Currency of Colombia peso was made .900 fine. The peso de oro was set at 1.612 g .900 fine (equal to the décimo de cóndor of 1867 and the peso of 1857). Copper was made legal tender to 50 centavos per transaction, altered in 1872 to 50 centavos for every 50 pesos in gold or silver (equivalent to 1% per transaction). A law of May 5, 1872 divided the peso de oro into 100 centavos. The fall in the world price of silver from 1872 on broke the 15.5 ratio. Gold coin was undervalued in Colombia and tended to disappear from circulation. Currency
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.