Currency of Colombia that the bank no longer existed). The period 1899–1903 witnessed revolution, civil war (the Thousand Days War of 1899–1902), inflation, and depreciation. There were numerous note issues of various kinds. Then calm slowly returned. A law of 25 October 1903 prohibited new paper money issues, permitted payment in gold to be stipulated in contracts, and reintroduced the gold peso ("peso oro"), equal to 100 paper pesos, effective 1 January 1904. Outstanding notes were absorbed by auction sales of gold. "El Banco Nacional de la República de Colombia" issued notes in 1886 for 50 centavos and 1, 5, and 10 pesos.
Currency of Colombia to establish Banco Nacional, which began operations in January 1881. A decree of 24 March 1885 authorized coins of nickel and 0.500 silver, and authorized Banco Nacional to issue notes for 10 & 20 centavos. The cost of the civil war of 1885 was covered by paper money, circulation increasing by 89%. Banco Nacional was unable to cover its notes in gold coin, but the Government compromised on suspension by paying notes in silver with the funds received from negotiating the Panama Canal. "El Banco Nacional de los Estados Unidos de Colombia" was responsible for the national note issue 1880–1885.