A Challenging Modern Commemorative from Costa Rica

Our October 2025 World Collectors Choice Online Auction – World Paper Money takes place on October 20 and is a small but robust sale focusing on paper money of the Americas. In this blog, we look at a rather unassuming but nevertheless quite scarce banknote from Costa Rica. Offered in lot 70090, this 1971 500 Colones (Pick-245) is a commemorative issued by the Banco Central de Costa Rica graded Very Fine 30 by PMG. A relatively modern note, its scarcity might surprise some collectors.

The 500 Colones is the second-highest denomination in a series of six notes that were issued with a small overprint on the front that commemorates the 150^th anniversary of Costa Rican independence. Costa Rica gained independence from the Spanish Empire in 1821 as part of the First Mexican Empire, followed a few years later by its membership in the Federal Republic of Central America in 1823 (along with four other former Spanish colonies in the region – Guatemala, El Salvador, Honduras, and Nicaragua). In 1838, Costa Rica declared itself fully sovereign.

The notes issued in 1971 that celebrated the sesquicentennial of Costa Rican (first) independence were the standard notes in circulation at that time, and except for the small overprint, they are otherwise identical to the notes in circulation. They entered circulation in September of 1971 and while they were commemoratives, it appears that no special sales or program took place for collectors. As a result, with most entering circulation, surviving examples (especially in higher grades) are quite scarce, even for the lower denominations.

The 500 Colones had the smallest print run of the denominations in this series, with just 30,000 issued (even the 1000 Colones had a higher print run at 60,000). The notes were Series A notes printed by the American Bank Note Company, with serial numbers between 140001 and 170000 (dated 24 May 1971). Your author does not know whether the overprint was applied by ABNC or locally in Costa Rica (if you do know, feel free to let me know). Regardless, the fact that this is a key commemorative type is undisputed. Most seen are in circulated grades, and offerings are very infrequent. In fact, this offering marks the first time we have included this key commemorative type in our auction, highlighting its scarcity, as we have handled many Costa Rican rarities over the years.

If you have a similar note or others to consign, please contact Dennis Hengeveld at [email protected] or call 800-458-4646.