I notice that this coin, as well as several other small-value Colombian coins, are listed as legal tender with a value showing in today's exchange rate against GBP (I'm a UK-based user).
Are these coins still legal tender?
I am well aware that such coins are of too small a value to be practically useful, but in theory they could still be accepted in banks like how in other countries there are coins worth 1/1000th of a U.S. cent etc.
I am aware they are completely useless, but Numista shows 1c, 2c, 5c, 10c, 20c and 50c as having a currency value (strangely not the 25c). And silver coins of centavo denominations are not showing a currency value.
I see many articles online saying centavos had stopped being issued to circulation in 1984, but the last mintage was before that year so maybe that is when they were withdrawn instead of just not being minted, and there was a translation error from Spanish to English?
So I guess from a theoretical point of view then, 1 Peso and above are still technically legal tender then. Interesting!
I had a look at the Central Bank site and it is not very comprehensive, with just pictures for the lower denominations, of the most recent types. Nothing written up about when (or even if) old denominations were withdrawn…
And you're right about other websites not having a source of information. This is a common problem that I find when I research currencies.
In Colombia all paper notes and coins are still valid, so the old 1000 peso note and the large 50 peso coins can still be used and circulate. AFAIK the 20 peso and lower coins are found in the coin bins (2021 when I went), and the older coins are found in buckets. There is no official demonetization date for them. Only the old brass 1000 peso coins are no longer accepted.
Kenny
- Verifying your Asian and British-territorial coins everyday with the best quality photos and the best information.
At 4 million minted and an (theoretical) exchange rate of €0.00022 per Peso, if you owned all of the coins you could get €880 for them. But at 75% copper, I bet they would be worth more as scrap metal? Who wants to do the math for that…
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Based on today's prices Copper: $5.48 per Pound, Nickel: $6.55 per Pound
But this is really backwards. This would be the cost of the raw materials (copper and nickel) today to make Cu-Ni ingots to roll sheet metal to make coins. Going backwards to turn coins into raw copper and raw nickel is involved and costly.
Based on today's prices Copper: $5.48 per Pound, Nickel: $6.55 per Pound
But this is really backwards. This would be the cost of the raw materials (copper and nickel) today to make Cu-Ni ingots to roll sheet metal to make coins. Going backwards to turn coins into raw copper and raw nickel is involved and costly.
I wouldnt know the costs involved, however a quick Google search confirmed my assumption that the different metals have different melting points, so it wouldn’t be that hard to get a purer metal in liquid form of one or the other. Either way almost half a million US $ far out ways the actual value of the coins. Assuming you had the whole pot of over 4 million in your vault I’m sure someone would think it worthwhile. 500,000€ is worth about 2.23 Billion Colombian Peso$, which is at least 3 houses in the cities!
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No, the physics don't work that way. The 75Cu-25Ni alloy is a single phase solid solution. Raising the temperature to 1222°C (well above the melting point of copper and well below the melting point of nickel) will melt the alloy. It will still be a single phase liquid alloy.
Theoretically it might be more cost effective if the mint just used them as blanks and re-minted them, design a new coin same size and shape and re-use them. Then you would get some where the old design could be seen on the new coin. Collectors premium 😃
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That method probably is economical to recover gold and silver but probably is much more expensive recovering copper and nickel from coins than just making them from ores.
Theoretically it might be more cost effective if the mint just used them as blanks and re-minted them, design a new coin same size and shape and re-use them. Then you would get some where the old design could be seen on the new coin. Collectors premium 😃
Probably the best solution. Who doesn't like a 10 sided coin?
Theoretically it might be more cost effective if the mint just used them as blanks and re-minted them, design a new coin same size and shape and re-use them. Then you would get some where the old design could be seen on the new coin. Collectors premium 😃
Probably the best solution. Who doesn't like a 10 sided coin?
Exactly, and who doesn’t like the odd few showing up, when the dies have worn down or the press didn’t reach the desired pressure, with a big 1 or the Ear, Nose and chin of some long lost 60s portrait poking through the new design. It is exactly that, that would get more people into coin collecting than the collectors coins which are produced these days.
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