Timeline

• 12.09.1770
• Foundation of the mint of Popayán
• July 1813
• Resolution of the insurgent government of Cundinamarca (of the United Provinces of New Granada) on the issuance of debased (silver of 7 deniers fineness) subsidiary coins, referred to as "moneda de la India" (after the coin design); the coinage was terminated by the Spanish when they conquered Bogotá on 06.05.1816.

Timeline

• 29.09.1821
• Resolution of the Constituent Congress in Cúcuta on the Colombian monetary system; effective immediately:
  - The Spanish bimetallic standard of 1772/1786 shall be the base of the monetary system and the earlier coins remained current.
  - Additional specie coins of 4, 2, 1 Pesos shall be made from platinum at a rate of 4 Pesos to the Castilian ounce of raw platinum; was not implemented due to the lack of metal and the difficulties in the minting process.
  - Earlier hammered coins (macuquina) and undervalued coins from the time of the war of independence shall be withdrawn; was not implemented, and the government resolved on 04.06.1823 to issue additional debased subsidiary coins (silver of 8 deniers fineness).
• 14.03.1826
• Law on the coinage for (greater) Colombia in the Spanish bimetallic standard of 1772/1786; effective immediately.
  - The demonetization of the 1812 and 1823 debased coinage could not be implemented and was repealed by presidential decree of 06.11.1828.
• 20.04.1836
• Law on the coinage for New Granada in the Spanish bimetallic standard of 1772/1786; effective 01.07.1837.
  - 30.05.1838: Law on the withdrawal of the Colombian debased coinage (silver of 8 deniers fineness) and exchange at bullion price; could not be implemented, and the government resolved on 09.04.1839 to issue additional debased subsidiary coins (silver of 8 deniers fineness).
• 02.06.1846
• Law on the adoption of the Real as currency unit in the French silver standard (with the Granadine pound as base weight); effective immediately (?)
• 27.04.1847
• Law on the adoption of the Granadino as currency unit in the French silver standard (in metric weights) with decimal sub-units and on the admission of French, Belgian and Sardinian silver coins for free circulation; effective immediately (?).
  - 17.06.1847: Ordinance on the demonetization of the hammered and debased coinage and exchange into treasury notes at a rate of 1 Peso "defective" = 0.8 Peso "paper"; effective 31.08.1848 but could not be implemented, and the government resolved on 30.03.1849 to issue additional debased subsidiary coins (silver of 8 deniers fine).
• 30.05.1853
• Law on the adoption of the Peso as currency unit in the bimetallic standard (the "Granadino" was retained as name for the silver Peso coin, the golden 10 Pesos coin was called "Condor"); effective immediately (?).
  - 18.10.1854: Customs regulation on prohibiting the import of defective silver coins (also those of Colombian origin); effective immediately (?) and led to their gradual disappearance.
• 30.06.1857
• Law, amending the 1853 law, on an 1.7% increase of the gold-to-silver ratio to align the bimetallic standard to the French one; effective 01.09.1857
• 15.04.1863
• Law on the demonetization of the subsidiary silver coinage of 8 deniers fineness; effective 31.08.1864 (31.08.1863 in Panamá)
• 06.05.1865
• Law [No. 35] on the paper money issuance by commercial banks (establishing a free banking regime); effective 01.01.1866 (?)
• 24.10.1867
• Law [No. 73] on the switch to the silver standard (with gold coins traded for bullion at 620 Pesos per kilogram gold 0.900 fine); effective immediately (?)
• 09.06.1871
• Law [No. 79] on the switch to the gold standard; effective immediately (?).
  - 14.05.1872: Law [No. 50] on amending the 1871 law; effective immediately (?)
• 16.06.1880
• Law [No. 39] on the establishment of the National Bank of the United States of Colombia as state-owned commercial bank with issuing privilege for paper money; effective upon constitution on 01.01.1881 (on 01.09.1888 name change into "National Bank of the Republic of Colombia").
  - 21.11.1894: Law [No. 70] on the liquidation of the National Bank and withdrawal of the paper money; effective immediately.
• 19.02.1886
• Government decree [No. 104] on the suspension of the gold standard and forced course of the National Bank's paper money; effective 01.05.1886.
  - 02.08.1886: Government decree [No. 442] on the government responsibility for the note issuance of the National Bank; effective immediately
• 19.02.1886
• Government decree [No. 104] on the suspension of the gold standard and forced course of the National Bank's paper money; effective 01.05.1886.
  - 02.08.1886: Government decree [No. 442] on the government responsibility for the note issuance of the National Bank; effective immediately
• 21.11.1894
• Law [No. 70] on the liquidation of the National Bank and withdrawal of the paper money; effective immediately; suspended by government decree of 02.02.1895 and revoked by law [No. 146] of 30.11.1896. The National Bank was finally liquidated in 1898.
  - 25.11.1896: Law [No. 142] on the continued legal tender status of the (defunct) National Bank' notes, further issued under the governments authority; effective immediately
• around 1900
• Issuance of substitute money of 50, 20, 10 Cents for the use by the army of General Ramón González Valencia in the province of Santander, the tokens were made from cartridge cases

Valuation Regimes

• 1826-1886
• Metallic currency based on circulating gold and silver coins, intermittently one of the coinage metals got suspended. Base weight was initially the Castilian mark / 8 ounces / 8 octaves / 72 grains at 230.047 grams. By law of 20.06.1846, the Granadine pound / 16 ounces / 640 grains at 500 grams became the legal weight standard. By law of 08.06.1853, the metric system was introduced.
• 1886-1903
• Variable rate, inflationary

Timeline

• 06.03.1905
• Government decree [No. 47] on the establishment of the Central Bank of Colombia, mandated with the conversion of the banknotes of the former National Bank into state paper money; effective upon constitution of the bank on 10.04.1905 by law [no. 14]
  - 02.12.1909: Law [No. 58] on the suspension of the Central Bank handover of the supervisory functions to the Conversion Board created by law [No. 69] of 20.12.1909; effective immediately.
• 30.04.1905
• Law [No. 59] on the currency reform in the gold standard of 1872, revising law [No. 33] of 26.10.1903 which had not been implemented; effective immediately
• 01.05.1905
• Start of issuance of the new paper money and coins
• 15.06.1907
• Law [No. 35] on the revision of the gold currency to British standard; effective immediately (?)
• 21.09.1912
• Law [No. 19] on the withdrawal of the former paper money and exchange into coins denominated as Peso "P/M" (for "papel moneda") and rated at 100 Pesos "P/M" = 1 Peso (1905), revising law [No. 9] of 07.04.1909 which had not been implemented; effective 01.01.1913.
  - The conversion of the paper money was carried out on 16.03.1916 - 30.06.1919.
• 1901-1950
• Issuance of tokens for use in the state leprosariums Caño de Loro (Tierrabomba Island, since 1790), Água de Dios (Cundinamarca Province, since 1864), Contratación (Santander Province, since 1869):
  - 1901: 1st issue at 50, 20, 10, 5, 2½ Cents of the Peso (1826)
  - 1907: 2nd issue at 10, 5, 1 "Pesos P/M" or Cents of the Peso (1903)
  - 1921: 3rd issue at 50, 20, 10, 5, 2, 1 Cents of the Peso (1903).
• 11.07.1923
• Law [No. 25] on the establishment of the Bank of Colombia as central bank (based on the recommendations of the Kemmerer Commission), revising on law [No. 30] of 22.06.1922 which had not been implemented; effective upon constitution of the bank on 23.07.1923
• 19.10.1938
• Law [No. 167] on the currency stabilization and revision of the gold content to US standard; effective immediately
• 01.01.1993
• Abolition of the addition "de oro" to the denominations of banknotes and coins

Valuation Regimes

• 1905-1946
• Fixed rate against gold; convertibility was suspended after August/September 1914
• 1946-1957
• Fixed rate against US Dollar, multi-tier rate structure since 1948
• 1957-
• Variable rate with intermittent fixing against US Dollar, multi-tier rate structure was abolished in 1991