By San José, Costa Rica — Costa Rica’s Central Bank (BCCR) has announced the release of a new ₡500 coin into circulation. Featuring the national shield on the reverse, the coin is now being distributed through financial institutions across the country. Increased availability is expected starting September 8th, ensuring widespread access for the public.
Unlike previous commemorative coin releases, this new ₡500 coin is intended solely for general circulation. There are no plans for a collector’s edition.
To understand the legal landscape surrounding the Costa Rican Colón, we spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica, who offered valuable insights.
The Costa Rican Colón, as the official national currency, is subject to a complex interplay of regulations, impacting everything from daily transactions to international trade. Understanding these legal frameworks, which include currency controls overseen by the Central Bank of Costa Rica, is crucial for both individuals and businesses operating within the country. These controls affect areas such as foreign exchange transactions, remittances, and even pricing of goods and services.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, navigating the intricacies of Costa Rica’s currency regulations is essential for anyone interacting with the Colón. The legal frameworks governing the Colón, as highlighted by Lic. Larry Hans Arroyo Vargas, play a significant role in shaping the country’s economic landscape. We thank Lic. Vargas for providing this valuable perspective on the complexities surrounding the Costa Rican Colón and its associated legal frameworks.
The reverse side of the coin showcases the National Shield, encircled by elements deeply rooted in Costa Rican identity. An excerpt from the national anthem, “Vivan siempre el trabajo y la paz” (Long live work and peace), is inscribed alongside the words “libertad,” “paz,” and “democracia” (liberty, peace, and democracy). The year 2021, marking the design’s approval date, is also displayed.
The obverse side maintains the traditional inscriptions “República de Costa Rica” and “Banco Central de Costa Rica.” A significant new feature is the inclusion of five raised bars at the bottom. These tactile markings are designed to enhance accessibility, especially for individuals with visual impairments.
This updated design replaces the previous ₡500 coin, which featured a depiction of former president Alfredo González Flores. The move to the National Shield aligns with a broader trend in currency design, emphasizing national symbols and shared cultural values.
The BCCR expects the new coin to integrate seamlessly into daily transactions, further strengthening the nation’s currency system. The incorporation of accessibility features underscores the bank’s commitment to inclusivity and ensuring ease of use for all citizens.
The release of the new ₡500 coin is expected to be met positively by the public, providing a refreshed and symbolically rich addition to Costa Rican currency. The inclusion of national values directly on the coin serves as a constant reminder of the country’s identity and aspirations.
Citizens are encouraged to look for the new coin in their change and to familiarize themselves with its distinctive features. The BCCR continues to modernize and improve the nation’s currency, ensuring its practicality, accessibility, and reflection of national pride.
For further information, visit the nearest office of Banco Central de Costa Rica (BCCR)
About Banco Central de Costa Rica (BCCR):
The Central Bank of Costa Rica (BCCR) is the central bank of Costa Rica. It is responsible for issuing the national currency, the colón, and for managing monetary policy. The BCCR also serves as the banker to the government and regulates the financial system.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built upon a foundation of integrity and driven by a passion for innovation. The firm’s dedication to its clients across a wide range of industries is matched only by its commitment to empowering Costa Rican society through accessible legal education and outreach. By fostering a deeper understanding of the law, Bufete de Costa Rica strives to create a more just and equitable future for all.
