Ibagué Introduces New Commemorative Currency

The Bank of the Republic has unveiled a new commemorative currency, a $20,000 peso piece celebrating 500 years since the founding of Santa Marta.

This special edition is now available for public acquisition, though interested individuals will need to schedule an appointment.

The design features iconic symbols of Santa Marta, including the Casa de la Customs and el Morro islet.These are marked with the inscription “1525-2025,” signifying the anniversary.

The reverse side prominently displays the Pectoral Nehuange,an artifact of significant archaeological and indigenous cultural importance. A unique security feature allows the initials “BR” or the number “20” to appear depending on the viewing angle.

Crafted from a copper, nickel, and zinc alloy, this currency is 35 millimeters in diameter and weighs just over 21 grams.

While it is indeed legal tender and can be used for transactions, its limited mintage of 200,000 units makes it a highly sought-after item for collectors.

To obtain this commemorative currency, an appointment must be made via the Bookitit digital platform. You will also need to present a valid identification document.

The price of the currency is $20,000 pesos, with a presentation case available for approximately $37,000 pesos. Each person is permitted to purchase up to five units, contingent on availability.

Beyond the currency factory in Ibagué,the commemorative piece is also being distributed through other Bank of the Republic branches and cultural institutions across the nation,ensuring broader access for citizens.

What are the primary goals of introducing the Peso Ibaguerense?

Understanding the “peso Ibaguerense” – A Local Boost for Tourism & Culture

The city of Ibagué, Colombia, has recently launched a new commemorative currency, dubbed the “Peso Ibaguerense.” This isn’t a replacement for the Colombian Peso (COP) – it’s a parallel, local currency designed to stimulate the regional economy, promote tourism, and celebrate the city’s rich cultural heritage. The initiative, spearheaded by the Ibagué Mayor’s Office and local businesses, aims to foster a stronger sense of community and encourage spending within the municipality. This innovative approach to local economic advancement is gaining attention as a potential model for other Colombian cities.

how the Peso Ibaguerense Works: A Practical Guide

The Peso Ibaguerense operates alongside the official Colombian Peso at a 1:1 exchange rate. Here’s a breakdown of how it functions:

Acquisition: Tourists and residents can acquire the Peso Ibaguerense by exchanging Colombian Pesos at designated points – primarily tourist information centers, participating hotels, and select banks within Ibagué.

Acceptance: The commemorative currency is accepted at a growing network of local businesses, including restaurants, artisan shops, cultural centers, and hotels. A directory of participating establishments is available on the official Ibagué tourism website.

Redemption: Unspent Peso Ibaguerense can be exchanged back into Colombian Pesos at the same 1:1 rate at the designated exchange points before leaving the city.

Denominations: The currency currently exists in denominations of 2,000, 5,000, 10,000, and 20,000 Pesos Ibaguerenses, mirroring common transactions.

security Features: The notes incorporate unique security features,including watermarks and specialized printing techniques,to prevent counterfeiting. These features also highlight iconic imagery of Ibagué.

The Design & Symbolism Behind the Currency

The Peso Ibaguerense isn’t just about economics; it’s a visual representation of Ibagué’s identity. Each denomination features prominent imagery reflecting the city’s key cultural and ancient assets:

2,000 Peso Ibaguerense: Depicts the iconic Catedral Primada, a landmark of Ibagué’s architectural heritage.

5,000 Peso Ibaguerense: Showcases the Parque Centenario, a central green space and hub for local events.

10,000 peso Ibaguerense: Features the Festival Folclórico y Reinado Nacional del Bambuco, celebrating the city’s musical traditions and the national flower, the Bambuco.

20,000 Peso Ibaguerense: Highlights the Salento coffee region, acknowledging the agricultural importance of the surrounding area and its contribution to the local economy.

The use of these symbols aims to instill a sense of pride and encourage both residents and visitors to connect with Ibagué’s cultural identity. The currency’s design was the result of a public competition, further embedding it within the community.

Benefits of a Local Commemorative Currency

The introduction of the Peso Ibaguerense offers several potential benefits:

Boost to Local Businesses: Encourages spending within the municipality, keeping revenue circulating locally. This is particularly beneficial for small and medium-sized enterprises (SMEs).

Increased Tourism: Provides a unique and memorable experience for tourists, incentivizing them to explore Ibagué and spend money within the city.

strengthened Community Identity: Fosters a sense of local pride and encourages residents to support local businesses.

Economic Resilience: Diversifies the local economy and reduces reliance on external economic factors.

data Collection: Allows the city to track spending patterns and better understand the economic impact of tourism and local initiatives.

Real-World Examples & Similar Initiatives

Ibagué isn’t the first city to experiment with local currencies. Several other initiatives around the world demonstrate the potential of this approach:

Bristol Pound (UK): One of the most well-known examples, the Bristol Pound aimed to support local businesses and build community wealth.

Chiemgauer (Germany): A regional currency designed to promote sustainable economic practices.

Ithaca hours (USA): An early example of a local currency focused on strengthening the local economy.

WIR Bank (Switzerland): A business exchange system that operates as a complementary currency.

These examples provide valuable lessons for ibagué,highlighting both the successes and challenges of implementing a local currency system.

Practical Tips for Visitors & Residents

Exchange Points: Locate official exchange points upon arrival in Ibagué. Tourist information centers are a good starting point.

Participating Businesses: Check the official Ibagué tourism website for a list of businesses accepting the Peso Ibaguerense.

* Plan Your Spending: Consider using the Peso Ibaguerense for purchases at participating establishments to maximize