Central Bank Retires Commemorative 500 Colón Coin

500 colones just aren’t worth what they used to be.

Starting the first of November the Central Bank of Costa Rica (BCCR) will be retiring one of its two different 500 colón coins. The coin, which was issued in 2000 in commemoration of the 50th anniversary of the founding of the BCCR, displays the Costa Rican national seal on one side and an image of the Central Bank on the other. The other, more common 500 colón coin will remain in circulation.

The commemorative coin still carries legal value in the marketplace until October 31, and during the months of November and December it can be deposited or traded at any bank. But starting on January 2, 2011, the BCCR will be the only bank that will accept the currency.

“We’re retiring the coin because its size is different than the normal 500 colón coin, and it is easily confused with the old 20 colón coin that has already been pulled from circulation,” BCCR treasurer Marvin Alvarado told The Tico Times on Monday.