Pronunciation: [kəlˈʌmbi͡ən pˈiːsə͡ʊ] (IPA) 
The correct spelling of the currency used in Colombia is "Colombian Peso". In IPA phonetic transcription, it is pronounced as /kəˈlʌmbiən ˈpɛsoʊ/. The "k" sound is the same as in the word "cat", followed by an unstressed "ə" sound. The "l" sound is pronounced as in the word "light". The "b" sound is voiced, followed by a stressed "i" sound. The last syllable is pronounced as "peh-soh", with the "o" sound like in "no".
The Colombian peso is the official currency of Colombia, a country located in South America. It is denoted by the currency code "COP" and the symbol "$". The Colombian peso has been the country's currency since 1837, replacing the real. It is managed and issued by the Banco de la República, the central bank of Colombia.
The Colombian peso is subdivided into centavos, although the centavo coins are no longer in circulation. The banknotes are the primary means of conducting transactions. Currently, the Colombian peso banknotes are issued in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 pesos, reflecting the country's economic growth and inflation rates.
As a floating currency, the value of the Colombian peso fluctuates in the foreign exchange market. Its exchange rate relative to other currencies is determined by various factors such as supply and demand dynamics, trade balances, inflation rates, and investor sentiment towards Colombia's economy. The Colombian peso tends to be influenced by commodity prices, particularly the price of crude oil, as Colombia is a significant oil exporter.
Being the official currency, the Colombian peso is widely accepted throughout the country and must be used for most transactions. Its accessibility allows for efficient commerce and trade within the country. Additionally, when traveling to Colombia, it is necessary to exchange foreign currencies into Colombian pesos to engage in daily activities, business transactions, and tourism.
The word "peso" has its etymology in Latin, derived from the word "pēnsum", meaning "weight" or "a fixed amount". This term was commonly used in the context of measures of precious metals, such as gold or silver. The word "Colombian" refers to the country of Colombia, which gained independence from Spain in 1810. After achieving independence, Colombia initially adopted the use of the Spanish real as its currency. However, in 1837, Colombia introduced its own currency, the Colombian Peso, replacing the real. The term "Colombian Peso" simply combines the name of the country with the currency denomination.
