You're standing at a small coffee stall in the heart of Bogotá. The air is thick with the scent of freshly roasted beans. You ask for a tinto—a small black coffee. The vendor smiles and says, "Son tres mil."
Wait. Three thousand?
Your heart skips a beat. You've just arrived and haven't quite mastered the math yet. But don't panic. You aren't about to pay a fortune for a caffeine fix. You're just dealing with one of the most unique currencies in South America.
So, what is colombian money called? Officially, it is the Colombian Peso.
In the world of international finance, you'll see it listed as COP. Locally, everyone just uses the "$" sign, which can be super confusing if you’re used to American dollars. Honestly, seeing a price tag of $50,000 for a steak dinner is enough to give any traveler a momentary "I'm broke" heart attack.
The Basics of the Colombian Peso (COP)
The peso has been around since 1810, back when Colombia ditched the Spanish Real. It’s had a wild ride since then. For a long time, it was actually pegged to the French Franc, and then later to the US Dollar. Today? It floats freely on the market.
As of January 2026, the exchange rate is roughly $1 USD to about 3,700–3,800 COP. That sounds like a lot of zeros. It is.
But here’s the thing: those zeros matter. A few years ago, there was a huge debate in the Colombian Congress about "removing the zeros." They wanted to turn 1,000 pesos into 1 "New Peso." It never quite happened. Instead, the government did something clever with the design of the latest banknotes to make the transition easier for our brains.
Decoding the Banknotes
The Banco de la República (the central bank) issued a "New Family" of bills starting in 2016. If you look closely at a 50,000 peso note, you’ll notice it doesn't say "50,000" in giant numbers everywhere. It says 50 Mil.
"Mil" means thousand.
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Basically, Colombians have mentally deleted the last three zeros for years. If someone tells you a taxi ride is "veinte" (twenty), they mean 20,000 pesos. They won't say the "thousand" part because it's just understood.
The current lineup of bills is actually pretty stunning. They aren't just paper; they're a tribute to the country’s culture and biodiversity:
- 100,000 pesos: The big one. It features Carlos Lleras Restrepo and the iconic wax palms of the Cocora Valley.
- 50,000 pesos: This one is a favorite. It honors Gabriel García Márquez (Gabo), the Nobel Prize-winning author of One Hundred Years of Solitude.
- 20,000 pesos: Features Alfonso López Michelsen and a "sombrero vueltiao," the traditional Zenú hat.
- 10,000 pesos: Dedicated to anthropologist Virginia Gutiérrez and the lush Amazon rainforest.
- 5,000 pesos: Honors poet José Asunción Silva.
- 2,000 pesos: Features artist Débora Arango and the "river of five colors," Caño Cristales.
What Is Colombian Money Called on the Street?
While "Peso" is the official name, you’re going to hear a lot of slang. If you want to sound like a local (or at least understand what's happening at a fruit market), you need to know about "Lucas."
One "Luca" is 1,000 pesos.
So, if a street performer asks for "dos lucas," they’re asking for 2,000 pesos. It’s the Colombian equivalent of saying "bucks" or "quid."
Another one you might hear is "Plata." This isn't a specific denomination; it’s just the general word for money. Instead of asking "Do you have money?" a local might ask, "¿Tiene plata?"
The Coin Situation
Coins are a bit of a headache because there are two different versions of almost everything circulating at once. You'll find:
- 1,000 pesos: This is a thick, bimetallic coin (gold-colored center, silver-colored ring).
- 500 pesos: Also bimetallic, but smaller.
- 200 pesos: Silver-colored with a Nazca-style design.
- 100 pesos: Gold-colored (old style) or silver-colored (new style).
- 50 pesos: The tiny guys. They are mostly used for exact change in supermarkets.
Pro tip: Keep your coins. You’ll need them for public bathrooms or small tips for grocery baggers.
Why the Exchange Rate is Your Best Friend (and Worst Enemy)
Because the Colombian Peso has so many zeros, the math can be tricky. Most travelers find it easiest to just remember a "base" conversion.
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If $10,000 COP is roughly $2.70 USD, then $100,000 COP is about $27.
Prices in Colombia are generally very affordable for those coming from the US or Europe. You can get a "corrientazo" (a massive, three-course traditional lunch with soup and juice) for about 15,000 to 20,000 pesos. That’s less than five dollars.
However, the volatility of the COP can be high. It’s heavily influenced by the price of oil, which is Colombia’s biggest export. When oil prices drop, the peso usually gets weaker. For you, that means your dollars go further. For locals, it means the price of imported electronics and cars goes through the roof.
Cash is King (Sorta)
In big cities like Medellín, Bogotá, and Cartagena, you can use your credit card almost everywhere. High-end restaurants, malls, and hotels are all fine.
But the moment you step into a "tienda" (a neighborhood shop), hop into a yellow taxi, or head to a smaller town like Salento or Jardín, your card becomes a useless piece of plastic.
You must carry cash.
There's a local saying: "No dé papaya." It literally means "Don't give papaya," but it really means "Don't put yourself in a position to be taken advantage of." This applies to money. Don’t flash a massive roll of 100,000 peso bills in public. It’s better to keep a few 10,000 and 20,000 bills in an easy-to-reach pocket for small purchases.
Using ATMs
When you go to an ATM (cajero), try to use the ones located inside shopping malls or bank branches. They are much safer.
The machine will often ask if you want to accept the "conversion" offered by the bank. Always decline the conversion. Let your home bank do the math; the ATM's internal exchange rate is almost always a rip-off.
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Also, be aware of withdrawal limits. Most Colombian ATMs will only let you take out between 600,000 and 2,000,000 pesos at a time. If you need more, you might have to do multiple transactions, which means multiple fees.
Tipping and Social Nuances
Tipping in Colombia is pretty straightforward.
In restaurants, they’ll usually ask, "¿Desea incluir el servicio?" (Do you want to include the service?). This is a voluntary 10% tip. You can say yes or no, but it's standard to say yes if the service was good.
For taxis? You don't really tip. If the fare is 9,200 pesos, it’s common to just give the driver 10,000 and let them keep the change. It's more about convenience than a formal tip.
Moving Forward With Your Pesos
Understanding what is colombian money called is just the first step to navigating this beautiful country. It's a currency that forces you to think in thousands, but once you get the hang of it, you'll appreciate how much value you actually get for your "plata."
Before you head out, make sure you download a currency converter app that works offline. It’ll save you from doing "zero-math" in your head when you're three mojitos deep in Cartagena.
Keep a mix of small bills—specifically the 2,000 and 5,000 denominations—because "no hay cambio" (there is no change) is a phrase you will hear a lot if you try to pay for a piece of fruit with a 50,000 peso bill.
Pack your bags, get your pesos ready, and go enjoy the coffee. Just remember: it's not a three-thousand-dollar tinto. It's just three "lucas."