COL1102-1

COLOMBIA

ARTICLE ARCHIEVES

COMMENTS REGARDING THE COLOMBIAN NEW PESO

I am convinced of the usefulness and the great benefits that the New Peso (Neuvo Peso) will offer our country of which I have already enumerated. I regret that the press of this country is putting aside valuable information that the public in general must be made aware of.

I do not kow whose job it is to broadcast this information and educate the public: if it is the Congress itself or the Bank of the Republic (Banco de la Republica), but at least a few days remain before this project becomes reality. But I am observing a general lack of knowledge in people of all levels. This is very worrying.

When the experts speak of a healthy economy, they consider that a country must have in circulation six (6) metallic coins and seven (7) banknotes.

I believe that our coins should be:

$ 10 -- 1c	$100 -- 10c
$ 20 -- 2c	$200 -- 20c
$ 50 -- 5c	$500 -- 50c

The banknotes should be:

$1,000	-- $N	1.00
$2,000	-- $N	2.00
$5,000	-- $N	5.00
$ 10,000	-- $N	10.00
$ 20,000	-- $N	20.00
$ 50,000	-- $N	50,00
	-- $N	100.00

The serious problems that the falsification of the $1,000 coin have caused and the recent appearance of this denomination as a banknote invites the unit, the New Peso (Nuevo Peso,) to be represented in the banknote.

The two cent coin is important given the representave value and its use in minor transactions.

The new $N 100 banknote would be a new denomination since we do not presently have a $100,000 note to convert into 100 New Pesos. These $100,000 represent something like 50 US Dollars, and it would be a very useful bill in higher level transactions.

Details that exist are not generally known to the public but can cause problems in money machines (ATMs). There is a demand for the $2.00 coin whose metal value is $7.00 for each one. People buy them for between 50 and 150 pesos since their diameter and weight are good for telephones and other machines because they also pass for the $500 bimetal coin. The old 10 centavos coins of the '70's functon nowadays for the $10 coin -- now out of circulation -- which is now the new one cent coin. These coins have no intrinsic metal value.

Krause Publication is the most important worldwide publishing company for numismatists and collectors in general. We consider it the authority in the valuation and ideas about our theme and hobby. It relies on collaboration of people from all over the world, and I am proud to be one of the four Colombians who for 15 years have advised the company in matters regarding Colombian bills and coins. Refer to its diverse web page: www.krause.com/

Another web page that will serve the collector well is: www.euroecb.int/es/section.html.

Cordial greetings and many thanks for your consideration.
Bernardo Gonzalez White
Medellin, Colombia
April 25, 2002