually became known as the Republic of Colombia in 1863. 

Colombia is a member of the Union of South American Nations (briefed as UZAN or UNASUL or UNASUR according to various languages) which is an intergovernmental union and was established on December 8, 2004, consisting of twelve members and two observers (Mexico and Panama). The Union of South American Nations expects to model the European Union and introduce a common currency, possibly by 2019. 

Currencies of Union of South American Nations (UNASUR), exchange rate: Feb.14th,2013
"UNASUR" Currency name Code 1USD= 1EUR= 1GBP=
Argentina Argentine peso ARS 5.00599 6.68764 7.75558
Bolivia Venezuelan bolívar fuerte BOB 6.90964 9.23015 10.7047
Brazil Brazilian real BRL 1.95928 2.61746 3.03543
Chile Chilean peso CLP 470.738 628.85 729.321
Colombia Colombian peso COP 1783.29 2382.35 2762.9
Ecuador United States dollar USD 1.00000 1.33592 1.54932
Guyana Guyanese dollar GYD 203.948 272.451 315.98
Paraguay Paraguayan guaraní PYG 4089.31 5462.93 6335.42
Peru Peruvian nuevo sol PEN 2.56899 3.43197 3.98019
Suriname Suriname dollar SRD 3.28713 4.39199 5.09252
Uruguay Uruguayan peso UYU 19.0398 25.4355 29.4978
Venezuela Venezuelan bolivar VEF 6.29375 8.40786 9.75069
Panama <2> Panamanian balboa PAB 1.00000 1.33592 1.54932
Mexico <2> Mexican peso MXN 12.6915 16.9561 10.6619

Notes:
<1>. The group expects to model the EU with a common currency by 2019.
<2>.  Mexico and Panama are observers of the Union of South American Nations.

Colombian peso history

The Colombian peso was introduced in 1810 which replaced the Spanish colonial real at 1 peso = 8 reals. It was initially subdivided into 8 reals and later was decimalized and subdivided into 10 reals in 1847.

Colombia was on gold standard from 1871 to 1931. Firstly the Colombian peso had been pegged to the French franc (FRF) at 1 peso =5 francs from 1871 to 1886. Since 1886, the Colombian peso pegged to British pound at 1 pound = 5 pesos until 1931 when the U.K. left gold standard and then Colombia shifted its peg to the U.S.dollar at a rate of 1 USD =1.05 COP initially. The exchange rate between the U.S.dollar and the Colombian peso is at 1 USD =1802 COP as per date of February 22, 2013. The current Colombian peso (COP) has being considered to be redenominated by introducing a new peso worth 1000 old peso (COP) since 2001.

Colombian peso coins and banknotes

The Colombian peso is subdivided into 100 centavo.

Currently in circulation coins are in denominations of 50, 100, 200, 500 pesos and banknotes are in denominations of 1000, 2000, 5000, 10,000, 20,000, 50,000 pesos. Coins of 20-peso was rarely used.  

Colombian peso and the currency of peso

Peso was originally the name of Spanish dollar (also known as the piece of eight or the eight-real coin) which was issued by Spain and minted in the Spanish Empire. Hence, Peso has been a monetary unit used by many countries which were former Spanish colonies.

Countries currently using peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Argentina Argentine Republic Argentine peso ARS South America 4.99699 1.Declared, 9 July 1816
2.Current federal constitution, 1 May 1853
Chile Republic of Chile Chilean peso CLP South America 472.248 1.Declared, 12 Feb.1818
2.Recognized, 25 April 1844
3.Current constitution, 11 Sep.1980
Colombia Republic of Colombia Colombian peso COP South America 1784.180 1.Declared, 20 July 1810
2.Recognized, 7 August 18193c.Current constitution, 4 July 1991
Cuba Republic of Cuba Cuban peso CUP North America 26.500 1.Declared, Oct.10 1868 from Spain
2.Republic declared, May 20,1902 from the U.S.
3.Cuban Revolution, Jan.1, 1959
Dominican Republic Republic of Cuba Dominican peso DOP North America 40.7299 1.from Spain, Dec.1, 1821
2.from Haiti, Feb.27,1844
3.from Spain, Aug.16, 1865
Mexico United Mexican States Mexican peso MXN North America 12.6875 1.Declared, Sep.16,1810
2.Recognized, Sep.27,1821
Philippines Republic of the Philippines Philippine peso PHP Asia 40.7299 1.Established, April 27,1565
2.Declared, June 12, 1898
3.Self-government, March 24,1934
4.Recognized, July 4,1946
5.Current constitution, Feb.2,1987
Uruguay Oriental Republic of Uruguay Uruguayan peso UYU South America 18.9999 Independence from the Empire of Brazil
1.Declaration, 25 August 1825
2.Recognition, 28 Aug. 1825
3.Constitution, 18 July 1830
Countries that previously used peso (exchange rate as per:Feb.12th,2013
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Bolivia Plurinational State of Bolivia Bolivian boliviano BOB South America 6.90963 1.Declared, 6 August 1825
2.Recognized, 21 July 1847
3.Current constitution, 7 Feb.2009
Costa Rica Republic of Costa Rica Costa Rican colón CRC Central America 500.560 1.from Spain, Sep.15,1821
2.Recognizednby Spain, May 10,1850
3.Constitution, Nov.7,1949
Ecuador Republic of Ecuador United States dollar USD South America 1.000 1.Declared, Aug.10, 1809
2.from Spain, May 24,1822
3.Recognized, Feb.16,1830
Equatorial Guinea Republic of Equatorial Guinea Central African CFA franc XAF Africa 487.639 from Spain, 12 Oct.1968
EI Salvador Republic of El Salvador United States dollar USD North America 1.000 1.from Spain, Sep.15,1821
2.Recognized by Spain, June 24,1865
3.from the Greater Republic of Central America, 1898
Guatemala Republic of Guatemala Guatemalan quetzal GTQ North America 7.8445 1.Declared, 15 Sep.1821
2.Restored, 1 July 1823
3.Current constitution, 31 May 1985
Guinea-Bissau Republic of Guinea-Bissau West African CFA franc XOF Africa 487.641 Independence from Portugal
1.Declared, 24 Sep.1973
2.Recognized, 10 Sep.1974
Honduras Republic of Honduras Honduran lempira HNL North America 19.920 1.Declared, 15 Sep.1821
2.Declared 5 Nov.1838 as Honduras
Nicaragua Republic of Nicaragua Nicaraguan córdoba NIO North America 24.285 1.Declared, 15 Sep.1821
2.Current constitution, 9 Jan.1987
Paraguay Republic of Paraguay Paraguayan guaraní PYG South America 4114.51 1.Declared, 14 May 1811
2.Recognized, 15 May 1811
Peru Republic of Peru Peruvian nuevo sol PEN South America 2.58399 1.Declared, July 28,1821
2.Recognized, 14 August 1879
3.Current constitution, 31 Dec.1993
Venezuela Bolivarian Republic of Venezuela Venezuelan bolívar VEF South America 4.300 1.from Spain, 5 July 1811
2.Recognized, 30 March 1845
3.Current Constitution, 20 Dec.1999
Spain Kingdom of Spain the Euro EUR Europe 1.34509 Current Constitutional democracy, 1978