Gresham's law
Despite the standards set by the 1826 monetary law, when the macuquina was withdrawn from circulation, it was reminted with a fineness of only .666. The Bogotá and Popayán mints were unable to cope with the large volume of macuquinas, so re-coining was done little by little. Since the macuquina was legal tender at face value, Gresham's law came into operation: good reminted coin fled to Venezuela and Ecuador, while new supplies of macuquinas entered Colombia, especially from the Antilles. The unrestricted circulation of macuquinas was confirmed on 6 November 1828, and its obligatory acceptance at par was confirmed by another law of 14 October 1831. New milled coin disappeared, replaced by the macuquina.