Colón (Currency) Basics and International Usage

The Colón is the official currency of Costa Rica, and it's used in various forms around the world. It's named after Christopher Columbus, the famous explorer.

You can exchange your money for Colón at a bank or currency exchange office, but be aware that some places may not accept foreign currency.

In Costa Rica, you can find ATMs that dispense Colón, and many businesses accept credit cards with a Colón conversion fee.

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The Costa Rican Colón has a rich history that spans over a century. It was first introduced in the 19th century.

Four private banks issued notes between 1864 and 1917. The Banco Anglo–Costarricense, established in 1864, issued notes from 1864 to 1917. It later became a state-owned bank and went bankrupt in 1994.

The Banco de Costa Rica, established in 1890, issued notes from 1890 to 1914. It currently operates as a state-owned bank, issuing notes in various denominations. Notes from the Banco Comercial de Costa Rica, issued between 1906 and 1914, also circulated.

Here are some notable notes issued by these private banks:

The Banco Internacional de Costa Rica introduced notes in denominations of 5, 10, 20, 50, and 100 colones in 1914.

The first Costa Rican currency was introduced in 1839, called the peso, which was authorized by Head of State Braulio Carrillo to pay public employees.

In 1858, the Costa Rican National Bank was founded, issuing notes of 1, 2, 10, and 20 pesos.

The colón arrived in 1896, marking a currency reform in the country.

The Banking Act of 1900 allowed banks with a capital of 1 million colónes to issue banknotes, leading to an increase in colón circulation.

The Banco Internacional was created in 1914 and gained sole currency issuing rights in 1921, after which private banks were no longer allowed to issue banknotes.

The Banco Nacional de Costa Rica was founded in 1936, after the Banco Internacional was renovated.

In 1950, the Central Bank of Costa Rica was established, taking over the sole issuing rights of the country’s currency.

The Central Bank of Costa Rica started issuing paper currency in 1951, with notes for 5, 10, 20, 50, and 100 colónes.

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The Costa Rican Colón is a currency with a rich history that dates back to the 19th century. The first coins were introduced in 1897, featuring gold denominations of 2, 5, 10, and 20 colones.

These early coins were followed by the introduction of silver and cupro-nickel coins in 1903 and 1905, respectively. The 5 and 10 centimos coins from this period bore the initials G.C.R., indicating they were government-issued.

In 1937, the National Bank introduced new coins with denominations of 25 and 50 centimos and 1 colón, which bore the initials B.N.C.R. These coins were a significant development in the history of the Costa Rican Colón.

The National Bank continued to issue new coins, including the 5 and 10 centimos in 1942 and the 2 colones in 1948. This period saw a range of denominations being introduced, expanding the use of the Costa Rican Colón.

The colorful history of the Costa Rican Colón is a reflection of the country's international relationships and cultural heritage.

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In 1950, the Central Bank of Costa Rica took over the sole issuing rights of the country's currency. This marked a significant shift in the country's financial system.

The Central Bank started issuing paper currency with notes for 5, 10, 20, 50, and 100 colones in 1951. These notes are still primarily in circulation today.

The Central Bank's decision to issue its own currency led to a standardized system, making it easier for citizens to use and exchange money. This change had a positive impact on the country's economy.

The Central Bank's notes are still widely accepted today, and their standardized denominations have made transactions more convenient for Costa Ricans.

The Banco Internacional de Costa Rica was a significant player in the country's currency history.

In 1914, they introduced notes in denominations of 5, 10, 20, 50 and 100 colones.

The Banco Internacional added 25 and 50 centimos, 1 and 2 colones to their notes in 1918.

25 centimos were not issued after 1919.

The Banco Internacional's notes were the only ones issued for circulation after 1917.

Their notes continued to be issued in the denominations of 10, 20, 50 and 100 colones until 1936.

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The historical CRC/USD chart is a valuable tool for understanding the past performance of the Costa Rican colón against the US dollar.

You can view the chart to see the CRC/USD oscillation and look at last year's data, which is often sufficient to predict future changes.

To get a better sense of the chart's data, let's take a look at some specific examples. For instance, on Friday, February 21, 2025, the exchange rate was ₡1 = $0.002, with a slight increase of 0.16% from the previous day.

The chart also shows that on Tuesday, February 18, 2025, the exchange rate was ₡1 = $0.002, with a 0.12% increase from the previous day.

If you want to see more data, you can check out the exchange rate history, which provides a detailed breakdown of the CRC/USD exchange rate over time.

Here's a brief summary of the exchange rate history for the past week:

The Colón banknotes are an essential part of Costa Rica's currency, and understanding them can make your trip to the country much smoother. The national currency is divided into 100 centimos, but you'll rarely see coins in circulation.

The denominations of Colón bills are 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000. Each bill features a different Costa Rican animal or cultural figure.

Here's a breakdown of some of the banknotes you might encounter:

These unique designs make the Colón banknotes a fun way to learn about Costa Rica's culture and wildlife.

During the late 19th and early 20th centuries, four private banks issued notes in Costa Rica. The Banco Anglo–Costarricense was one of these banks, established in 1864 and issuing notes until 1917.

The Banco Anglo–Costarricense issued notes in various denominations, including 1, 25, 50, and 100 pesos, as well as 5, 10, 20, 50, and 100 colones. Some of these notes were released in 1963 to commemorate the bank's 100th anniversary.

A few notes from the Banco Anglo–Costarricense have "Muestra sin Valor" printed on them, which means they have no value and can't be used as currency. However, most of these notes don't have this printed on them, making them harder to find today.

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The Banco de Costa Rica was another private bank that issued notes, starting in 1890 and ending in 1914. It currently operates as a state-owned bank.

The Banco de Costa Rica issued notes in denominations of 1, 2, 5, 10, 20, and 100 pesos, as well as 5, 10, 20, 50, and 100 colones.

Here are the notes issued by the Banco de Costa Rica:

The Banco Comercial de Costa Rica also issued notes between 1906 and 1914, in denominations of 5, 10, 20, 50, and 100 colones.

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.

The 1 colón notes were briefly issued as a result of these provisional issues.

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The Colón banknotes have a rich history in Costa Rica. The Banco Mercantil de Costa Rica issued notes between 1910 and 1916 in denominations of 5, 10, 20, 50, and 100 colones.

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You'll rarely see coins in circulation, but instead, paper bills are widely used. The Costa Rican Colón is divided into 100 centimos.

The Banco Anglo–Costarricense issued notes from 1864 to 1917, with denominations including 1, 25, 50, and 100 pesos, as well as 5, 10, 20, 50, and 100 colones.

Some 1, 5, 10, and 20 colones notes (unsigned and undated) were released in 1963 to commemorate the bank's 100th anniversary. These notes had "Muestra sin Valor" printed on them to nullify their legal tender status.

Here are some examples of Colón banknotes:

The Colón is the official currency of Costa Rica, and it's essential to have some local currency on hand for purchases and tipping. You can exchange your money for the best exchange rates, but be aware that the exchange rate can fluctuate.

You can find the current exchange rate using online currency converters like Google, Wise, or XE. This will help you get the best value for your money. For example, 1,000 USD is equivalent to ₡505,899.41 in Colón.

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To make transactions easier, it's a good idea to know the exchange rate between the USD and the Colón. For instance, 50,000 USD is equivalent to ₡25,294,970.55 in Colón. Here's a rough guide to help you convert some common amounts:

Remember to check the exchange rate before making any transactions to get the best value for your money.

In 1935, the International Bank of Costa Rica issued cupro-nickel coins in denominations of 25 and 50 centimos and 1 colón, bearing the initials B.I.C.R.

These coins were introduced to facilitate international trade and commerce, highlighting the importance of accessible and standardized currency.

The International Bank of Costa Rica's cupro-nickel coins were a notable development in the country's currency history, showcasing the bank's efforts to modernize and expand its services.

The 25, 50 centimos, and 1 colón coins issued by the International Bank of Costa Rica in 1935 remain a fascinating piece of numismatic history, offering a glimpse into the country's economic and financial landscape.

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The exchange rate between the Costa Rican Colón (CRC) and the US Dollar (USD) is a crucial aspect of traveling to Costa Rica or engaging in financial transactions with the country. The CRC has had an unusual relationship with the USD, often referred to as a "crawling peg", where the CRC grows progressively weaker at a fixed rate of around 3.294 colones per dollar per month.

The Central Bank of Costa Rica has modified this peg, allowing the exchange rate to float within a currency band referenced to the USD. The floor of the band is set at a fixed value, while the ceiling changes at a fixed rate.

To get the best exchange rate, it's essential to check the current exchange rate regularly. You can use online currency converters like Google, Wise, or XE to find the most up-to-date rates.

Here's a rough idea of the current exchange rates:

Keep in mind that exchange rates can fluctuate, so it's always a good idea to double-check before making any transactions. The CRC can sometimes offer better value for money, but it's essential to check the current rate to make an informed decision.

In 2006, the Central Bank of Costa Rica modified the exchange rate system to allow for more flexibility. This change was made in response to the weakness of the USD and the perceived undervaluation of the CRC.

The Colón is the official currency of Costa Rica, and it's essential to familiarize yourself with it before your trip. The currency symbol is abbreviated as “₡” and is divided into 100 centimos.

You'll rarely see coins in circulation, so it's best to use paper bills, which come in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000. Each bill features a different Costa Rican animal or cultural figure, making the currency quite colorful.

To exchange your money for the local currency, it's recommended to exchange it at a bank or authorized exchange center for the best exchange rates. Be aware of the current exchange rate and any associated fees.

To check the current exchange rate, you can use online currency converters like Google, Wise, or XE. This will help you make informed decisions about your transactions.

Here's a rough idea of the exchange rate between the USD and the Colón:

Remember to count your money carefully when exchanging it, and keep receipts for the transaction in case of any issues or discrepancies.

The Costa Rican Colón has experienced significant inflation over the years, which has affected its buying power. This is evident in the fact that the inflation rate in Costa Rica between 1977 and 2021 was 20,470%, which translates into a total increase of ₡20,470.

The average annual inflation rate between these periods was 12.87%. This means that people need to spend more money to buy the same goods and services.

The high inflation rate has led to a decrease in the purchasing power of the CRC. To understand the impact of inflation on the CRC, let's take a look at the purchasing power of ₡100 at different times.

Here's a table showing the purchasing power of ₡100 at different times:

The Colón had an average inflation rate of 10.64% per year between 1960 and today, producing a cumulative price increase of 58,464.27%. This is a staggering amount, and it's essential to keep this in mind when dealing with the CRC and making financial decisions in Costa Rica.

Colón is also the name of the capital city of Panama, which is a major financial hub in Central America.

The Colón Free Trade Zone is a major economic zone in the region, with a significant presence of international companies.

Colón has a rich cultural heritage, with a blend of Spanish, African, and indigenous influences.

The colón has plenty of nicknames, which can make everyday transactions a bit more interesting.

Some people refer to the colón as the "peso", which is a nod to its predecessor.

You might also hear locals call the colón "cana", but this term is typically used for amounts less than 100 colónes.

The term "teja" is another popular nickname, which literally means "roof tile" in Spanish.

Interestingly, 100 colónes is often referred to as a "teja", while 500 colónes coins and notes are called "cinco tejas", or "five roof tiles."

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The colón's namesake is a famous figure in history. Christopher Columbus, or Cristóbal Colón in Spanish, is the person behind the colón's name.

Columbus arrived in Costa Rica in 1502 on his last voyage. He didn't stay, however, and it would be many decades before any permanent colonies were established.

The 2,000 colón bill is made of cotton, making it slightly less durable but softer to the touch. It's also a little longer than the 1,000 colón note.

Some Costa Rican colón bills are made with unique materials, like the 2,000 colón bill made of cotton.

The 2,000 colón bill is a bit longer than the 1,000 colón note, making it stand out.