Convert USA Dollars (USD) to Colombian Peso COP

Colombian Peso is the currency of the Republic of Colombia. Its ISO 4217 code is COP and it is also informally abbreviated as COL$. However, the official peso symbol is $. See Currency of Colombia for more detail on Colombia's monetary history. As of October 14, 2009, the exchange rate of the Colombian Peso is currently 1,857 Colombian Pesos to 1 U.S. dollar.

Colombian Pesos

Economy of Colombia in 1990, the administration of President César Gaviria Trujillo (1990-94) initiated economic liberalism policies or "apertura economica" and this has continued since then, with tariff reductions, financial deregulation, privatization of state-owned enterprises, and adoption of a more liberal foreign exchange rate. Almost all sectors became open to foreign investment although agricultural products remained protected.

The original idea of his then Minister of Finance, Rudolf Hommes, was that the country should import agricultural products in which it was not competitive, like maize, wheat, cotton and soybeans and export the ones in which it had an advantage, like fruits and flowers. In ten years, the sector lost 7,000 km² to imports, represented mostly in heavily subsidized agricultural products from the United States, as a result of this policy, with a critical impact on employment in rural areas.[1] Still, this policy makes food cheaper for the average Colombian than it would be if agricultural trade were more restricted.

Several international financial institutions have praised the economic reforms introduced by current president Álvaro Uribe (elected August 7, 2002), which include measures designed to reduce the public-sector deficit below 2.5% of GDP in 2004. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector, and GDP growth in 2003 was among the highest in Latin America, at over 4%. By 2007, GDP grew over 8%.

Banknotes of Colombian Pesos

Between 1857 and 1880, five of Colombia's then provinces, Bolívar, Cauca, Cundinamarca, Panama and Santander issued paper money. Denominations included 10 and 50 centavos, 1, 2, 3, 5, 10, 50 and 100 Colombian Pesos.

In the early 1860s, the Tesori General de los Estados Unidos de Nueva Granada issued notes in denominations of 20 centavos, 1, 2, 3, 10, 20 and 100 pesos, with all denominations also given 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 Colombian Pesos.

More than sixty private banks issued notes between 1865 and 1923. Denominations issued included 10, 20, 25, 50 centavos, 1, 2, 5, 10, 20, 25, 50, 100 and 500 pesos. Uniquely, the Banco de Colombia issued notes denominated in both pesos and sterling, due to the peg of 1 peso = 4 shillings.

In 1881, the Banco Nacional introduced notes for 20 centavos, 1, 5, 10, 20, 50 and 100 pesos. These were followed by 50 centavo notes in 1882 and 10 centavos in 1885. 1000 peso notes were introduced in 1895 and 500 pesos in 1900. In 1904, the Treasury took over paper money production, issuing 1, 2, 5, 10, 25, 50 and 100 peso notes, followed by 1000 pesos in 1908. In 1910, the Junta de Conversion introduced 50 and 100 peso notes, followed by 1, 2, 5 and 10 pesos in 1915.

Regional issues were reintroduced in 1898 and were issued until 1920. Antioquia, Bolivar, Magdalena, Santander and Tolima issued notes, with denominations including 10, 20, 50 centavos, 1, 2½, 5, 10, 20 and 50 pesos.

In 1923, the Banco de la Republica took over paper money production and introduced notes denominated in peso oro. The first were provisional issues, overprinted on earlier notes of the Casa de Moneda de Medallin, in denominations of 2½, 5, 10 and 20 pesos. Regular issues followed for 1, 2, 5, 10, 50, 100 and 500 pesos oro. 20 peso notes were introduced in 1927.

In 1932 and 1941, silver certificates were issued for 1 and 5 pesos plata, although 1 and 5 peso oro notes continued to be produced. Treasury notes for 5 and 10 pesos oro were issued in 1938, followed by ½ pesos oro between 1948 and 1953. ½ peso oro notes were also produced by the Banco de la Republica in 1943 by cutting in half 1 peso notes.

The Banco de la Republica introduced 200 and 1000 Colombian Pesos oro notes in 1974 and 1979, respectively, whilst 1 and 2 peso oro notes ceased production in 1977, followed by 10 pesos oro in 1980, 5 pesos oro in 1981, 20 pesos in 1983 and 50 pesos in 1986. 500 peso oro notes were introduced in 1986 with 10,000 pesos oro following in 1992. Production of 100 peso oro notes ended in 1991, followed by that of the 200 and 500 pesos oro in 1992 and 1993, respectively. From 1993, the word oro was dropped. 20,000 peso notes were introduced in 1996 and 50,000 pesos in 2000.

On November 17, 2006, the 1000 and 2000 peso notes were reduced in size from 70×140 to 65×130 mm, because these notes are frequently replaced due to heavy use.