Costa Rican colón
| ISO 4217 Code | CRC |
| User(s) | Costa Rica |
| Inflation | 13.8% |
| Source | The World Factbook, 2005 est. |
| Subunit | |
| 1/100 | céntimo |
| Symbol | ₡ |
| Plural | colones |
| Coins | |
| Freq. used | 5, 10, 20, 25, 50, 100, 500 colones |
| Rarely used | 1 colón |
| Banknotes | 1000, 2000, 5000, 10000 colones |
| Central bank | Central Bank of Costa Rica |
| Website | www.bccr.fi.cr |
Contents |
Introduction
The colón (named after Christopher Columbus, known as Cristóbal Colón in Spanish) is the currency of Costa Rica. It was also the name of El Salvador's currency until it was replaced by the US dollar (see El Salvadoran colón). The plural is colones in Spanish, but English-speakers often say colons instead. Its ISO 4217 code is CRC.
The colón was introduced in 1896, replacing the peso at par. The colón is divided into 100 céntimos, although coins were issued denominated in centavos (which was the name for the 1/100 subunit of the Peso) between 1917 and 1920.
On June 4, 2006, the United States dollar was worth 506.81 colones. The colón has an unusual relationship with the U.S. dollar which may best be described as a "crawling peg"; 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[1] due to weakness in the U.S. dollar and the perception that the colón is now undervalued. The currency is still pegged to the dollar but now in a more classical manner at about 517 colones per dollar.
Nicknames
The colón is sometimes referred to as the "Peso", which was the name of the Costa Rican currency before the colón. Even though "Peso" was the official name of the currency until 1896, now-a-days calling the currency "Peso" is considered a slang term.
Teja is used as a slang term for the 100-colón bill and coin, and cinco tejas for the 500 colónes bill and coin, while the 1,000- and 5,000-colón bills are called rojo and tucán respectively.
The Central Bank's Coins (excluding commemorative coinage)
Coins in circulation are 5, 10, 20, 25, 50, 100 and 500 colones. The 1 golden colored colón coin is "officially" in circulation because the Central Bank states so, but in reality it no longer circulates. The 20-colones coin is being phased out along with the 5 and 10 silver colored coins. The 1 and 2 silver colored colones coins are also officially being phased out of circulation, but in reality they have not circulated for several years. In 1997, the government issued golden colored 5, 10, 25, 50, and 100 colones coins to replace the older ones. In 2003 a 500 colones coin was introduced and therefore making the 500 colones banknote obsolete. In 2006 a new 5 and 10 silver colored coins dated 2005 made out of aluminum were introduced. In the past the Central Bank has also issued 0.05, 0.10, 0.25, 0.50, 1 and 2 colones coins.
- No longer in circulation
0.05 colones coin: Minted from 1951 to 1979. It suffered very little design changes, being the most significant a change in color from silver to golden in the 1979 coin.
0.10 colones coin: Minted from 1951 to 1982. It suffered very little design changes.
0.25 colones coin: Minted from 1967 to 1989. The size was reduced significantly from 1983 onwards.
0.50 colones coin: Minted from 1965 to 1990. The size was reduced significantly from 1982 onwards.
1 colón coin: Minted from 1954 to 1998. The size was reduced significantly after 1982. It was reducend even more (and color changed from silver to golden) with the 1998 coin.
2 colones coin: Minted from 1954 to 1984. The size was reduced significantly from 1982 onwards.
- Currently Circulating
5 colones coin: Minted from 1983 to 2005. The size was reduced significantly (and color changed from silver to golden) from 1995 onwards. On 2006, a new silver colored coin dated 2005 made of aluminum was introduced. As of now the 3 versions of the coin are circulating, but the old and big silver colored coin is being phased out by the central bank.
10 colones coin: Minted from 1983 to 2005. The size was reduced significantly (and color changed from silver to golden) from 1995 onwards. On 2006, a new silver colored coin dated 2005 made of aluminum was introduced. As of now the 3 versions of the coin are circulating, but the old and big silver colored coin is being phased out by the central bank.
20 colones coin: Minted from 1983 to 1996. It is currently circulating but being phased out by the central bank.
25 colones coin: Minted from 1995 onwards.
50 colones coin: Minted from 1997 onwards.
100 colones coin: Minted from 1995 onwards.
500 colones coin: Minted from 2003 onwards.
The Central Bank's Banknote Series
Since its creation the Central Bank has issued different banknotes of several denominations. Each time a banknote of an specific denomination is changed (design, security features, etc), a new series is released.
2 colones banknote: Provisional Issue F (rendered obsolete)
5 colones banknote: Provisional Issue G, A, B, C, D. (all series rendered obsolete)
10 colones banknote: Provisional Issue G, A, B, C, D. (all series rendered obsolete)
20 colones banknote: Provisional Issue F, A, B, C, Z*. (all series rendered obsolete)
50 colones banknote: Provisional Issue G, A, B, C, D, E. (all series rendered obsolete)
100 colones banknote: Provisional Issue G, A, B, C, D, E, F, G, H. (all series rendered obsolete)
500 colones banknote: A, B, C, D. (all series rendered obsolete)
1000 colones banknote: A, B, C, D. (A, B and C rendered absolete. D in circulation)
2000 colones banknote: A. (in circulation)
5000 colones banknote: A, B, C. (A and B rendered absolete. C in circulation)
10000 colones banknote: A. (in circulation)
- The Provisional Issues were at first the notes that the Central Bank used. They were leftover notes (unsigned and undated) formulas of the National Bank. The Central Bank then printed on them the corresponding signatures and dates, and a leyend wich read "BANCO CENTRAL DE COSTA RICA" over the "BANCO NACIONAL DE COSTA RICA" one.
- The "Z" series of the 20 colones coin was an experimental series of the printing house (The American Banknote Company ), which made the notes out of polymer. To this date, this has been the only Costa Rican note made of polymer.
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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 Rica. With the new system, sistema cambiario de bandas, the exchange rates posted by the Central Bank are "reference" and each authorized financial institution can determine their value independently in hopes that the free market provides a mechanism to keep them reasonable.
External Links
- The Museum of the Central Bank of Costa Rica
- CambioDelDolar.com - Up to date exchange rate of the Costa Rica colón as sold and bought in every financial institution (they can vary greatly) as well as news pertaining the subject
Categories
Currencies of the Americas | Circulating currencies | Economy of Costa Rica