El Salvador Banknotes: History, Notable Notes & Collecting Guide
El Salvador is one of the more unusual stories in world paper money. Its historic currency, the colón, was not killed by hyperinflation but retired by choice, when the country adopted the US dollar in 2001. That leaves a clean, self-contained field of colón notes for collectors, from the first national issues of the 1930s to the final designs printed before the switch.
Salvadoran colón (SVC) Central Reserve Bank, since 1934 Columbus & volcano designs Dollarized in 2001
Last updated: July 2026
El Salvador's historic national currency was the Salvadoran colón (ISO code SVC), issued by the country's central bank, the Banco Central de Reserva de El Salvador, the Central Reserve Bank of El Salvador. Since 2001 the country has used the US dollar as its everyday money, so the colón notes printed between 1934 and 2000 are the collectible material for El Salvador. This hub walks through the colón's history, the deliberate switch to the dollar, the notes and designs collectors look for, and how to start an El Salvador collection from a source-first dealer.
What is the history of the Salvadoran colón?
El Salvador renamed its peso the colón on October 1, 1892, under President Carlos Ezeta, honoring the explorer Christopher Columbus, known in Spanish as Cristóbal Colón (per Wikipedia). In its earliest years the colón was tied to the US dollar at two colones to one dollar. Paper money in this period came not from a single national bank but from private commercial banks, among them Banco Occidental, Banco Internacional, and Banco Agrícola Comercial, whose early notes are the scarcest Salvadoran paper today.
That changed in 1934. The Central Reserve Bank of El Salvador was established on June 19, 1934, and became the sole authority permitted to issue currency in the country. On August 31, 1934, the bank put its first uniform family of banknotes into circulation, six denominations of 1, 2, 5, 10, 25, and 100 colones (per Wikipedia and Numista). Over the decades that followed, the range of colón notes grew to include 1, 2, 5, 10, 25, 50, 100, and 200 colones. This is the body of notes that defines El Salvador for collectors.
It is worth being clear about what El Salvador is not. The colón did not die in a hyperinflation collapse the way currencies such as Zimbabwe's or Venezuela's did. Its end came from a planned policy decision, described in the next section, which is precisely what makes the collecting story here calmer and more approachable than most currency-change stories.
Why did El Salvador switch from the colón to the US dollar?
On January 1, 2001, under President Francisco Flores, El Salvador's Law of Monetary Integration, the Ley de Integración Monetaria, took effect. It made the US dollar legal tender alongside the colón at a fixed conversion rate of 8.75 colones to one dollar (per Wikipedia). The stated goals of dollarization were to lock in low inflation, stabilize prices, lower borrowing costs, and attract investment in an economy tied closely to the United States through trade and remittances, a rationale documented in International Monetary Fund analysis of the policy.
In practice the dollar quickly took over. The colón stopped circulating after 2001, and the dollar has been the everyday currency ever since. One nuance matters for collectors: according to Wikipedia, the colón has not officially ceased to be legal tender, it has simply not circulated since 2001. So a colón note is, in principle, still money the state recognizes, even though no one spends it. That is a gentler status than outright demonetization.
For context on El Salvador's more recent monetary experiments, in September 2021, under President Nayib Bukele, the country became the first in the world to make Bitcoin legal tender. That mandate was later scaled back: an amendment passed in January 2025, tied to a 1.4 billion dollar financing agreement with the International Monetary Fund, ended the requirement that businesses accept Bitcoin (per Wikipedia and 2025 news reporting). None of this changed the physical money in daily use, which remains the US dollar, and none of it produced new colón notes.
Which Salvadoran colón banknotes are most collectible?
Because the colón era is closed and well defined, El Salvador is a satisfying country to collect as a complete run. The table below maps the main eras and what collectors look for in each. It stays general on purpose: individual notes vary by series, signature, and condition, so treat this as a map rather than a price list.
| Era | Years in use | What collectors look for |
|---|---|---|
| Private bank issues | Before 1934 | The earliest Salvadoran paper, issued by private commercial banks such as Banco Occidental, Banco Internacional, and Banco Agrícola Comercial. The scarcest and most sought-after notes in the field. |
| First Central Reserve Bank series | 1934 | The first uniform national issue, released August 31, 1934, in denominations of 1 to 100 colones. A landmark set for a country collection, carrying the allegorical Goddess of Fortune (Diosa de la Fortuna) design. |
| Mid-century issues | 1940s to 1970s | The classic look of the colón: national landmarks, volcanoes, and the coat of arms. The 10 colones reverse, for example, depicts the Izalco Volcano with the national coat of arms. |
| Late colón era | 1980s to 2000 | The final designs and the higher denominations up to 200 colones. As the most recently printed notes, these are generally the most obtainable entry point for a new collector. |
| Dollar era | 2001 onward | No colón notes were issued after dollarization, which is what makes the pre-2001 notes the entire collectible field for El Salvador. |
Two design threads run through the money. Christopher Columbus, the figure the colón was named for, appears on colón notes, in some designs shown at center and in others set beside a map and his three ships, the Niña, the Pinta, and the Santa María. The other thread is the Salvadoran landscape and national symbols: volcanoes such as Izalco, historic landmarks, and the coat of arms of the Republic of El Salvador, which appears alongside the Izalco Volcano on the reverse of the 10 colones note. Together they give a colón collection both a strong national identity and a link back to the wider history of the Americas.
How do you start collecting El Salvador banknotes?
Start with one era that appeals to you, in the best condition you can find, from a dealer that documents where its notes come from. The late colón era is the natural place to begin, since those are the most recently printed notes, while the private bank issues and the first 1934 series are the pieces to reach for as a collection matures. Condition is described on the letter-grade ladder that runs UNC, AU, XF, VF, F, VG, G, with Uncirculated (UNC) at the top.
Two habits protect your collection from the start. First, learn how grading works so you can read a note's condition with confidence: our banknote grading guide explains the 1 to 70 numerical scale used by PMG and PCGS and what EPQ and PPQ mean. Second, build with a plan rather than at random. Our guide to collecting world banknotes covers how to pick a theme, whether that is a single-country run of Salvadoran colón notes or a broader collection of currencies that changed. If a term on a note is unfamiliar, our banknote glossary defines the language of the hobby. For independent confirmation of grade and authenticity, choose a note certified by PMG or PCGS and sealed in a tamper-evident holder.
Where can you buy El Salvador banknotes?
Buy from a source-first dealer that inspects every note and stands behind it in writing. Planet Banknote stocks El Salvador notes rather than fixing a single market price, because inventory, series, and grades change. Rather than quote figures that would go stale, we point you to the live category:
Every note Planet Banknote sells passes our Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, so you have documented recourse tied to a named, reachable business. Value depends on condition, series, and demand rather than face value, since colón notes no longer circulate.
Frequently asked questions
What currency does El Salvador use?
El Salvador uses the US dollar as its everyday currency and has done so since 2001. Its historic national currency was the Salvadoran colón (ISO code SVC), issued by the Central Reserve Bank of El Salvador, the Banco Central de Reserva de El Salvador, which became the sole issuer of the country's money in 1934. The colón notes printed between 1934 and 2000 are what collectors seek out today.
Why did El Salvador switch from the colón to the US dollar?
On January 1, 2001, under President Francisco Flores, El Salvador's Law of Monetary Integration made the US dollar legal tender alongside the colón at a fixed rate of 8.75 colones to one dollar, per Wikipedia. The goals were to lock in low inflation, stabilize prices, lower borrowing costs, and attract investment in an economy tied closely to the United States through trade and remittances, a rationale documented in International Monetary Fund analysis. This was a deliberate policy choice for stability, not a hyperinflation collapse, and the colón stopped circulating after 2001.
What do Salvadoran colón banknotes depict?
Christopher Columbus, the figure the colón was named for, appears on colón notes, in some designs at center and in others beside a map and his three ships. The other recurring theme is the Salvadoran landscape and national symbols, including volcanoes such as Izalco, historic landmarks, and the coat of arms of the Republic of El Salvador. The reverse of the 10 colones note, for example, depicts the Izalco Volcano with the national coat of arms.
Are Salvadoran colón banknotes worth collecting?
Yes. Because the colón era is closed and well defined, running from the first Central Reserve Bank series of 1934 to the last notes before dollarization in 2001, El Salvador is a satisfying country to collect as a complete set. The late colón notes are the most obtainable entry point, while the private bank issues and the first 1934 series are the scarcer pieces to reach for over time. Value depends on condition, series, and demand rather than face value, since colón notes no longer circulate.
Where can you buy El Salvador banknotes?
Buy from a source-first dealer that inspects every note and documents where it came from. Planet Banknote stocks El Salvador notes rather than fixing a single market price, because inventory, series, and grades change. Every note passes the Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, and where you want independent confirmation of grade you can choose a note certified by PMG or PCGS in a tamper-evident holder.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.