50 Centimos – Costa Rica

In 1937, Costa Rica's currency situation was defined by the Colón, which had been established as the national currency in 1896, replacing the Costa Rican Peso. However, the monetary system was not yet fully centralized or backed by a strong, independent institution. The country operated on a gold exchange standard, but in practice, the currency's value and issuance were managed with significant influence from private banks, particularly the Banco Internacional de Costa Rica and the Banco Anglo-Costarricense, which still issued their own banknotes. This fragmented system created inconsistencies and a lack of unified monetary control.

The period was marked by economic challenges stemming from the Great Depression, which had severely impacted Costa Rica's export-dependent economy, primarily based on coffee and bananas. While a modest recovery was underway by 1937, the government of President León Cortés Castro was grappling with fiscal deficits and external debt. The need for a stronger, state-directed monetary authority to stabilize the currency, manage international reserves, and direct credit for national development was becoming increasingly apparent among policymakers and economic leaders.

Consequently, 1937 stood on the eve of a major monetary reform. The discussions and legislative efforts of that year would culminate in the landmark creation of the Central Bank of Costa Rica (Banco Central de Costa Rica) in 1950. The currency situation in 1937 can thus be seen as a transitional phase, highlighting the limitations of the old banking system and setting the stage for the centralization and modernization of monetary policy that would characterize the mid-20th century.