The official currency of Costa Rica is Costa Rican colon or just colon. Its name was derived from Christopher Columbus’ name whose name in Spanish is Cristobal Colon. The first coins were released and used from 189 to 1917, the centavos were issued in 1917, and the present coins were issued by Banco Central in 1951 and are still used in Costa Rica up to this day.
The first banknotes were issued in 1896 while the present banknotes were first issued by Banco Central in 1950. Today, if the current rate of 1000 Costa Rican Colon is equal to more than 1 US dollar. Costa Rica has the following banknotes: 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 colones and coins if 5, 10, 25, 50, 100 and 500 colones.