CRC - Costa Rican Colón

History of Costa Rican Colón

The Costa Rican Colón was officially introduced in 1896, replacing the peso at par. The Colón was divided into 100 centimos, although from 1917 to 1919, coins were issued with the name “centavo” as a subunit, which is equal to 1/100 of a colón.

During the first half of the 20th century, various banks issued colones, but since 1951, the currency has been exclusively produced by the Central Bank of Costa Rica. From 2006 to 2015, the Costa Rican Colón was pegged to a fixed exchange rate with the U.S. dollar. However, the currency is now under a managed floating exchange rate controlled by the Central Bank of Costa Rica.

In recent years, Costa Rica has enjoyed relatively stable economic growth, particularly in key sectors such as agriculture, tourism, and the export of electronic devices.

Key milestones for the Costa Rican Colón:

• In 1896: The Costa Rican Colón was officially introduced, with gold coins in denominations ranging from 2 to 20 colones and silver coins worth of 50 centimos. One colón equaled 100 centimos.

• In 1917: Costa Rica issued 5 and 10 centavo coins, replacing centimos. Silver 50-centavo coins were minted but not circulated.

• In 1951: The Central Bank of Costa Rica officially became the sole issuer and regulator of the Colón, replacing other banks and institutions.

• Since 2015, the Colón's value has been allowed to float relative to the U.S. dollar, with the Central Bank intervening in the market only during emergencies to manage major fluctuations.

Costa Rican Colón denominations

The Costa Rican Colón is currently circulated in the following denominations:

Coin denominations

Costa Rican Colón coins come in several denominations, making it easy to handle everyday transactions. Here’s a breakdown of the coin denominations currently in circulation:

• 10₡ (stainless steel coin with national coat of arms and year of issue on the observe)

• 25₡ (brass plated steel coin with national coat of arms and year of issue on the observe)

• 50₡ (brass plated steel coin with national coat of arms and year of issue on the observe)

• 100₡ (brass plated steel coin with national coat of arms and year of issue on the observe)

• 500₡ (copper-nickel coin with two coats of arms divided by a ribbon)

These coins are widely used in Costa Rica for small purchases, providing a practical way for residents and visitors to engage in daily commerce. The coins feature various designs, often showcasing Costa Rican culture, wildlife, and important national symbols, adding a local touch to every transaction.

Banknote denominations

Costa Rican Colón banknotes are available in various denominations, making them suitable for a range of transactions. Here’s a list of the current banknote denominations:

• 1,000₡ (red note with image of Braulio Carrillo Colina on the observe)

• 2,000₡ (blue note with Mauro Fernández Acuña on the observe)

• 5,000₡ (yellow note with Alfredo González Flores on the observe)

• 10,000₡ (green note with José Figueres Ferrer on the observe)

• 20,000₡ (orange note with Maria Isabel Carvajal on the observe)

• 50,000₡ (violet note with Ricardo Jimenez Oreamuno on the observe)

Each denomination showcases important historical figures, local flora and fauna, and national landmarks

Costa Rican Colón exchange rate

The Costa Rican Colón operates under a regulated floating exchange rate policy set by the Central Bank of Costa Rica. This policy involves gradually adjusting the exchange rate in small increments over a predetermined period, aiming to minimize significant fluctuations and prevent shocks to the national economy.

The Central Bank of Costa Rica's policy seeks to maintain economic stability while being flexible to fluctuations in the foreign exchange market, as well as to mitigate negative impacts from global market conditions.

History of the Costa Rican Colón Exchange Rate (CRC)

Before adopting a floating exchange rate policy, the Costa Rican Colón underwent numerous fluctuations and different monetary policies. Specifically:

• Early Period: The Colón was initially pegged at a fixed exchange rate starting in 1896, tied to various currencies, including the peso and the Spanish real.

• 1983 - 2006: The crawling peg system was implemented due to economic volatility and rising inflation. During this period, the exchange rate between the Costa Rican Colón and the US dollar was gradually adjusted to alleviate negative inflation impacts while ensuring that the Colón's value was not undervalued.

• 2006 - Present: The Central Bank has applied a regulated floating exchange rate policy, where the Colón floats within a range that the central bank controls and manages. This approach allows for flexible exchange rates based on market supply and demand while ensuring timely government intervention to avoid sharp fluctuations. This system has helped Costa Rica maintain the value of the Colón amid significant global economic changes.

To find the current exchange rate for the Costa Rican Colón today, you can use the Gocuco currency converter to check details and monitor fluctuations over time.