1 Peso

The Banco de Medellín was one of several private Colombian banks operating under the free banking framework established by the 1880 banking law, which permitted chartered institutions to issue their own notes backed by specie reserves. By 1899, that system was already under severe strain — the Thousand Days War, which began that same year, would devastate private bank reserves and ultimately hand the Colombian government the justification it needed to centralize currency issuance and suppress private note-issuing rights entirely.

Most Banco de Medellín notes were redeemed or destroyed in the monetary consolidation that followed. Survivors from the 1899 issues are correspondingly scarce.