The
colón is the
currencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of
Costa RicaCosta Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east....
. The plural is
colones in Spanish, but
EnglishEnglish is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
speakers often say
colons instead. The
ISO 4217ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code is CRC.
The symbol for the colón is a
c with two slashes. The symbol "₡" has
UnicodeUnicode is a computing industry standard for the consistent encoding, representation and handling of text expressed in most of the world's writing systems...
code point U+20A1, and the decimal representation is 8353. In
HTMLHyperText Markup Language is the predominant markup language for web pages. HTML elements are the basic building-blocks of webpages....
it can be entered as ₡. The colón sign is not to be confused with the
centIn many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
sign (¢), which has a code point U+00A2 in Unicode (or 162 in decimal), or with the
cediThe Ghana Cedi is the unit of currency of Ghana. The word "cedi" is derived from the Akan word for cowry shell. The Ghana cedi was introduced on 3 July 2007 and is equal to 10,000 old cedis...
sign ₵, which has a code point U+20B5 in Unicode (or 8373 in decimal). Nonetheless, the commonly available cent symbol '¢' is frequently used locally to designate the colón in price markings and advertisements.
The
United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
is also accepted unofficially in many places throughout Costa Rica.
History
The colón was introduced in 1896, replacing the
Costa Rican pesoThe peso was the currency of Costa Rica between 1850 and 1896. It was initially subdivided into 8 reales and circulated alongside the earlier currency, the real, until 1864, when Costa Rica decimalized and the peso was subdivided into 100 centavos. The peso was replaced by the colón at par in...
at par. The colón is divided into 100
centimosThe céntimo was a currency unit of Spain and other countries which were historically influenced by Spain or Portugal . The word derived from the Latin Centum meaning "hundred"...
, although, between 1917 and 1919, coins were issued using the name
centavoCentavo is a Spanish and Portuguese word, derived from the Latin centum, meaning "one hundred", and the suffix -avo, meaning "portion" or "fraction"...
for the 1/100 subunit of the peso.
First coins, 1897-1917
Because the colón replaced the peso at par, there was no immediate need for new coins in 1896. In 1897, gold 2, 5, 10 and 20 colones were issued, followed by silver 50 centimos, and followed by cupro-nickel 2 centimos in 1903 and silver 5 and 10 centimos in 1905. The 5 and 10 centimos bore the initials G.C.R., indicating that they were issues of the government.
Centavo issues, 1917-1919
In 1917, coins were issued in denominations of 5 and 10
centavos rather than centimos. 50 centavo coins were minted but not issued (see below). All bore the G.C.R. initials.
Government issues, 1920-1941
The issuance of centimo coins by the government (still indicated by the initials G.C.R.) was resumed in 1920, with 5 and 10 centimos issued. In 1923, silver 25 and 50 centimos from the peso currency, along with the unissued 50 centavos from 1917 and 1918, were issued with counterstamps which doubled their values to 50 centimos and 1 colón.
In 1925, silver 25 centimo coins were introduced. The last government issued coins were brass 10 centimos issued between 1936 and 1941.
Banco Internacional issues, 1935
In 1935, the International Bank of Costa Rica issued cupro-nickel coins in denominations of 25 and 50 centimos and 1 colón. These bore the initials B.I.C.R.
Banco Nacional issues, 1937-1948
In 1937, the National Bank introduced coins in denominations of 25 and 50 centimos and 1 colón which bore the initials B.N.C.R. These were followed by 5 and 10 centimos in 1942 and 2 colones in 1948.
Banco Central issues, 1951-
In 1951, the Central Bank took over coin issuance using the initials B.C.C.R. while introducing 5 and 10 centimo coins. These were followed by 1 and 2 colones in 1954, 50 centimos in 1965 and 25 centimos in 1967. In 1982-1983, 5 and 10 centimo coins were discontinued, the sizes of the 25 centimo to 2 colon coins were reduced and 5, 10 and 20 colon coins were introduced. Between 1995 & 1998, smaller, brass 1, 5 and 10 colon coins were introduced and coins for 25, 50 & 100 colones were added. 500 colones followed in 2003. Aluminium 5 and 10 colones were introduced in 2006. Coins of 1 colon are no longer found in circulation. In 2009 the larger, silver-coloured ¢5, ¢10 & ¢20 were gradually withdrawn leaving the small, lighter, ¢5 and ¢10 and the gold-coloured ¢5, ¢10, ¢25, ¢50, ¢100 & ¢500 coins circulating.
Private bank issues, 1896-1914
Four private banks, the
Banco Anglo-Costarricense, the
Banco Comercial de Costa Rica, the
Banco de Costa Rica and the
Banco Mercantil de Costa Rica, issued notes between 1864 and 1917.
The
Banco Anglo-Costarricense was established in 1864 and issued notes from 1864 to 1917. It later became a state-owned bank and in 1994 went bankrupt and closed. Notes were issued in denominations of 1, 25, 50, and 100 pesos as well as 5, 10, 20, 50, and 100 colones. Some 1, 5, 10 and 20 colon notes (unsigned and undated) were released in 1963 when the bank celebrated its 100th anniversary. Some had
Muestra sin Valor ("sample without value") printed on them in order to nullify the legal tender status and to prevent people from selling them. Most, however, didn't have that printed on them, which makes it harder now-a-days to find notes with the seal.
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| 1 colon, 1917 |
5 colones, 191x |
10 colones, 191x |
20 colones, 191x |
The
Banco de Costa Rica was established in 1890 and issued notes from 1890 to 1914. It is currently a state-owned bank. Notes were issued in denominations of 1, 2, 5, 10, 20, and 100 pesos as well as 5, 10, 20, 50 and 100 colones.
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| 1 peso, 1899 |
5 colones, 190x |
10 colones, 190x |
20 colones, 1906 |
The Banco Comercial de Costa Rica issued notes between 1906 and 1914 in denominations of 5, 10, 20, 50 and 100 colones. The Banco Mercantil de Costa Rica issued notes between 1910 and 1916, also in denominations of 5, 10, 20, 50 and 100 colones.
Government issues, 1897-1917
The government issued gold certificates in 1897 for 5, 10, 25, 50 and 100 colones. Between 1902 and 1917, it issued silver certificates for 50 centimos, 1, 2, 50 and 100 colones.
Banco Internacional, 1914-1936
In 1914, the
Banco Internacional de Costa Rica introduced notes in denominations of 5, 10, 20, 50 and 100 colones, to which 25 and 50 centimos, 1 and 2 colones were added in 1918. Although 25 centimos were not issued after 1919, the other denominations continued to be issued until 1936. After 1917, the Banco Internacional's notes were the only issued for circulation.
Banco Nacional, 1937-1949
In 1937, the
Banco Nacional de Costa Rica took over paper money issuing and issued notes for 1, 2, 5, 10, 20, 50 and 100 colones until 1949. Many of the early notes were provisional issues overprinted on notes of the Banco Internacional, including the 1 colón notes which were briefly issued.
Banco Central, 1950-
The
Banco Central de Costa Rica began issuing paper money in 1950, with notes for 5, 10, 20, 50 and 100 colones. The first notes were provisional issues produced from Banco Nacional notes (unsigned and undated). The Central Bank printed on them the corresponding signatures and dates, and the legend "BANCO CENTRAL DE COSTA RICA" over "BANCO NACIONAL DE COSTA RICA". Regular issues of notes began in 1951, but a second provisional issue of 2 colon notes was made in 1967. 1000 colon notes were added in 1958, followed by 500 colones in 1973, 5000 colones in 1992, and 2000 and 10,000 colones in 1997.
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| 2 colones, 1967 |
100 colones, 1954 |
5 colones, 1972 |
1000 colones, 1973 |
| Current Circulating Banknotes |
| Image | Value | Main Colour | Description |
| Obverse | Reverse | Obverse | Reverse |
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1000 colones |
Red |
Braulio Carrillo Colina Braulio Evaristo Carrillo Colina was the Head of State of Costa Rica during two periods: the first between 1835 to 1837, and the de facto between 1838 and 1842.Before becoming head of state, Carrillo held a number of public positions, including Judge and Chairman of the...
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Guanacaste tree/White-tailed deerThe white-tailed deer , also known as the Virginia deer or simply as the whitetail, is a medium-sized deer native to the United States , Canada, Mexico, Central America, and South America as far south as Peru...
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2000 colones |
Blue |
Mauro Fernández Acuña Mauro Fernández Acuña was a Costa Rican politician and lawyer.-Biography:He studied law at the University of Santo Tomás from which he graduated in 1869. He reached several positions in the Supreme Court of Justice of Costa Rica and was university professor of the College of Lawyers...
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Bull sharkThe bull shark, Carcharhinus leucas, also known as Zambezi shark or unofficially known as Zambi in Africa and Nicaragua shark in Nicaragua, is a shark common worldwide in warm, shallow waters along coasts and in rivers...
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5000 colones |
Light Blue |
Pre-Columbian SculptureSculpture is three-dimensional artwork created by shaping or combining hard materials—typically stone such as marble—or metal, glass, or wood. Softer materials can also be used, such as clay, textiles, plastics, polymers and softer metals...
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ToucanToucans are members of the family Ramphastidae of near passerine birds from the Neotropics. The family is most closely related to the American barbets. They are brightly marked and have large, often colorful bills. The family includes five genera and about forty different species...
, stone sphereThe stone spheres of Costa Rica are an assortment of over three hundred petrospheres in Costa Rica, located on the Diquis Delta and on Isla del Caño. Known locally as Las Bolas, they are also called The Diquis Spheres...
, jaguarThe jaguar is a big cat, a feline in the Panthera genus, and is the only Panthera species found in the Americas. The jaguar is the third-largest feline after the tiger and the lion, and the largest in the Western Hemisphere. The jaguar's present range extends from Southern United States and Mexico...
and local plants |
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10,000 colones |
Blue |
Emma Gamboa |
Jaguar and Puma |
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20,000 colones |
Orange |
Carmen Lyra Carmen Lyra was the pseudonym of the first prominent female Costa Rican writer, born Maria Isabel Carvajal...
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Scintillant HummingbirdThe Scintillant Hummingbird is the smallest hummingbird within its range, which includes only the mountains of Costa Rica and western Panama....
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Whenever a banknote of a specific denomination is changed (design, security features, colour, etc.), a new series is released. Every banknote issued by this bank measures approximately 6.6 cm x 15.5 cm. Every note also has the serial and series numbers printed in red ink. Exceptions occurred with:
- 2 colones provisional issue: black
- 5 colones provisional issue: orange
- 10 colones provisional issue: blue
- 500 colones series B: black
- 1000 colones series A issue: dark blue
Every issue also features the signatures, date, and the agreement number printed in black.
The 1983 "Z" series of the 20-colón note was an experimental issue of the American Banknote Company which made the notes out of a polymer. To date, this has been the only Costa Rican note made of that material.
Banknote reform
In 2010, Costa Rican banknotes will undergo a reform and be replaced by a new model. Two new denominations will be introduced; 20,000 and 50,000 colones. The current notes will all be withdrawn from circulation and be replaced by new ones. The new banknotes will have different colors, shapes and images than their predecessors. All the denominations will have a different length so that people with visual impairments can also recognize the banknotes. This is expected to occur in the first trimester of 2010, and currently discussions are being held on the color, image, shape, material and security measures for the new banknotes.
Currency peg
On February 6, 2011, the
United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
was worth 508.11 colones. The colón has had an unusual relationship with the U.S. dollar that may best be described as a "
crawling pegCrawling peg is an exchange rate regime usually seen as a part of fixed exchange rate regimes which allows depreciation or appreciation in an exchange rate gradually...
"; instead of being defined by a constant value to the dollar, the colón instead would grow progressively weaker at a fixed rate of about 3.294 colones per dollar per month. On October 16, 2006, however, this crawling peg was modified due to weakness in the U.S. dollar and the perception that the colón is now undervalued. The exchange rate is now free to float within a currency band referenced to the
United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
. The floor of the band has been set at a fixed value, while the ceiling changes at a fixed rate. In practice the exchange rate has remained fixed at the lower value of the currency band.
Since October 17, 2006 the colón is no longer bound to controlled devaluations (known in Costa Rica as
minidevaluaciones) by the
Central Bank of Costa RicaThe Central Bank of Costa Rica is the central bank of Costa Rica. Being a central bank recognized by the Costa Rican society and the international community for its efficiency, transparency and credibility in keeping inflation low and stable....
. With the new system,
sistema cambiario de bandas, the exchange rates posted by the Central Bank are a "reference" and each authorized financial institution can determine their value independently in hopes that the free market will provide a mechanism to keep them reasonable.
Nicknames
The colón is sometimes referred to as the peso, which was the name of the Costa Rican currency before the colón, until 1896. This is very common across Latin American countries, where most have (or had at some point) currencies called pesos. Another slang name is caña (Spanish for sugar cane, plural cañas) but this term is more often used in its plural form and for amounts under 100 colones with multiples of ten, except for 5 e.g.: 5 cañas, 10 cañas, 20 cañas, and etcetera. In the past few year this term has also become less frequently used.
Teja (roof tile) is used as a slang term, which means one hundred colones, therefore the five hundred colones coins and notes are called "cinco tejas" and the fifty colones coins and notes are referred to as "media Teja" (half roof tile)
The five hundred colones note was called "morado" (purple) due to it being purple colored, this note is no longer in circulation.
The one thousand colones note is called "un rojo" (one red) due to it being red colored. This also applies for any amount that are multiples for a thousand Colones (e.g. twenty thousand colones = veinte rojos).
The five thousand colones note is called
tucán (
toucanToucans are members of the family Ramphastidae of near passerine birds from the Neotropics. The family is most closely related to the American barbets. They are brightly marked and have large, often colorful bills. The family includes five genera and about forty different species...
), referring to the image of a toucan it carries, although not frequently used anymore it can also be named "una Libra" (one Pound), this also applies for the 5 colones coins.
The ten thousand colones note is also known as
Ema Gamboa, referring to the image printed on one of its faces.
See also
- Economy of Costa Rica
The economy of Costa Rica heavily depends on tourism, agriculture, and electronics exports. Poverty has been reduced over the past 15 years, and a social safety net put into place....
- Commemorative coins of Costa Rica
Since the Central Bank of Costa Rica was created, many coins designed to commemorate special events have been issued. The following is a complete list of all commemorative coins ever issued by the bank.-1970 Emissions :a) 2 colones...
- Commemorative banknotes of Costa Rica
Commemorative banknotes in Costa Rica have been issued by the Central Bank of Costa Rica since its creation on 1950. The following is a list of the different issues along with a description.- 150 Years of Independence :...
External links
Official site of Banco Central de Costa Rica