2 colones 1938
Market Prices
About This Note
This is a 2 Colones note from the Banco Internacional de Costa Rica's Currency Exchange Box (Caja de Conversión), dated June 22, 1938, displaying the characteristic red-pink color scheme of the obverse with Christopher Columbus portrayed in profile within an ornate oval medallion. The note exhibits significant aging with foxing, staining, and multiple overprints, consistent with circulated currency from this era, though the UNC grade assessment suggests it was professionally graded despite visible wear patterns that would typically indicate circulation.
Common. While the catalog data shows some eBay price variation ($14.99 USD to $995.00 USD for UNC grades), the wide range and presence of multiple UNC listings at relatively modest price points ($49.99, $109.99, $479.00) indicate this is a regularly traded note. The note exists in at least three cataloged varieties (P-195a, P-195b, P-195c) per PMG population data, suggesting substantial print runs across variants. The eBay data showing circulation examples at $24.99 and F-grade at $995.00 suggests typical market dynamics for early 20th-century Central American currency rather than scarcity premium pricing.
Issued during the Costa Rican economic period tied to gold standard redemption, this note represents the Banco Internacional de Costa Rica's currency exchange function (Caja de Conversión), which operated under specific protocols to convert local currency into U.S. gold dollars at a fixed rate of 1 dollar per 4 colones. The depiction of Christopher Columbus on the obverse and rural agricultural workers on the reverse reflect Costa Rica's historical identity tied to exploration and its agrarian economic base during the 1930s. The explicit redemption text in Spanish emphasizing conversion to 'MINTED GOLD CURRENCY OF THE UNITED STATES OF AMERICA' underscores Costa Rica's formal linkage to the U.S. gold standard system during this transitional economic period.
The obverse (front) features Christopher Columbus in left-facing profile, rendered within an elaborate oval medallion with ornamental scrollwork and circular frames typical of Thomas De La Rue security engraving. The design employs a red-pink and purple color palette with tan/brown undertones, incorporating palm tree imagery in the background landscape suggesting Costa Rica's tropical setting. Ornate decorative borders frame the entire composition with geometric patterns, spirals, and floral motifs in the corners. The reverse (back) displays a rural scene with three figures (appearing to include adults and possibly a child) walking along a path through tropical vegetation, rendered in fine-line engraving in blue and dark blue tones. Ornamental circular medallions flank the central vignette, each containing the numeral '2' within decorative scrollwork. Both sides feature extensive filigree patterns and border work characteristic of high-security banknote production.
FRONT SIDE: 'BANCO INTERNACIONAL DE COSTA RICA' (International Bank of Costa Rica) / 'CAJA DE CONVERSION' (Currency Exchange Box) / 'DOS COLONES' (Two Colones) / 'Serie B' (Series B) / Serial number: 563933 / 'Acuerdo No 3' (Agreement No. 3) / 'SAN JOSÉ, 22 de Junio de 1938' (SAN JOSÉ, June 22, 1938) / 'EN MONEDA ACUÑADA DE ORO DE LOS ESTADOS UNIDOS DE AMÉRICA Ó EN LETRAS DE CAMBIO A LA VISTA SOBRE NUEVA YORK OPCIÓN DEL ADMINISTRADOR. EN LA RELACION DE UN DOLAR POR CADA CUATRO COLONES.' (IN MINTED GOLD CURRENCY OF THE UNITED STATES OF AMERICA OR IN SIGHT LETTERS OF EXCHANGE ON NEW YORK AT THE ADMINISTRATOR'S OPTION. AT THE RATE OF ONE DOLLAR FOR EVERY FOUR COLONES.) / 'EL Vicepresidente' (The Vice President) / 'EL DIRECTOR' (The Director) / BACK SIDE: 'BANCO NACIONAL DE COSTA RICA' (National Bank of Costa Rica) / 'BANCO INTERNACIONAL DE COSTA RICA' (International Bank of Costa Rica) / 'CAJA DE CONVERSION' (Currency Exchange Box) / 'Artículo 2º que es un certificado de...' (Article 2 which is a certificate of...) / 'El vicepresidente' (The Vice President) / 'Gerente' (Manager) / 'THOMAS DE LA RUE & CO LTD. LONDRES, INGLATERRA' (THOMAS DE LA RUE & CO LTD. LONDON, ENGLAND) / 'No 16 de noviembre de 1936' (No. November 16, 1936)
Intaglio engraving (steel plate engraving) executed by Thomas De La Rue & Company Ltd., London, England—the premier security printer of the era. The visual characteristics visible in both the obverse portrait and reverse vignette, including fine line work, subtle shading gradations, and intricate scrollwork and filigree patterns, are hallmarks of intaglio printing. The printer's mark appears on the reverse, confirming production by this established security printing house known for high-quality banknote production employing multiple color printing techniques with layered color applications.
This specific note is identified as Pick catalog number P-195b, indicating it represents a distinct variety among the three documented variants (P-195a, P-195b, P-195c) of the 2 Colones 1938 issue. Visual markers include: Series B designation (visible as 'Serie B' on obverse), Serial number 563933, Thomas De La Rue & Company Ltd. imprint on reverse, and the specific date of June 22, 1938. The note features signature titles 'EL Vicepresidente' (Vice President) and 'EL DIRECTOR' (Director) on the obverse, with corresponding titles 'El vicepresidente' and 'Gerente' (Manager) on the reverse. The presence of overprints reading 'BANCO NACIONAL DE COSTA RICA / DEPARTAMENTO EMISOR' on the back side may represent a later overprint applied to existing stock, which could be a distinguishing characteristic of this particular variety.
