Colombian Peso

The COP is the currency of Colombia. It is abbreviated with the symbol $ and has a currency code of COP. One COP is divided into 100 centavos. The name of the currency comes from the Spanish word "peso" which means "weight". The COP has been the currency of Colombia since 1810. The COP is issued by the Central Bank of Colombia. In 1871, the Colombian peso was decimalized and subunits were introduced, with 100 centavos to the peso. New banknotes were also introduced at this time. In 1886, the centavo was renamed the decimo in Spanish, meaning "ten-cent piece". In 1871, Colombia went on the gold standard. In 1913, the name of the currency was changed back to peso, and in 1931 the name was once again changed to peso oro, meaning "golden peso". In 1992, the name of the currency was changed to simply peso, and in 1999 the currency was decimalized, with one peso divided into 100 centavos. In 2016, the Colombian peso was the 28th most traded currency in the world. The COP is pegged to the United States dollar, with an exchange rate of COP $3,327.5 per USD.