The highest-denomination coin in Colombian history was minted on the first centenary of the birth of former conservative president Mariano Ospina Pérez.
The highest-denomination coin in Colombian history was minted on the first centenary of the birth of former conservative president Mariano Ospina Pérez. It is made of gold and comes in two versions: one with a face value of 50,000 pesos and another of 100,000 pesos, depending on the weight. It was issued in 1991 and is remembered for its imprint with the famous phrase: "For Colombian democracy, a dead president is worth more than a fugitive president," uttered by Ospina Pérez on April 9, 1948, during the Bogotazo (Bogotazo).
Weight: 7.776 grms
Quantity issued: 900 units
Nominal Value: $50,000 pesos
Law 22 of 1968[1] empowered the Government, through the Bank of the Republic, to mint legal tender gold coins in the country or abroad, to be put into circulation in Colombia, which could be distributed abroad for numismatic purposes. Likewise, it established that "The Monetary Board will regulate the amount of issue and the conditions of sale of the aforementioned coins, within the current regulations on exchange control and gold trade."
Additionally, the Bank of the Republic was established by Law 31 of 1992. It empowers to "arrange the minting in the country or abroad of legal tender metallic coins for commemorative or numismatic purposes, as provided for in special laws, establish their alloys and determine their characteristics."
Consequently, the sale value of commemorative coins, in accordance with resolutions of the Monetary Board and corresponding regulations, established that their numismatic value could be taken into account.
In this sense, not only is the value per gram of gold, the metal in which the coins are made, taken into account, but they can also be sold at a higher price for numismatic reasons.
Based on the above, the price of the commemorative gold coins sold by the Bank of the Republic is calculated by applying the following mathematical formula:
PV= ((( Pt x 0.90) x Vr. g) x 1.20) x 1.19
Where
PV = Sale price
Pt = Total weight of the coin
0.90 = The coins are Law 900, thus obtaining the net sales weight.
Vr. g.= Selling price per gram of gold on the day of purchase.
1.20 = Corresponds to a 20% increase in numismatic value.
1.19= 19% increase, which corresponds to the Value Added Tax (VAT).
Information taken from: https://www.banrep.gov.co/es/monedas-conmemorativas/natalicio-mariano-ospina-perez-cincuenta-mil