Colombian Peso (COP) Profile

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. 

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.