It remains customary to write monetary amounts with centavos, although it is rare in daily lives and general contexts.

The 50 peso coins are still legal tender, but due to its low value and circulation, most cash transactions are rounded to the nearest 100 pesos; while electronic transactions and banking statements are still processed to the centavo, centavos have practically no purchasing power.

Outside Colombia, the currency sees some acceptance in the Venezuelan border state of Táchira.

In 1910, the Conversion Board began issuing banknotes in the form of peso oro.

In 1931, the United Kingdom left the gold standard and the peso shifted its peg to the United States dollar, at a rate of 1.05 pesos = 1 dollar, a slight devaluation from its previous peg, this until 1949.

The proposal was supported by then President Juan Manuel Santos, but faced opposition due to the high cost it would have and the minimal benefits it would bring, also confusion in a mostly cash-based economy, contracts made, and the possibility of future inflation rending the changes meaningless, though reduction of inflation was not one of the expected outcomes of the redenomination.

President Iván Duque did not support the change, and the proposal is currently not considered by the Government.

These were mostly continuations of coins issued before 1837 in the name of the Republic of Colombia but with the escudo denominations replaced by pesos.

They were still legal tender, but due to their low value and circulation, most cash transactions were rounded to the nearest 100 pesos.

[2] Between 1857 and 1880, five of Colombia's then provinces, Bolívar, Cauca, Cundinamarca, Panama and Santander issued their own paper money.

In 1923, the Banco de la República monopolized paper money production and introduced notes denominated in peso oro.

In December 2010, the Banco de la República issued a 2,000 peso note that now includes the number "2" expressed in Braille in the watermark area.

These banknotes give continuity of biodiversity present in the new series of coins that began circulating in 2012, while highlighting a group of cultural elements and landscapes of Colombia's geography.

Additionally, the notes pay tribute to major personalities of culture, science and politics, and reinforces recognition of women's important role in Colombian society.

Some areas in Venezuela informally accept the peso for transactions, alongside the United States dollar.

[13] The state of Táchira adopted the Colombian peso as legal tender, and the bolívar is rarely used.

[14] The Unidad de Valor Real ("real value unit", UVR, ISO 4217 code COU) is an accounting currency, maintained by the Banco de la República, that reflects inflation and purchase power.

It is used to calculate the cost of housing loans which allows financial entities to maintain the purchasing power of borrowed money.