Currency of Colombia Colombia" to issue legal tender notes, with a minimum denomination of 5 pesos. Peso = 10 Décimos = 100 Centavos Cóndor = 10 pesos (gold or silver) By decree of 2 May 1867 President Mosquera made Treasury notes a forced tender, making them equivalent to a national monetary unit. On 12 June he further decreed the obligatory acceptance in public and private transactions of all coins .900, .835, and .666 fine minted by the former Republic of Colombia and by New Granada. The monetary law of 24 October 1867 annulled all previous monetary legislation and defined the national coinage as
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.