cupro-nickel coins in denominations of 25 and 50 centimos and 1 colón. These bore the initials B.I.C.R. Banco Nacional issues, 1937–1948 In 1937, the National Bank introduced coins in denominations of 25 and 50 centimos and 1 colón which bore the initials B.N.C.R. These were followed by 5 and 10 centimos in 1942 and 2 colones in 1948. Banco Central issues, 1951–present In 1951, the Central Bank took over coin issuance using the initials B.C.C.R. while introducing 5 and 10 centimo coins. These were followed by 1 and 2 colones in 1954, 50 centimos in 1965 and 25 centimos in 1967. In 1982–1983, 5 and 10 centimo coins were discontinued, the sizes of the 25 centimo to 2 colón coins were reduced and 5, 10 and 20 colón coins were introduced. Between 1995 & 1998, smaller, brass 1, 5 and 10 colón coins were introduced and coins for 25, 50 & 100 colones were added. 500 colones followed in 2003. Aluminium 5 and 10 colones were introduced in 2006. Coins of 1 colón are no longer found in circulation. In 2009 the larger, silver-coloured ₡5, ₡10 & ₡20 were gradually withdrawn leaving the small, lighter, ₡5 and ₡10 and the gold-coloured ₡5, ₡10, ₡25, ₡50, ₡100 & ₡500 coins circulating. At the end of 2019, the ₡5 coin was phased out. In 2021, a smaller bimetallic ₡500 coin was introduced to commemorate the bicentennial of Costa Rican independence. Banknotes Private bank issues, 1896–1914 Four private banks, the Banco Anglo–Costarricense, the Banco Comercial de Costa Rica, the Banco de Costa Rica and the Banco Mercantil de Costa Rica, issued notes between 1864 and 1917. The Banco Anglo–Costarricense was established in 1864 and issued notes from 1864 to 1917. It later became a state-owned bank and in 1994 went bankrupt and closed. Notes were issued in denominations of 1, 25, 50, and 100 pesos as well as 5, 10, 20, 50, and 100 colones. Some 1, 5, 10 and 20 colones notes (unsigned and undated) were released in 1963 when the bank celebrated its 100th anniversary. Some had Muestra sin Valor ("sample without value") printed on them in order to nullify the legal tender status and to prevent people from selling them. Most, however, didn't have that printed on them, which makes it harder nowadays to find notes with the seal. The Banco de Costa Rica was established in 1890 and issued