Obverse
Description:
Heraldic emblem.
Script: Latin
Reverse
Description:
Legend & Pillars
Script: Latin
Edge
Categories
| Symbols> Coat of Arms |
Mints
| Name | Mark |
|---|---|
| Bogota Mint | (NoR) |
| Bogota Mint | (SF) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1714 | SF | — | ||
| — | NoR | — | ||
| 1722 | NoR | — | ||
| 1722 | SF | — | ||
| 1725 | SF | — |
Historical background
In 1714, Colombia existed as part of the vast Viceroyalty of Peru, administered under the Spanish colonial system. The currency situation was characterized by severe scarcity and complexity. While the official unit of account was the silver real and the gold escudo, the physical supply of minted coinage was chronically insufficient for local trade. This shortage was exacerbated by Spain's mercantilist policies, which drained precious metals from American mines back to the metropolis, and by the reliance on crude, often irregular, macuquina (cut or "cob") coins that were hand-struck and easily clipped or debased.
The economy functioned on a de facto system of multiple concurrent currencies and substitutes. Alongside the scarce official coinage, widespread use was made of moneda de la tierra (money of the land), which included commodities like cacao beans, tobacco, and cloth, which served as a barter-based medium of exchange for everyday transactions. Furthermore, due to extensive trade within the Spanish Empire, coins from other colonies, particularly Peruvian and Mexican mintings, circulated freely. This created a chaotic monetary environment where values fluctuated based on the weight, fineness, and origin of the coins, requiring constant assay by merchants.
This period of monetary disorder was on the cusp of significant administrative change. In 1717, the Viceroyalty of New Granada (encompassing modern Colombia, Ecuador, Panama, and Venezuela) was established, with its capital at Santa Fe de Bogotá. A primary motivation for this political reorganization was to improve fiscal control and tax collection, including the management of currency. While still three years in the future in 1714, the groundwork for this shift was being laid, driven by the Crown's desire to combat contraband, rationalize the chaotic currency system, and more efficiently exploit the region's gold resources, which would eventually lead to the establishment of a royal mint in Bogotá in 1620, but its impact on coinage supply remained limited for decades.
The economy functioned on a de facto system of multiple concurrent currencies and substitutes. Alongside the scarce official coinage, widespread use was made of moneda de la tierra (money of the land), which included commodities like cacao beans, tobacco, and cloth, which served as a barter-based medium of exchange for everyday transactions. Furthermore, due to extensive trade within the Spanish Empire, coins from other colonies, particularly Peruvian and Mexican mintings, circulated freely. This created a chaotic monetary environment where values fluctuated based on the weight, fineness, and origin of the coins, requiring constant assay by merchants.
This period of monetary disorder was on the cusp of significant administrative change. In 1717, the Viceroyalty of New Granada (encompassing modern Colombia, Ecuador, Panama, and Venezuela) was established, with its capital at Santa Fe de Bogotá. A primary motivation for this political reorganization was to improve fiscal control and tax collection, including the management of currency. While still three years in the future in 1714, the groundwork for this shift was being laid, driven by the Crown's desire to combat contraband, rationalize the chaotic currency system, and more efficiently exploit the region's gold resources, which would eventually lead to the establishment of a royal mint in Bogotá in 1620, but its impact on coinage supply remained limited for decades.
✨ Legendary