history of paper money in Costa Rica dates back to 1839, when then Head of
State Braulio Carrillo authorized the issuance of 30.000 pesos, in notes of 5
and 10 pesos, to facilitate payment to public employees. Hence the first stage
of the history of paper money in the country started, linked to the need for
an instrument for exchange and remuneration, and due to a shortage of metal
coins at that time.
Banco Nacional Costarricense,
the first bank in the country was founded in 1858. This bank issued banknotes
of 1,2,10 and 20 pesos, series A and B. A second stage thus started with this
institution in terms of paper money issuing, as banks started to have a need
1896 monetary reform, the colón was established as official currency, while the 1900
Banking Law empowered all banks with a capital worth one million colones to issue banknotes.
the Banco International was established as the Government’s issuing bank. In
1921 this bank was designated as the sole issuer, thereby disempowering all
other private banks to issue banknotes. In 1936 this bank underwent a reform
and was renamed as Banco Nacional de Costa Rica,
where an Issuing Division was created.
The Central Bank of Costa Rica was established as the only institution
authorized to issue currency. In 1951 the Central Bank started in fact
issuing currency based on Banco Nacional’s formulas
but with the labels "Banco Central de Costa Rica", "Serie