Colombian Peso (COP)

Basic Concepts of the Colombian Peso

The Colombian Peso is the official currency of Colombia, with the currency code COP and the symbol $. It is issued and managed by the Banco de la República de Colombia and is one of the important currencies in circulation in the South American region.

Countries of Use

The Colombian Peso is used only within Colombia, as the country's sole legal tender, and is widely used for everyday transactions, business activities and financial services.

Units and Denominations

The Colombian Peso is divided into the primary unit, the peso, and the secondary unit, the cent, with one peso equaling 100 cents. Currently in circulation are banknotes in denominations of 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 pesos, and coins in denominations of 50, 100, 200, 500 and 1,000 pesos.

Historical Background

The Colombian Peso was originally introduced in 1837, replacing the previous Colombian Real. It has undergone a number of currency reforms throughout its history, including the introduction of the new peso in 1991 to combat high inflation. The modern peso is pegged to a floating exchange rate with major currencies such as the US dollar, reflecting the openness and stability of the Colombian economy.