DEFINITION of 'COP'
The currency abbreviation for the Colombian peso. The COP has been the currency of the Republic of Colombia - a South American country - since 1837. The peso was fixed to the U.S. dollar for a period, but now floats freely.
BREAKING DOWN 'COP'
Because Colombia is a republic, its governmental structure is similar to the U.S. The Colombian government has three branches: executive, legislative and judicial. The president is the head of state and head of government and is elected by popular vote for a four-year term.