facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis
colombia peso

Colombia Puts New 20,000 Peso Bills with Enhanced Security Features into Circulation

Posted OnJuly 1, 2016
By :Jared Wade
Comment: Off
Tag: banco de la republica, gabriel garcia marquez

Colombia officially begun circulating its redesigned 20,000 peso bill today as the first in a series of redesigned notes that will help prevent counterfeiting. The multi-colored bill is largely orange and includes the likeness of former President Alfonso López Michelsen, who served from 1974-1978.

Its most notable feature is subtle but represents an ongoing campaign to rebrand the peso. While the older version prominently features the number 20,000 in four places, the replacement bill includes only the description “20 Mil Pesos.”

20 mil 3

The front of the new 20 mil note. (Credit: Banco de la Republica)

Colloquially, this is how money is talked about throughout the country, with “mil” meaning thousand in Spanish. Now, especially since the currency has lost so much of its value against the dollar in the past two years, the government is seemingly trying to drop the extra zeros to make prices and exchanges simpler.

In effect, this now looks more like a 20 peso note than a 20,000 bill. The central bank, La Banco de la Republica, is seemingly changing the name of the denominations without doing so formally.

This was first done on the 50,000-peso bill and then repeated with 100,000-peso bill, which became a new addition to the denominations offered by the bank when it was introduced in March. That bill, which is includes former President Carlos Lleras Restrepo on the front and the iconic Cocora Valley landscape on the back, was the first to drop the extra zeros and push the common “100 mil” expression towards being the recognized nomenclature.

colombia peso 20 mil

The back of the new 20 mil note. (Credit: Banco de la Republica)

The true aim of the redesign, however, is to help fight counterfeiting, a widespread problem in the country. The new 20 mil bill features several security elements, including strands of vibrant colors that change shades with movement. There is also a watermark with 3D effect, raised images, micro-lettering of BRC (Banco de la Republica Colombia) stitched into the design, patterns that can only be seen in ultraviolet light, and tactile elements that differentiate the 20 mil bill from other denominations. Certain security aspects can also be read by machines dedicated to authenticating currency.

Counterfeit bills have long been a problem in Colombia, where everyone from taxi drivers to grocery cashiers give a visual inspection to almost any bill they receive worth more than $5 USD. Fake U.S. dollars are also sold, and this has only ramped in recent years, with the technology to produce dummy bills becoming more widespread and the value of the dollar against the peso increasing.

colombian peso 20 mil

An image of a traditional Colombian hat appears on the back of the new 20 mil note. (Banco de la Republica)

“While the value of real dollars has increased, the cost of producing fake ones has remained relatively stable, making the process significantly more lucrative for fraudsters,” wrote Mike LaSusa of Medelliín-based publication Insight Crime in February. “Colombian police sources told El Tiempo that a fake $100 bill, which would have sold for between 8,000 and 10,000 pesos (between $2.40 and $3.00) a year ago, now sells for between 15,000 and 20,000 pesos (between $4.50 and $6.00).”

The 20 mil note is just one of several redesigned bills with enhanced security features that will enter circulation in the country. According to Colombian news network Caracol, the 50,000 peso is next up. It is expected to include an image of Nobel Prize-winning author Gabriel García Márquez.

 

All images: Colombia’s Banco de la Republica

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • Email
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

Avatar
About the Author
Jared Wade is editor in chief of Finance Colombia. He is a Bogotá-based journalist with 15 years of experience covering topics including business, financial services, Latin America, and sports. Email him at jared.wade(at) financecolombia.com or follow him on Twitter at @Jared_Wade.
  • google-share
Previous Story

Bogotá Is Among the Cheapest Cities in the World for Expat Workers

Next Story

Canada Pledges $57.4 Million in Aid for Post-Conflict Colombia

Related Posts

Ahead of the expected presentation of the tax reform to Congress next week, the 'commission of experts' have spoken with their views as to what needs to happen.
0

Opinion: On Colombia’s Tax Reform, The Experts Have Spoken

Posted OnMarch 19, 2021
, ByRupert Stebbings
0

Colombia’s Central Bank Holds Urgent Meeting To Review Deteriorating Global Economy: Coronavirus, Saudi-Russian Oil Price War, Falling Currency

Posted OnMarch 9, 2020
, ByLoren Moss
Photo: Iván Duque Márquez, president of Colombia, briefs reporters during the U.N. General Assembly. (Photo credit: UN Photo/Loey Felipe)
0

Fitch Ratings Not Impressed With Colombian Government’s Fiscal Strategy

Posted OnFebruary 11, 2020
, ByLoren Moss




RECENT

POPULAR

COMMENTS

Tecnoglass window-making factory in Barranquilla, Colombia. (Photo credit: Liliana Padierna)

Tecnoglass To Hold Q1 2021 Earnings Call The Morning Of May 7

Posted On April 13, 2021

Etek Launches Identity & Access Management Service

Posted On April 13, 2021

GCA Airlines Files To Fly New Routes To Bucaramanga, Santa Marta, San Andrés & Pereira, Colombia

Posted On April 13, 2021
PharmaCielo horticultural worker harvests THC dominant and unique cultivar (CNW Group/PharmaCielo Ltd.)

Colombian Cannabis Cultivator PharmaCielo Closes $13.5 Million CAD Capital Raise

Posted On April 13, 2021
Photo from Twitter

Support for Colombian Fugitive Alex Saab Turns Out To Be Nigerian Troll Farm

Posted On April 13, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

In Deepening Crisis At EPM, Labor Union Demands CEO Explain Private Gym, Luxury Office Remodel Despite Austerity Orders

Posted On August 25, 2020

Declan Ryan Says Viva Air Not Being Treated Fairly By Colombian Government: Exclusive Interview

Posted On September 3, 2020
Avatar

[…] 2020 — SINPRO, EPM’s largest...

Posted On April 12, 2021
Avatar

[…] Sky Airline each may operate 4...

Posted On April 6, 2021
Avatar

[…] didn’t know that; that...

Posted On April 6, 2021
Avatar

[…] during his mayoral campaign...

Posted On April 6, 2021
Avatar

[…] existing Viva aircraft are...

Posted On March 30, 2021

Watch This!

Book With Us

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

Tecnoglass window-making factory in Barranquilla, Colombia. (Photo credit: Liliana Padierna)

Tecnoglass To Hold Q1 2021 Earnings Call The Morning Of May 7

Posted On April 13, 2021

Etek Launches Identity & Access Management Service

Posted On April 13, 2021

GCA Airlines Files To Fly New Routes To Bucaramanga, Santa Marta, San Andrés & Pereira, Colombia

Posted On April 13, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020
copa airlines

Copa Airlines Raising $350 Million USD War Chest Via Private Notes Offering

Posted On April 27, 2020
Avatar

[…] 2020 — SINPRO, EPM’s largest...

Posted On April 12, 2021
Avatar

[…] Sky Airline each may operate 4...

Posted On April 6, 2021
Avatar

[…] didn’t know that; that...

Posted On April 6, 2021

Watch This!

Contact Us (Click the image):

Book With Us

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
WhatsApp us
loadingCancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.