This note is probably one of the more unknown and underrated types from the pre-Banco de la Republica (1923)-era. "La Junta de La Conversión" was a monetary group commisioned by the central government to issue banknotes in 1915, issuing denominations of 1, 2, 5 & 10 Pesos. The Colombian Peso at this time was parred with the British Pound (1 GBP = 5 Colombian Pesos, .2355 ozt pure gold). For this reason and for fear of heavy counterfeiting (as with what took place with the 1888 and 1895 issues of ''El Banco Nacional'') the highest denomination issued was the 10 pesos. The 1 & 5 Pesos would later be ''re-monetized'' several times with counterstamps from several other private banks before 1923. The 2 & 10 Pesos would only circulate for about 9 months before being redeemed in gold coin and finally destroyed in 1916 (also in 1919 and 1921 notes that later appeared were redeemed and destroyed).
Now 110 years later this seems to be one of less than 20 that are reported to have survived. According to PMG the Population is as follows:
Pick 324 (Emitted not Specimen or Proof) Total: 18
12-1
15-4
20-5
25-2
35-1
40-2
55 EPQ-1
63-1
64 EPQ-1
Remember the population report only distinguishes EPQ & Non EPQ designations, it does not specify NET grades. Which brings us to the last known piece to be offered at public auction: Stacks Bowers NYINC January 2022 Auction
Graded PMG 40 NET for a staple rust mark. Fees and all included it sold for $1920 USD
Now independent of how many collectors and investors debate the grading scale, PMG vs Traditional or 0-70 vs 1-10. It is worth noting that banknote certification is more dependent on eye appeal and the overall ''health'' of a banknote than the smaller more tidious details until we reach the 60-70 Uncirculated grades. For the piece sold in January 2022 to have achieved a grade of 40 even with the major rust spot; we are quite confident this piece (even with the light obverse stain, not rust) should have no problem achieving the grade of 30 in its current original untouched state. As more and more scarcer pieces have been found to undergone some sort of restoriation or enhancement, it is quite rare and rather pleasing to find such a rare piece in not only in an original condition but also without any major problems or damage.
