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.
Portuguese Timorese escudo banknotes, below) may have been due to the exchange rate from the previous currency. The 10 and 30 centavos were struck in bronze, the 60 centavos and 1 escudo in cupro-nickel, and the 3 and 6 escudos in silver. In 1964, a silver 10 escudos was introduced, followed, in 1970, by more conventional denominations of 20 and 50 centavos, 1, 2½, 5 and 10 escudos. The 20 and 50 centavos and 1 escudo were struck in bronze, with the higher denominations struck in cupro-nickel. The first banknotes, dated 1959, were in denominations of 30, 60, 100 and 500 escudos. In