20 Pesos

Colombia's Banco de la República underwent a significant institutional restructuring in 1991 when a new constitution stripped it of its role as a government lender, converting it into an independent central bank with an explicit inflation mandate. The 20 Pesos denomination was already mid-run when this happened, continuing largely unchanged through the transition. The KM#282.1 and 282.2 varieties reflect die or mint contractor changes rather than any policy shift — a mundane production detail that nonetheless fragments the type for variety collectors.