Last Updated on March 9, 2023 by Ben
Colombia is known as the most beautiful country in the world. Recently, counterfeit coins have been produced that look just like Colombia Gold 5 Peso coins. These coins are so close to the real thing that the average person can’t tell the difference. Gold and have real numismatic value, but someone is adding less Gold than in these coins.
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What is the Colombian Peso (COP)?
It is the money of the Republic of Colombia, a South American nation. It is legal tender and currently exchangeable for US dollars or other foreign currency at rates determined by the government. The Colombian Peso is a fiat currency that is not backed by gold or any other good. There are coins as well as banknotes in circulation. The coins range in denomination from 1, 5, 10, 20, 50 cents, and 1, 2, 5, and 10 pesos. The 5 and 2 pesos coins are rarely used nowadays, especially the 5. The banknotes are issued in values of 20, 50, 100, 500, and 1,000 pesos.
Nowadays, most financial transactions are done electronically. Hardly anyone ever handles the money. Coins only come out when a customer buys something from a store and needs to return change. Of course, the coins stay in the till after that. Paper money remains in the bank since most people are paid their salary electronically, and almost nobody uses cash to pay for goods. The 1,000 peso bills are rarely seen since they are not used in daily transactions.
Colombia Gold 5 Pesos History
The 5 peso coin is the highest Gold coin, valued at 40 US dollars. It has been in existence since the 1800s, but before 1991 it was made of 24-carat Gold rather than the current 22-carat. It portrays a profile of Bolivar on the front and the Colombian arms on the backside. The Colombia 5 peso is often used as an investment and savings vehicle due to its historical value. The coin itself is not a recent issue, but its date of the problem has been extended repeatedly. At this time, it is exchangeable at banks throughout Colombia until 2011. Because of its popularity with collectors and investors has been counterfeited since gold prices went up significantly in the past five years.
Just like every other coin in a nation’s history, the Colombia 5 peso has been forged. This coin is a case of simple theft rather than an attempt to spread misinformation about value or volume. It is no secret that these coins have been stolen. In the early-to-mid 2000s, a private mint printed these coins for Colombia to save on national expenses. They took the original dies and made their copies. The real ones are 22-carat Gold and have a much more handwritten feel; the fake ones are 24 carats, much sharper all around, and have a more modern look. It’s easy to tell the difference nowadays with current technology, but it was not so easy back then.
The private mint was later caught and shut down, but that was after hundreds of thousands of coins made their way into general circulation. A few enterprising thieves stole a good portion of these coins from the mint before the closure and had been quietly circulating them ever since as a sort of secret savings account.
The thieves are demanding 10% interest on each 5 peso coin, which amounts to quite a lot considering their worth. They’ve threatened to sell the secret if the government doesn’t meet their price, so the government has hired you to intercept the coins before they can reach the black market.
Colombia Gold 5 Pesos Physical Characteristics
The Colombia Gold 5 Pesos have two different portraits. The first one is Victoria, the Female figure from the older coin (1902-1904), dressed as an angel holding a crown and scepter. The second one is that of the then-current president Manuel Quintin Lamecor. Underneath his picture, it says QuiNTiN CaMPoRdO. There are two different reverses. The first one shows an allegory of Colombia with a pearl necklace and a gold nugget.
Realizing that most of the Colombian coins are smaller than their competitors, the Colombian congress decides to implement a plan to start minting larger coins (aka heavier). The coin obverse is faced with the Coat of arms of Colombia and some decorative elements. Don’t be fooled by this seemingly boring design: When the sun reflects on it, the water in the leaves seems to shimmer, making the already colorful Coat of arms pop out. The coin reverse has changed over time but right now shows a series of different symbols over two lines: On top, we have the year of mintage (2013), and below, we find the coin’s value (5).
Metal: 92.5% Gold
Weight (g): 7.78
Diameter (mm): 15.55
Colombian Peso Currency Information
The Colombian currency is known as the Peso. It comes in 10, 20, and 50 centavos coins and 1, 2, 5, 10, 20, 50, and 100 pesos. Banknotes come in values of 50, 100, 200, 500, 1,000, 2,000 and 5,000 pesos.
This coin makes Colombia’s currency the most valuable in the region. In fact, due to inflation within other Latin American countries, its cash and banknotes are commonly used in neighboring nations.
Would-be criminals taking advantage of the vibrant local black markets often dilute their peso coinage with cheaper metals, such as lead or even plastic (particularly for the 1 and 10 centavo coins). Due to this, the Colombian government has decided to replace the current coinage with a new brass coinage. This is so that businesses can use detectors to separate fake coins from real ones.
Whatever you do, never accept a 500 peso coin from 1901. Unlike the regular 5 peso coin, it’s made of silver and worth much more!
Can IRA Accounts Contain Colombia Gold 5 Pesos?
Yes, though there are many restrictions on self-directed IRAs. Alternatively, you can rollover your existing 401K into a self-directed IRA via a trustee-to-trustee transfer.Whenever you are under the age of 50, you are eligible to transfer up to $100,000 from your existing 401K account into a Gold and Silver IRA. If you’re 50 or older, this increases to $150,000. If you’d like, we can create an Investing Conclusion Brief explaining everything in detail and presenting the pertinent information in a straightforward and easy-to-digest manner.
Colombia Gold 5 Pesos Pricing
Pricing is dependent upon the buying and selling price of Gold relative to the US Dollar. GOLD: USD 1,600 per troy ounce.On eBay, 1 Peso coin sells from $5 to USD 40 (depending on the condition and year). There are so many fakes out there, so make sure you’re buying coins with the “0.925” silver mark. Most coins worth anything are going to have this.
They are worth anywhere from $30 to $700 (each) based on their quality and the current price of Gold. They are legal-tender in Colombia but otherwise have no intrinsic value. You can roll over the 401K into a Gold IRA so long as you participate in a Self-Directed IRA program and invest in Precious Metals.Rollovers allow you to bypass the Trustee-to-Trustee transfer by initiating a “Direct Rollover” of your existing 401K into a Gold and Precious Metals IRA. This is the simplest and most cost-effective way to move your IRA into a Precious Metals-based IRA.