20 000 Pesos New seal

The "New seal" designation distinguishes this issue from the earlier 20,000 Peso notes that carried the Banco de la República's older institutional seal — a revision made as the bank updated its visual identity in the late 1990s. Printed domestically by the Imprenta de Billetes, one of the few state-owned intaglio facilities in Latin America capable of producing its own currency without contracting abroad, Colombia maintained full in-house production across the entire fourteen-year run of this series.

Pick 448 spans a notably long circulation window, running from the peso's relative stabilization after the turbulent 1999 economic crisis — Colombia's worst contraction in seven decades — through 2013.