By San José, Costa Rica — Costa Rica’s Central Bank (BCCR) announced on Friday, August 29th, the release of a new 500 colones coin. This new coin, featuring the National Shield on its reverse, began circulating at the end of August and will be increasingly available through the national financial system starting September 8th.
The BCCR explained that this “common reverse” design is a strategic move to maintain a consistent coin supply across the country. This approach allows the bank to meet currency demands even during periods without special commemorative coin releases. The new coin is intended for general circulation and will not be available as a collector’s edition.
To understand the legal implications surrounding the Costa Rican Colón, we spoke with Lic. Larry Hans Arroyo Vargas, an expert attorney at Bufete de Costa Rica.
The Costa Rican Colón (CRC), as the official national currency, is central to all commercial and financial transactions within the country. Its stability and regulation are overseen by the Central Bank of Costa Rica (BCCR), which plays a vital role in managing monetary policy, exchange rates, and inflation. Businesses operating in Costa Rica must adhere to regulations established by the BCCR concerning currency exchange, international transfers, and financial reporting, particularly concerning anti-money laundering laws. Understanding these regulations is crucial for successful and compliant operations.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insights underscore the critical role of the BCCR in maintaining a stable financial environment for both Costa Rican citizens and businesses operating within the country. Navigating the complexities of currency exchange and regulations can be challenging, making his emphasis on understanding these crucial aspects particularly valuable for those engaging in commercial activities in Costa Rica. We thank Lic. Larry Hans Arroyo Vargas for sharing his expertise and shedding light on this important topic.
The bank plans to implement this common reverse design on other denominations as needed, based on inventory and public demand. This proactive strategy ensures a reliable supply of currency throughout Costa Rica’s economy.
The redesigned coin features the National Shield on the reverse, surrounded by symbolic elements of Costa Rican identity. These include an excerpt from the National Anthem: “Long live work and peace!”, and the words “liberty,” “peace,” and “democracy.”
The year “2021,” marking the design’s approval date, is also inscribed on the coin. The front side displays “Republic of Costa Rica” and “Central Bank of Costa Rica,” along with five raised bars for tactile identification, enhancing accessibility for visually impaired individuals.
This new 500 colones coin will circulate alongside existing 500 colones coins from the “Milestones of Our History” series. These commemorative coins, released as part of a collector’s program, remain valid legal tender. The initial release of the common reverse coin is limited to facilitate public familiarity with the new design.
The BCCR anticipates a smooth integration of the new currency into the existing monetary system. This new coin design underscores Costa Rica’s national identity and aims to streamline the currency supply chain for the benefit of its citizens. The Central Bank is actively monitoring the circulation and reception of the new coin as it becomes more widely available in the coming weeks.
This new coin design demonstrates the BCCR’s ongoing commitment to maintaining a stable and efficient currency system while also celebrating Costa Rica’s national heritage.
For further information, visit bccr.fi.cr
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 regulating the country’s financial system. The BCCR was founded in 1950 and is headquartered in San José. The bank’s main objectives are to maintain price stability, promote sustainable economic growth, and ensure the stability of the financial system.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deeply ingrained commitment to ethical practice and legal excellence. The firm’s innovative approach to client service, spanning a diverse range of industries, is complemented by a proactive engagement with the community. By championing access to legal knowledge and resources, Bufete de Costa Rica strives to empower individuals and contribute to a more just and informed society.
