The Fábrica de Moneda (

Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many countries in the Americas **Spanish cuisine **Spanish history **Spanish culture ...

for Coin Factory) is the national

mint Mint or The Mint may refer to: Plants * Lamiaceae, the mint family ** ''Mentha'', the genus of plants commonly known as "mint" Coins and collectibles * Mint (facility), a facility for manufacturing coins * Mint condition, a state of like-new ...

Colombia Colombia, officially the Republic of Colombia, is a country primarily located in South America with Insular region of Colombia, insular regions in North America. The Colombian mainland is bordered by the Caribbean Sea to the north, Venezuel ...

responsible for producing

coinage Coinage may refer to: * Coins, standardized as currency * Coining (mint), the process of manufacturing coins * '' COINage'', a numismatics magazine * Tin coinage, a tax on refined tin * Coinage, a protologism or neologism In linguistics, a neolo ...

to conduct

commerce Commerce is the organized Complex system, system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered large-scale exchange (distribution through Financial transaction, transactiona ...

and

trade Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. Traders generally negotiate through a medium of cr ...

. The mint is located in the city of

Ibagué Ibagué () (referred to as San Bonifacio de Ibagué del Valle de las Lanzas during the New Kingdom of Granada, Spanish period) is the capital of Tolima Department, Tolima, one of the 32 departments that make up the Republic of Colombia. The city ...

and it's wholly owned and managed by the Bank of the Republic, the nation's

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

History

By 1980, the Casa de Moneda de Bogotá imported

planchets A planchet is a round metal disk that is ready to be struck as a coin. An older word for planchet is flan. They are also referred to as blanks. History The preparation of the flan or planchet has varied over the years. In ancient times, the ...

, or blanks, into the country at an annual cost of over USD 11 million. For that reason, Luis Guillermo Correa, the then director of the mint in

Bogotá Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish Imperial period and between 1991 and 2000, is the capital city, capital and largest city ...

proposed for the central bank to acquire the necessary technology for the planchets to be produced in Colombia. The bank determined that it was a good financial decision, and in 1982 the Fábrica de Moneda de Ibagué was established. With the bank's

decentralization Decentralization or decentralisation is the process by which the activities of an organization, particularly those related to planning and decision-making, are distributed or delegated away from a central, authoritative location or group and gi ...

policy to move away production from the nation's capital, and its proximity to other urban centers, the city of

was chosen as the location of the mint. From its establishment, the mint provided

to the Casa de Moneda de Bogotá where they were eventually struck into

Colombian peso The Colombian peso (currency sign, sign: $; ISO 4217, code: COP) is the currency of Colombia. Its ISO 4217 code is ''COP''. The official sign is $, with ''Col$''. also being used to distinguish it from other peso- and dollar-denominated currencie ...

coins. In 1987, the Bank of the Republic began coining coins in the Fábrica de Moneda and, since then, the mint has been the only authorized producer of

coins in the country.

Operations

In addition to minting Colombian peso coins, the Fábrica de Moneda has minted

legal tender Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything ...

coins for the governments of

Costa Rica Costa Rica, officially the Republic of Costa Rica, is a country in Central America. It borders Nicaragua to the north, the Caribbean Sea to the northeast, Panama to the southeast, and the Pacific Ocean to the southwest, as well as Maritime bo ...

and

Ecuador Ecuador, officially the Republic of Ecuador, is a country in northwestern South America, bordered by Colombia on the north, Peru on the east and south, and the Pacific Ocean on the west. It also includes the Galápagos Province which contain ...

, and has provided

for the

Central Bank of Chile The Central Bank of Chile () is the central bank of Chile. It was established in 1925 and is incorporated into the current Chilean Constitution as an autonomous institution of constitutional rank. Its monetary policy is currently guided by an infl ...

and the

Government of Spain The government of Spain () is the central government which leads the executive branch and the General State Administration of the Kingdom of Spain. The Government consists of the Prime Minister and the Ministers; the prime minister has the ...

References

External links

Official website
{{coord, 4.40076, -75.14651, display=title 1982 establishments in Colombia

Economy of Colombia

History

Operations

See also

References

External links