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 money Currency money Currency money is money in full circulation that takes its value from the precious metal it contains, that is, its market value is (almost) the value of the metal it contains (apart from the Seigniorage or the minters' profit), though this is always overcompensated for in coins and banknotes from a country undergoing debasement. Currency money is usually made of silver or gold, but in very rare cases plated metal and even copper may be used. Currency money is commodity money, as opposed to coins whose metal value is less than their nominal value, paper money, and deposit