The Salvadoran Colón, named after the explorer Christopher Columbus (Cristóbal Colón in Spanish), was the official currency of El Salvador from 1892 until it was replaced by the U.S. dollar in 2001. In a unique monetary history, the transition to dollarization occurred rapidly, where the Colón ceased to be used in daily transactions almost overnight, marking one of the swiftest shifts to the U.S. dollar in the world.

Interestingly, during its circulation, one of the Colón coins, the 5-colón piece, was nicknamed “mate” due to its similar size and value to the U.S. quarter, leading to casual interchangeability with American coins even before the formal adoption of the dollar. The use of the U.S dollar firmly positioned El Salvador in the global economy, with a stable connection to international markets while uniquely reflecting its colonial heritage in its past currency.