page_title: Currency of Colombia
section_title: 1905–1914 Peso oro (gold standard)
hierarchical_section_title: Currency of Colombia / 1905–1914 Peso oro (gold standard)
caption_attribution_description: Español: 1 peso colombiano p/m de 1914 - Reverso
context_page_description: Currency in Colombia has been used since 1622. It was in that year, under a licence purchased from King Philip III of Spain, that Turrillo de Yebra established a mint at Santa Fe de Bogotá and a branch mint at Cartagena de las Indias, where gold cobs were produced as part of Colombia's first currency. Silver milled coins date from 1627. In 1831, Gran Colombia dissolved into Venezuela and New Granada. In 1836, in New Granada, new monetary laws were passed, to standardise the money produced in the country. From 1861-1862, due to financial instability, the United States of New Granada accepted British currency, the name of the country becoming the United States of Colombia in 1862. In 1880, Colombia pegged the peso to the gold standard due to the falling price of silver. In 1886, the paper peso was introduced. In 1931, Colombia abandoned the gold standard and switched to the current form of the peso.
context_section_description: Peso oro = 100 Centavos
  
  Conversion: 1 peso oro = 100 paper pesos
  The conversion of paper into gold began 18 May 1905, at 100 paper pesos for one gold peso, but proceeded very slowly. A full return to the gold standard was finally achieved 12 June 1907. The gold libra, worth 5 pesos, was identical to the sovereign, the gold peso being equal to 1464.480 mg fine gold or 4s sterling. Gold par was 5.00 per pound sterling and 1.027 per US dollar. A constitutional amendment prohibited further government issues of fiat currency after 1909.
caption: Obverse of nickel 1914 "paper money" peso
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