Currency of Colombia - 1923–1931 Peso Oro (gold Exchange Standard)

1923–1931 Peso Oro (gold Exchange Standard)

The monetary reform of July 11, 1923 established a gold exchange standard at the old parity on July 23, 1923. The reform had the backing of the noted financial expert Edwin W. Kemmerer, who had been invited to advise on the US indemnity of $25 million for the loss of Panama.

El Banco de la República was established July 11, 1923. It began operations well ahead of schedule due to the panic caused by the failure of Banco Lopez, overprinting unissued notes of Casa de Moneda de Medellin for 2½, 5, 10, and 20 pesos. It soon issued a regular series for 1, 2, 5, 10, 50, 100, and 500 pesos.