Currency of Colombia and South América Bank" was established in 1864 and was granted the right of issue in 1865. Silver coin of the 1863 standard .666 fine .900 fine Silver coin of the modified 1867 standard .666 fine .835 fine Gold coin .900 fine dated 1862–1878 Peso = 100 Centavos The monetary law of 9 June 1871 put the currency on the silver standard of the Latin Monetary Union system, the Colombian peso of 22.500 g fine silver being equal to 5 francs. It prohibited minting of coin .666 fine. Medios and cuartillos were to be minted .835 fine and the half
Gold standard to Congress the value of a decimal system. This system would also apply to monies in the United States. The question was what type of standard: gold, silver or both. The United States adopted a silver standard based on the Spanish milled dollar in 1785. From 1860 to 1871 various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended. The interaction between central banking and currency basis formed the primary source of monetary instability during this period.