During a recent trip to Madrid I found a 2002 Colombian 5 Peso coin in my change. This is quite an elaborate affair , two tone in colour and the same size and shape as the 1 Euro coin. Doing some research on the web I have found out that there are about 4000 pesos to the Pound Sterling so this coin is almost worthless. The question I want to ask is why such an elaborate designed coin for such a small denomination ? Of course I could have misread the exchange rates and the coin is more valuable. Anyone with an answer ?
I think that it is a function of inflation. When the 5 peso coin was made, it had a lot more purchasing power. Then inflation hit and it became worthless. I seriously doubt that they are making them any more. If they are they are stamped out of aluminum.
It NEVER had much purchasing power.
It was just the fad of the 1990’s-2000’s to make bimetallic coins for the coin that would essentially be about the value of $1-2. US Sometimes even less. I think the Italians made their 500 lire coin(worth about 25 cents US) as early as anyone. I think they’re quite cute, when new.
On my reckoning this 5 peso coin is worth 0.125 of a UK penny and 0.2 of a US cent. What a lot of trouble for such a small coin. It cannot be down to inflation since this coin was minted two years ago inflation has been running at about 8% , which is not bad for South America.
A 5 peso coin from Colombia is about equivalent to the British pound, currently.
I don’t know how you figured it, but I’m rather sure I’m correct
Well I make it ~0.1 of a penny, just like Rayne Man, the Pound apparently being worth about 4,600 Colombian pesos at the moment.
I’ll withdraw my post. YOu’ll have to forgive my eyesight. I’m sitting here in a dimly lit room, and at 60, you need more light to see than at 20-40.
I looked in my current issue of World Coin News at the currency conversion chart, and misread 2600/US$ as 2.600/US$.
Mea culpa.
I’ll see if I have any back issues that would shed light on how they could have produced a coin which was worth less than the cost of production.
I don’t recall any 5 peso coins made in the manner you are stating. I do recall the old 5 peso coin (a huge pocket-busting piece) and the new 5 peso coin scroll to end of page ( a tiny useless and valueless coin). the coin you seem to referring to is the 500 peso coin photo (bicolor) which when issued was worth about US$.50 and is now worth about US$0.20.
Confession Time. :smack:
I have been leading you up the garden path. I only got the country wrong didn’t I ? I have just had another look at the coin and it is from the Dominican Republic and not Colombia. How I made the mistake I will never know. Perhaps it was I was still thinking of my wonderful trip to Madrid and not concentrating . I will now go and sit in a very dark corner to repent for my sins. Thanks to all out there for your efforts .
BTW there are about 56 Dominican pesos to the pound so this coin is worth about
9 pence or 6 us cents. That is more sensible.