El Banco de Caldas

Historical and Issue Context

Colombian mortgage banking:after the collapse of Banco Nacional and the hyperinflation of the Thousand Days' War, Law 24 of 1905 allowed private banks to establish mortgage sections authorized to issue certificates backed by active loans secured by real estate —an agricultural and property-financing mechanism that flourished during the region's coffee boom.

Manizales and the department of Caldas:Founded only in 1849 by Antioquia settlers, Manizales was consolidated at the beginning of the 20th century as the financial center of the new and prosperous coffee region of the department of Caldas (created in 1905). Banco de Caldas was one of three banking entities that issued banknotes and mortgage certificates in the city, along with Banco del Ruiz and Banco Industrial de Manizales.

The bank in figures:Banco de Caldas was founded in 1915 with a subscribed capital of 200,000 gold pesos, at a time when Bogotá and Medellín concentrated more than 70% of the country's banking capital.^[1].

An archive copy:The word “SPECIMEN” superimposed in red and the serial numbering in zeros (“000000”) identify this piece as a sample specimen, printed by the engraving house for approval or archiving —never put into circulation—, which explains its extraordinary state of preservation.

Source: Meisel-Roca, Adolfo.“Background of the Banco de la República, 1904–1922”(opens in a new tab), Cuadernos de Historia Económica n.° 37, Banco de la República — Sucursal Cartagena.

Key Details Visible on the Banknote

• Left center portrait:bust of Francisco José de Caldas with frock coat and bowtie, inside an engraved oval —a commemorative portrait typical of Colombian banking iconography of the time.
• Text of the obligation:“Will pay the bearer, under the conditions stated on the reverse, the sum of ONE LEGAL GOLD PESO, at five percent annual interest; interest will be paid on July 31 of each year”.
• Place of issue:“The principal will be paid on the ___ day of 19___ — Manizales (Colombia)”, with the signature lines blank for “The Manager” and “The Secretary”.
• Reverse:complete printing in green ink with highly complex guilloché, headed by “BANCO DE CALDAS” and the conditions of the certificate: the capital and interest are guaranteed by the active credits for loans with mortgage guarantee, and by the bank's capital allocated to this section.

Additional Context

The mortgage bonds of the Banco de Caldas were issued in six denominations (50 centavos, 1, 2, 5, 10 and 20 pesos), reflecting the relatively modest scale of a regional coffee bank. Unlike current bearer bills, these bonds accrued interest and functioned as an investment instrument backed by real estate —a direct antecedent of modern mortgage bonds, and a key piece to understand the economic boom of the Colombian coffee region at the beginning of the 20th century.

Sources

• No Pick number confirmed in the sources consulted; cataloged in numismatic literature as a mortgage certificate from Caldas's free-banking era.
• Meisel Roca, Adolfo. “Commercial banks in the era of free banking, 1871–1923.” InBanco de la República: background, evolution and structure, Banco de la República, 1990.
• Heritage Auctions —ha.com(opens in a new tab)
• Numista —numista.com(opens in a new tab)