Mexican peso

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Mexican peso
Peso Mexicano (Spanish)
ISO 4217
CodeMXN
Number484
Exponent2
Denominations
Subunit
1/100 centavo
Symbol $ or Mex$
centavo ¢
Banknotes
Freq. used $20, $50, $100, $200, $500
Rarely used$1000
Coins
Freq. used10¢, 20¢, 50¢, $1, $2, $5, $10, $20
Rarely used5¢, $25, $50, $100
Demographics
User(s)Flag of Mexico.svg  Mexico
Issuance
Central bank Bank of Mexico
Website www.banxico.org.mx
Printer Bank of Mexico
Website www.banxico.org.mx
Mint Casa de Moneda de México
Website www.cmm.gob.mx
Valuation
Inflation 3.95% (July 2019)
Source Banco de Mexico, July 2019

The Mexican peso (sign: $; code: MXN) is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 15th–19th century Spanish dollar, most continuing to use its sign, "$". [1] The Mexican peso is the 10th most traded currency in the world, the third most traded currency from the Americas (after the United States dollar and Canadian dollar), and the most traded currency from Latin America. [2]

Contents

The current ISO 4217 code for the peso is MXN; prior to the 1993 revaluation (see below), the code MXP was used. The peso is subdivided into 100 centavos, represented by "¢". As of 21 May 2020, the peso's exchange rate was $25.07 per euro and $22.89 per U.S. dollar. [3]

Etymology

Spanish Dollar 1761. Real de a ocho.jpg
Spanish Dollar 1761.

The name was first used in reference to pesos oro (gold weights) or pesos plata (silver weights). The Spanish word peso means "weight". Compare the British pound sterling.

Other countries that use pesos are: Argentina, Chile, Colombia, Cuba, Dominican Republic, the Philippines, and Uruguay. [4]

History

First peso

Copper coin of 8 real minted during the War of Independence. Moneda de 8 reales de Mexico de 1812 (anverso).JPG
Copper coin of 8 real minted during the War of Independence.

The peso was the name of the eight-real coins issued in Latin America by Spain similarly to calling 1¢ (US) coin a penny or a 10¢ piece a dime. These were the so-called Spanish dollars or pieces of eight in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century (the United States accepted the Spanish dollar as legal tender until the Coinage Act of 1857).

In 1863, the first issue was made of coins denominated in centavos, worth one hundredth of the peso. This was followed in 1866 by coins denominated "one peso". Coins denominated in reales continued to be issued until 1897. In 1905, the gold content of the peso was reduced by 49.3% but the silver content of the peso remained unchanged (subsidiary coins were debased). However, from 1918 onward, the weight and fineness of all the silver coins declined, until 1977, when the last silver 100-peso coins were minted.

New peso

Mexican currency 1856 of Guanajuato with the legend "EST. LIB. DE GUANAXUATO" on the back. Cuartilla de laton del Estado de Guanajuato de 1856 (anverso y reverso).jpg
Mexican currency 1856 of Guanajuato with the legend "EST. LIB. DE GUANAXUATO" on the back.

Throughout most of the 20th century, the Mexican peso remained one of the more stable currencies in Latin America, since the economy did not experience periods of hyperinflation common to other countries in the region. However, after the oil crisis of the late 1970s, Mexico defaulted on its external debt in 1982, and as a result the country suffered a severe case of capital flight, followed by several years of inflation and devaluation, until a government economic strategy called the "Stability and Economic Growth Pact" (Pacto de estabilidad y crecimiento económico, PECE) was adopted under President Carlos Salinas. On January 1, 1993, the Bank of Mexico introduced a new currency, the nuevo peso ("new peso", or MXN), written "N$" followed by the numerical amount. [5] One new peso, or N$1.00, was equal to 1000 of the obsolete MXP pesos. [5]

On January 1, 1996, the modifier nuevo was dropped from the name, and new coins and banknotes – identical in every respect to the 1993 issue, with the exception of the now absent word "nuevo" – were put into circulation. The ISO 4217 code, however, remained unchanged as MXN.

Thanks to the stability of the Mexican economy and the growth in foreign investment, the Mexican peso is now among the 15 most traded currency units.

Coins

19th century

Front and back of an 1866 twenty-peso gold coin, depicting Maximilian I of Mexico. Mexico 1866 20 Pesos.jpg
Front and back of an 1866 twenty-peso gold coin, depicting Maximilian I of Mexico.
Peseta mexicana. 25 centavos de Zacatecas de 1889 (anverso y reverso).JPG
Peseta mexicana.
100 pesos coin of the old Mexican peso, issued in 1988. Imm.jpg
100 pesos coin of the old Mexican peso, issued in 1988.

The first coins of the peso currency were 1 centavo pieces minted in 1863. Emperor Maximilian, ruler of the Second Mexican Empire from 1864–1867, [6] minted the first coins with the legend "peso" on them. His portrait was on the obverse, with the legend "Maximiliano Emperador;" the reverse shows the imperial arms and the legends "Imperio Mexicano" and "1 Peso" and the date. They were struck from 1866 to 1867. A limited-edition twenty-peso coin was struck, during 1866 only, comprising 87.5 percent gold and also featuring Maximilian on one side and the coat of arms on the other. [7]

The New Mexican republic continued to strike the 8 reales piece, but also began minting coins denominated in centavos and pesos. In addition to copper 1 centavo coins, silver (.903 fineness) coins of 5, 10, 25 and 50 centavos and 1 peso were introduced between 1867 and 1869. Gold 1, 2½, 5, 10 and twenty-peso coins were introduced in 1870. The obverses featured the Mexican 'eagle' and the legend "Republica Mexicana." The reverses of the larger coins showed a pair of scales; those of the smaller coins, the denomination. One-peso coins were made from 1865 to 1873, when 8 reales coins resumed production. In 1882, cupro-nickel 1, 2 and 5 centavos coins were issued but they were only minted for two years. The 1 peso was reintroduced in 1898, with the Phrygian cap, or liberty cap design being carried over from the 8 reales.

20th century

A coin of a peso minted in 1921. Peso Mexicano 1921.jpg
A coin of a peso minted in 1921.
Quinto mexicano 1904. 5 centavos Mexico 1904.PNG
Quinto mexicano 1904.
Toston mexicano 1919. 50 centavos de Mexico de 1919 (anverso y reverso).JPG
Tostón mexicano 1919.

In 1905 a monetary reform was carried out in which the gold content of the peso was reduced by 49.36% and the silver coins were (with the exception of the 1-peso) reduced to token issues. Bronze 1- and 2-centavos, nickel 5-centavos, silver 10-, 20-, and 50-centavos and gold 5- and 10-pesos were issued.

In 1910, a new peso coin was issued, the famous Caballito, considered one of the most beautiful of Mexican coins. The obverse had the Mexican official coat of arms (an eagle with a snake in its beak, standing on a cactus plant) and the legends "Estados Unidos Mexicanos" and "Un Peso." The reverse showed a woman riding a horse, her hand lifted high in exhortation holding a torch, and the date. These were minted in .903 silver from 1910 to 1914.

In 1947, a new issue of silver coins was struck, with the 50-centavo and 1-peso in .500 fineness and a new 5-peso coin in .900 fineness. A portrait of José María Morelos appeared on the 1 peso and this was to remain a feature of the 1-peso coin until its demise. The silver content of this series was 5.4 g to the peso. This was reduced to 4 g in 1950, when .300 fineness 25- and 50-centavo, and 1-peso coins were minted alongside .720 fineness 5 pesos. A new portrait of Morelos appeared on the 1 peso, with Cuauhtemoc on the 50-centavo and Miguel Hidalgo on the 5-peso coins. No reference was made to the silver content except on the 5-peso coin. During this period 5 peso, and to a lesser extent, 10-peso coins were also used as vehicles for occasional commemorative strikings. [8]

Between 1960 and 1971, new coinage was introduced, consisting of brass 1- and 5-centavos, cupro-nickel 10-, 25-, and 50-centavos, 1-, 5-, and 10-pesos, and silver 25-pesos (only issued 1972). In 1977, silver 100-pesos were issued for circulation. In 1980, smaller 5-peso coins were introduced alongside 20-pesos and (from 1982) 50-pesos in cupro-nickel. Between 1978 and 1982, the sizes of the coins for 20 centavos and above were reduced. Base metal 100-, 200-, 500-, 1000-, and 5000-peso coins were introduced between 1984 and 1988.

Nuevo peso (New peso)

As noted above, the nuevo peso (new peso) was the result of elevated rates of inflation in Mexico during the 1980s. In 1993, President Carlos Salinas de Gortari stripped three zeros from the peso, creating a parity of $1 New Peso for $1000 of the old ones. [5]

The transition was done both by having the people trade in their old notes and by removing the old notes from circulation at the banks, over a period of three years from January 1, 1993, to January 1, 1996. At that time, the word "nuevo" was removed from all new currency being printed, and the "nuevo" notes were retired from circulation, thus returning the currency and the notes to be denominated just "peso" again.

Confusion was avoided by making the nuevo peso currency almost identical to the old "peso". Both of them circulated at the same time, while all currency that only said "peso" was removed from circulation. The Bank of Mexico then issued new currency with new graphics, also under the "nuevo peso". These were followed in due course by the current, almost identical, "peso" currency without the word nuevo.

In 1993, coins of the new currency (dated 1992) were issued in denominations of 5, 10, 20, and 50 centavos and 1, 2, 5, 10, 20, and 50 nuevos pesos. The 5 and 10 centavos were minted in stainless steel, and the 20 and 50 centavos in aluminum bronze. The nuevo peso denominations were bimetallic, with the 1, 2, and 5 nuevos pesos having aluminum bronze centers and stainless steel rings and the 10, 20, and 50 nuevos pesos having .925 silver centers and aluminum bronze rings.

In 1996, the word Nuevo was removed from the coins. New 10 pesos were introduced with base metal replacing the silver center. The 20-, 50-, and 100-peso coins are the only currently circulating coinage in the world to contain any silver.

In 2002 the 5 centavos coin was withdrawn from circulation due to its low value, and cost of production. In 2003 the Banco de México began the gradual launch of a new series of bimetallic $100 coins. These number 32 – one for each of the nation's 31 states, plus Mexico City. While the obverse of these coins bears the traditional coat of arms of Mexico, their reverses show the individual coats of arms of the component states. The first states to be celebrated in this fashion were Zacatecas, Yucatán, Veracruz, and Tlaxcala. In circulation, they are extraordinarily rare, but their novelty value offsets the unease most users feel at having such a large amount of money in a single coin. Although the Bank has tried to encourage users to collect full sets of these coins, issuing special display folders for this purpose, the high cost involved has worked against them. Bullion versions of these coins are also available, with the outer ring made of gold instead of aluminum bronze.

The coins commonly encountered in circulation have face values of 10¢, 20¢ 50¢, $1, $2, $5, $10, $20. The 5¢ coin is rarely seen due to its low value, thus prices rounded to the nearest 10¢. Some commodities are priced in multiples of 10¢, but stores may choose to round the total prices to 50¢. There is also a trend for supermarkets to ask customers to round up the total to the nearest 50¢ or 1 peso to automatically donate the difference to charities. The $50, and $100 coins are rarely seen in circulation due to the wide use of the lighter banknotes of the same denominations as well as their metal value.

1992 Series [9] [10]
ValueTechnical parametersDescriptionMinting history
DiameterWeightCompositionEdgeObverseReverseYearQuantity
15.5 mm1.58 g Stainless steel
16% ~ 18% chromium
0.75% nickel, maximum
0.12% carbon, maximum
1% silicon, maximum
1% manganese, maximum
0.03% sulfur, maximum
0.04% phosphorus, maximum
remaining of iron
PlainState title, coat of arms Stylized image of the solar rays of the “Ring of the Quincunxes of the Sun Stone.”1992136'800,000
10¢17 mm2.08 gStylized image of the “Ring of the Sacrifice of the Sun Stone.”1992###,###
10¢14 mm1.755 gSlottedState title, coat of arms Stylized image of the “Ring of the Sacrifice of the Sun Stone.”2009###,###
20¢19.5 mm (shortest)
Dodecagon
3.04 g Aluminium bronze
92% copper
6% aluminium
2% nickel
PlainState title, coat of arms Stylized image of the “Thirteenth Acatl Day of the Sun Stone.”1992###,###
20¢15.3 mm2.258 g Stainless steel
16% ~ 18% chromium
0.75% nickel, maximum
0.12% carbon, maximum
1% silicon, maximum
1% manganese, maximum
0.03% sulfur, maximum
0.04% phosphorus, maximum
remaining of iron
Segmented reedingState title, coat of arms Stylized image of the “Thirteenth Acatl Day of the Sun Stone.”2009###,###
50¢22 mm
Scalloped shape
4.39 g Aluminium bronze
92% copper
6% aluminium
2% nickel
PlainState title, coat of arms Stylized image of the “Ring of Acceptance of the Sun Stone.”1992###,###
50¢17 mm3.103 g Stainless steel
16% ~ 18% chromium
0.75% nickel, maximum
0.12% carbon, maximum
1% silicon, maximum
1% manganese, maximum
0.03% sulfur, maximum
0.04% phosphorus, maximum
remaining of iron
Reeded edgeState title, coat of arms Stylized image of the “Ring of Acceptance of the Sun Stone.”2009###,###
N$1
or $1
21 mm3.95 g
R: 2.14 g
C: 1.81 g
Ring: Stainless steel (as 10¢)
Center: Aluminium bronze (as 50¢)
PlainState title, coat of arms Stylized image of the “Ring of Splendor of the Sun Stone.”N$: 1992
$: 1996
###,###
N$2
or $2
23 mm5.19 g
R: 2.81 g
C: 2.38 g
Stylized image of the “Ring of the Days of the Sun Stone.”###,###
N$5
or $5
25.5 mm7.07 g
R: 3.82 g
C: 3.25 g
Stylized image of the “Ring of the Serpents of the Sun Stone.”###,###
$1028 mm10.329 g
R: 5.579 g
C: 4.75 g
Ring: Aluminium bronze (as 50¢)
Center:
65%  copper
25%  zinc
10%  nickel
Reeded edgeState title, coat of arms Circle of the Sun Stone representing Tonatiuh with the fire mask.1997###-###
Commemorative Coins (selected) [11]
ValueTechnical parametersDescriptionMinting history
DiameterWeightCompositionEdgeObverseReverseYearQuantity
$525.5 mm7.07 g
R: 3.82 g
C: 3.25 g
Ring: Stainless steel (as 10¢)
Center: Aluminium bronze (as 50¢)
Reeded edgeState title, coat of arms Mexican Bicentennial Series 2008-2010###-###
N$10
or $10
28 mm11.183 g
R: 5.579 g
C: 5.604 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5%  silver  (1/6oz)
7.5%  copper
Reeded edgeState title, coat of arms Circle of the Sun Stone representing Tonatiuh with the fire mask.N$: 1992
$: 1996
###-###
$1028 mm10.329 g
R: 5.579 g
C: 4.75 g
Ring: Aluminium bronze (as 50¢)
Center:
65%  copper
25%  zinc
10%  nickel
InscriptionState title, coat of arms Value, Tonatiuh from the Aztec sun stone at the center, "AÑO 2000" or "AÑO 2001" instead of "DIEZ PESOS" as commemorative legend2000###-###
N$2032 mm16.996 g
R: 8.59 g
C: 8.406 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5%  silver  (1/4oz)
7.5%  copper
Segmented reedingState title, coat of arms Miguel Hidalgo 1993###-###
$2032 mm15.945 g
R: 8.59 g
C: 7.355 g
Ring: Aluminium bronze (as 50¢)
Center: Cupronickel
75%  copper
25%  nickel
MilledState title, coat of arms Xiuhtecuhtli Year 2000, Aztec "New Fire" ceremony2000###-###
Octavio Paz ###-###
N$5039 mm33.967 g
R: 17.155 g
C: 16.812 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5%  silver  (1/2oz)
7.5%  copper
Reeded edgeState title, coat of arms Value, the Hero Cadets of the Battle of Chapultepec 1993###-###
$10039 mm33.967 g
R: 17.155 g
C: 16.812 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5%  silver  (1/2oz)
7.5%  copper
Intermittent millingState title, coat of arms Coats of arms of the 31 States of Mexico and the Federal District
(In reverse alphabetical order)
2003###-###
Culture of the states (e.g. architecture, wildlife, flora, art, science, dances)
(In normal alphabetical order)
2005###-###
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

First

The first banknotes issued by the Mexican state were produced in 1823 by Emperor Agustin de Iturbide in denominations of 1, 2 and 10 pesos. Similar issues were made by the republican government later that same year. Ten-pesos notes were also issued by Emperor Maximilian in 1866 but, until the 1920s, banknote production lay entirely in the hands of private banks and local authorities.

In 1920, the Monetary Commission (Comisión Monetaria) issued 50-centavos and 1-peso notes whilst the Bank of Mexico (Banco de México) issued 2-pesos notes. From 1925, the Bank issued notes for 5, 10, 20, 50 and 100 pesos, with 500 and 1000 pesos following in 1931. From 1935, the Bank also issued 1-peso notes and, from 1943, 10,000 pesos. These notes are printed by the American Bank Note Company.

New serie of notes are printed and issued by the Bank of Mexico, starting in 1969 with 10 pesos, followed by 5 pesos in 1971, 20 and 50 pesos in 1973, 100 pesos in 1975, 1,000 pesos in 1978, 500 pesos in 1979 and 10,000 pesos in 1982.

Production of 1-peso notes ceased in 1970, followed by 5 pesos in 1972, 10 and 20 pesos in 1977, 50 pesos in 1984, 100 pesos in 1985, 500 pesos in 1987 and 1,000 pesos in 1988. 5,000-pesos notes were introduced in 1980, followed by 2,000 pesos in 1983, 20,000 pesos in 1985, 50,000 pesos in 1986 and 100,000 pesos in 1991. [12]

Series AA

Printed by the American Bank Note Company
ValueDimensions (millimeters)DesignDate of
ObverseReverseissue [13] withdrawal [13]
MXP $1157 x 67 mm Aztec sun stone Column of the Independence 19361970
MXP $5157 x 67 mmPortrait of an Algerian young woman, popularly known as “the gipsy” Column of the Independence 19371971
MXP $10157 x 67 mmPortrait of a young woman wearing the typical costume of Zapotec women from Oaxaca, known as "la Tehuana"Landscape painting of the City of Guanajuato by Carl Nebel 19371969
MXP $20157 x 67 mm Josefa Ortiz de Domínguez Cloister of the Convent of San Agustín in Querétaro 19371973
MXP $50157 x 67 mm Ignacio Allende Column of the Independence 19411973
MXP $100157 x 67 mm Miguel Hidalgo Coat of arms of Mexico 19451975
MXP $500157 x 67 mm José María Morelos Façade of the Palace of Mines in Mexico City 19361979
MXP $1000157 x 67 mm Cuauhtémoc El Castillo at Chichen Itza 19361978
MXP $10000157 x 67 mm Matías Romero Façade of the National Palace and Zócalo 19431982
Printed by the Bank of Mexico
ValueDimensions (millimeters)DesignDate of
ObverseReverseissue [14]
MXP $5157 x 67 mm Josefa Ortiz de Domínguez, eagle devouring a rattlesnake Querétaro Aqueduct19 July 1971
MXP $10157 x 67 mm Miguel Hidalgo, bell of Dolores Dolores Hidalgo parish15 December 1969
MXP $20157 x 66 mm José María Morelos, Colegio de San Nicolás Obispo Temple of the Feathered Serpent in Teotihuacan 28 May 1973
MXP $50157 x 67 mm Benito Juárez, National Palace Zapotec funerary urn and temple at Mitla.15 November 1973
MXP $100157 x 67 mm Venustiano Carranza, fragment of La trinchera by José Clemente Orozco Chacmool 19 November 1975
MXP $500157 x 67 mm Francisco I. Madero Aztec sun stone 19 November 1979
MXP $1,000157 x 67 mm Sor Juana Inés de la Cruz Plaza de Santo Domingo, Mexico City 11 December 1978

Series A

ImageValueDimensions (millimeters)DesignDate of
ObverseReverseObverseReverseissue [15]
MXP $2000157 x 67 mm Justo Sierra, UNAM's Central Library Royal and Pontifical University of Mexico during the 19th century.28 November 1983
MXP $5000157 x 67 mm Niños Héroes, emblem of the San Blas Battalion Chapultepec Castle, badge of the Heroic Military Academy 12 September 1980
MXP $10,000157 x 67 mm Lázaro Cárdenas, La Cangrejera refinery Templo Mayor discoveries, Coyolxauhqui 18 March 1982
MXP $20,000157 x 67 mm Andrés Quintana Roo, Tulum Mural of Bonampak, Yaxchilan Lintel 2513 November 1985
MXP $50,000157 x 67 mm Cuauhtémoc The fusion of two cultures by Jorge González Camarena 2 December 1986
MXP $100,000157 x 67 mm Plutarco Elías Calles, façade of the Bank of Mexico building Guaymas Bay and white-tailed deer 2 September 1991

Second peso

Series B

In 1993, notes were introduced in the new currency for 10, 20, 50, and 100 nuevos pesos. These notes are designated series B by the Bank of Mexico (Banco de México). (It is important to note that this series designation is not the 1 or 2 letter series label printed on the banknotes themselves.) All were printed with the date July 31, 1992. The designs were carried over from the corresponding notes of the old peso.

ValueDimensions (millimeters)DesignDate of
ObverseReverseissue [16]
MXN $10155 x 66 mm Lázaro Cárdenas, La Cangrejera refinery Templo Mayor, Coyolxauhqui 1 January 1993
MXN $20155 x 66 mm Andrés Quintana Roo, Tulum Mural of Bonampak, Yaxchilan Lintel 251 January 1993
MXN $50155 x 66 mm Cuauhtémoc The fusion of two cultures by Jorge González Camarena 1 January 1993
MXN $100155 x 66 mm Plutarco Elías Calles, façade of the Bank of Mexico building Guaymas Bay and white-tailed deer 1 January 1993

Series C

All Series C notes had brand new designs and were printed with the date December 10, 1993, but they were not issued until October 1994. The word "nuevos" remained, and banknotes in denominations of 200 and 500 nuevos pesos were added. The 500 nuevos pesos note was worth more than US$100 when it was introduced, but its value dropped to almost equal to $100 by the end of 1994.

ValueDimensions (millimeters)DesignDate of
ObverseReverseissue
MXN $10129 x 66 mm Emiliano Zapata, hands holding ears of maizeStatue of Zapata in Cuautla, Popocatépetl and Iztaccíhuatl 3 October 1994 [17]
MXN $20129 x 66 mm Benito Juárez, coat of arms of the Second Federal Republic of Mexico Benito Juárez Hemicycle, Mexico City 3 October 1994 [17]
MXN $50129 x 66 mm José María Morelos, flag used by Morelos at the Mexican War of Independence Scene from Lake Pátzcuaro, Michoacán 3 October 1994 [17]
MXN $100155 x 66 mm Nezahualcóyotl Sculpture of Xōchipilli, sculpture of Xiuhcoatl 3 October 1994 [17]
MXN $200155 x 66 mm Sor Juana Inés de la Cruz, a book, an inkwell and her libraryFaçade of the Temple of San Jerónimo3 October 1994 [17]
MXN $500155 x 66 mm Ignacio Zaragoza, fragment of Fuertes combates sostenidos en los cerros de Loreto y Guadalupe by Josep Cusachs Puebla Cathedral 3 October 1994 [17]

Series D

The next series of banknotes, designated Series D, was introduced in 1996. It is a modified version of Series C with the word "nuevos" dropped, the bank title changed from "El Banco de México" to "Banco de México" and the clause "pagará a la vista al portador" (Pay at sight to the bearer) removed. There are several printed dates for each denomination. In 2000, a commemorative series was issued which was like series D except for the additional text "75 aniversario 1925-2000" under the bank title. It refers to the 75th anniversary of the establishment of the Bank. While series D includes the $10 note and is still legal tender, they are no longer printed, are seldom seen, and the coin is more common. $10 notes are rarely found in circulation.

Starting from 2001, each denomination in the series was upgraded gradually. On October 15, 2001, in an effort to combat counterfeiting, Series D notes of 50 pesos and above were further modified with the addition of an iridescent strip. On notes of 100 pesos and above, the denomination is printed in color-shifting ink in the top right corner.

On September 30, 2002, a new $20 note was introduced. The new $20 is printed on longer-lasting polymer plastic rather than paper. A new $1000 note was issued on November 15, 2004, which was worth about US$88 upon introduction. The Bank of Mexico refers to the $20, $50, and $1000 notes during this wave of change as "series D1".

Series D
ValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseprintingissuewithdrawal
MXN $10129 × 66 mmAqua Emiliano Zapata, hands holding ears of maizeStatue of Zapata in Cuautla, Popocatépetl and Iztaccíhuatl 6 May 19941 January 1996 [18] 1997
MXN $20Blue Benito Juárez, coat of arms of the Second Federal Republic of Mexico Benito Juárez Hemicycle in Mexico City 6 May 1994
17 May 2001(polymer)
1 January 1996 [18]
30 September 2002
current
MXN $50Magenta José María Morelos, flag used by Morelos at the Mexican War of Independence Scene from Lake Pátzcuaro, Michoacán 6 May 1994
18 October 2000(iridescent)
1 January 1996 [18]
15 October 2001
MXN $100155 × 66 mmRed Nezahualcóyotl Sculpture of Xōchipilli, sculpture of Xiuhcoatl 6 May 1994
18 October 2000(color shifting)
? (raised ink)
1 January 1996 [18]
15 October 2001
19 December 2005
MXN $200Green Sor Juana Inés de la Cruz, a book, an inkwell and her libraryFaçade of the Temple of San Jerónimo7 February 1995
18 October 2000 (color shifting)
? (raised ink)
MXN $500Brown Ignacio Zaragoza, fragment of Fuertes combates sostenidos en los cerros de Loreto y Guadalupe by Josep Cusachs Puebla Cathedral
MXN $1,000Purple Miguel Hidalgo, bell of Dolores University of Guanajuato, Baratillo Fountain26 March 200215 November 2004 [19]

On April 5, 2004, the Chamber of Deputies approved an initiative to demand that the Bank of Mexico produce by January 1, 2006 notes and coins that are identifiable by the blind population (estimated at more than 750,000 visually impaired citizens, including 250,000 that are completely blind). [20]

On December 19, 2005, $100, $200, and $500 MXN banknotes include raised, tactile patterns (like Braille), meant to make them distinguishable for people with vision incapacities. This system has been questioned[ citation needed ] and many demand that it be replaced by actual Braille so it can be used by foreign visitors to Mexico not used to these symbols. [21] The Banco de México, however, says they will continue issuing the symbol bills.

The raised, tactile patterns are as follows: [22]

ValueDescription of pattern
$100Five diagonal lines side by side, with a negative slope, each broken up into three segments.
$200Small broken-up square pattern.
$500Four horizontal lines under each other, each broken up into three segments.

Series F

In September 2006, it was announced that a new family of banknotes would be launched gradually. The 50-peso denomination in polymer was launched in November 2006. The 20-peso note was launched in August 2007. The 1,000-peso note was launched in March 2008.

The $200 was issued in 2008, and the $100 and $500 notes were released in August 2010. This family is the F Series. A revised $50 note, with improved security features was released on May 6, 2013. This note is part of the F Series family of banknotes issued by the Banco de Mexico (as Type F1). [23]

Series F [24]
ImageValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseObverseReverseprintingissuewithdrawal
Banco de Mexico F $20 obverse.jpg Banco de Mexico F $20 reverse.jpg $20120 × 66 mmBlue Benito Juárez, balancing scale and book Monte Albán, mask of Cocijo 19 June 200620 August 2007 [25] current
Banco de Mexico F1 $50 obverse.jpg Banco de Mexico F1 $50 reverse.jpg $50127 × 66 mmMagenta José María Morelos, flag used by Morelos at the Mexican War of Independence Aqueduct of Morelia 5 November 2004
12 June 2012 (F1)
21 November 2006 [26]
6 May 2013 (F1) [27]
Banco de Mexico F $100 obverse.jpg Banco de Mexico F $100 reverse.jpg $100134 × 66 mmRed Nezahualcóyotl Representation of Templo Mayor aqueduct and central plaza of Tenochtitlan, glyph of Nezahualcóyotl9 August 2010 [28]
Banco de Mexico F $200 obverse.jpg Banco de Mexico F $200 reverse.jpg $200141 × 66 mmGreen Sor Juana Inés de la Cruz, books, an inkwell, two pens and a library windowHacienda Panoaya in Amecameca, baptismal font and view of the Popocatépetl and Iztaccíhuatl 15 February 20088 September 2008 [29]
Banco de Mexico F $500 obverse.jpg Banco de Mexico F $500 reverse.jpg $500148 × 66 mmBrown Diego Rivera, Rivera's painting Desnudo con alcatraces, brushes and a palette Frida Kahlo; Kahlo's painting The Love Embrace of the Universe, the Earth (Mexico), Myself, Diego, and Señor Xolotl 30 August 2010 [30]
Banco de Mexico F $1000 obverse.jpg Banco de Mexico F $1000 reverse.jpg $1,000155 × 66 mmPurple Miguel Hidalgo, bell of Dolores University of Guanajuato 7 April 2008 [31]

Commemorative banknotes

On September 29, 2009, The Bank of Mexico unveiled a set of commemorative banknotes. The 100-peso denomination note commemorates the centennial of the Beginning of the Mexican Revolution (1910–1920). The 200-peso denomination note commemorates the bicentennial of the start of the Mexican War for Independence which began in 1810. There was a printing error in the $100 notes, in the small letters (almost unnoticeable, as they are very small and the same color as the waving lines), near the top right corner, just above the transparent corn, from the side of the "La Revolución contra la dictadura Porfiriana", it is written: "Sufragio electivo y no reelección" (Elective suffrage and no reelection), this supposed to be a quote to Francisco I. Madero's famous phrase, but he said "Sufragio efectivo no reelección" (Valid Suffrage, No Reelection). President Felipe Calderón made a newspaper announcement in which he apologized for this, and said that the notes were going to continue in circulation, and that they would retain their value. [32]

Likewise, a 100-peso banknote that commemorates the 100th anniversary of the enactment of the Constitution of Mexico was unveiled and issued in 2017. [33]

In 2019, the Bank of Mexico issued a new 200-peso banknote of the Series G issues, but containing a special overprint referencing the 25th Anniversary of the Bank of Mexico's Autonomy from the Federal Government.

Commemorative notes from Series F and G [34]
ValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseprintingissuewithdrawal
$100134 × 66 mmRedSteam locomotiveDel Porfirismo a la Revolución (From the Dictatorship of Porfirio Díaz to the Revolution) by David Alfaro Siqueiros 23 September 2009 [35] current
$200141 × 66 mmGreen Miguel Hidalgo carrying a banner that became the flag of the Insurgents Angel of Independence located in Mexico City on the Paseo de la Reforma 23 September 2009 [36]
$100134 × 66 mmRedPresident Venustiano Carranza and Chairman of Congress Luis Manuel Rojas being sworn in before the Constituent Assembly after amending the Constitution (1917).Congressmen swearing to observe and enforce the Mexican Constitution.5 February 2017 [37]

Series G

In August 2018 a new series of notes began circulation. New anti-counterfeiting measures were implemented. The obverse of the notes will portray important historical eras and individuals. The reverse of the notes will portray the various ecosystems of the country through one of the World Heritage sites of Mexico.

This series will not include a $20 note; it will gradually be replaced by a coin. [38] If Banco de Mexico finds that there is a necessity, the introduction of a $2000 note will occur. [38]

Series G [24]
ImageValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseObverseReverseprintingissuewithdrawal
$50N/AMagenta Pre-Hispanic Mexico; Foundation of TenochtitlanRiparian and lake ecosystems represented by the axolotl and Xochimilco 2022 [38]
$100N/ARed New Spain; Sor Juana Inés de la CruzTemperate forest ecosystems represented by the monarch butterfly and the Monarch Butterfly Biosphere Reserve 2021 [38]
Banco de Mexico G $200 obverse.png Banco de Mexico G $200 reverse.png $200139 x 65 mmGreen Independent Mexico; Miguel Hidalgo and José María Morelos y Pavón Desert and matorral ecosystems represented by the golden eagle and El Pinacate y Gran Desierto de Altar Biosphere Reserve 28 November 2018 [38] 2 September 2019 [38]
Banco de Mexico G $500 obverse.png Banco de Mexico G $500 reverse.png $500146 x 65 mmBlue La Reforma and restoration of the Republic; Benito Juárez Coastal, marine and insular ecosystems represented by the gray whale and El Vizcaíno Biosphere Reserve 19 May 201727 August 2018 [39]
$1000N/APurple Mexican Revolution; Francisco I. Madero, Hermila Galindo and Carmen Serdán Tropical humid-forest ecosystems represented by the jaguar and Calakmul Biosphere Reserve 2020 [38]
$2000N/AYellowContemporary Mexico; Octavio Paz and Rosario Castellanos Dry forest ecosystems represented by the Mexican long-nosed bat and Tequila agave landscape Only if necessary

Use outside Mexico

A Mexican dollar used as currency in Tokugawa Japan, countermarked with "Aratame sanbu sadame" (Gai San Fen Ding , fixed to the value of 3 bu). Aratame sanbu sadame silver coin 1859 Japan.jpg
A Mexican dollar used as currency in Tokugawa Japan, countermarked with "Aratame sanbu sadame" (改三分定, fixed to the value of 3 bu ).

The 18th and 19th century Spanish dollar and Mexican peso were widely used in the early United States. On July 6, 1785, the value of the United States dollar was set by decree to approximately match the Spanish dollar. Both were based on the silver content of the coins. [40] The first U.S. dollar coins were not issued until April 2, 1792, and the peso continued to be officially recognized and used in the United States, along with other foreign coins, until February 21, 1857. In Canada, it remained legal tender, along with other foreign silver coins, until 1854 and continued to circulate beyond that date. The Mexican peso also served as the model for the Straits dollar (now the Singapore dollar/Brunei Dollar), the Hong Kong dollar, the Japanese yen and the Chinese yuan. [41] The term Chinese yuan refers to the round Spanish dollars, Mexican pesos and other 8 reales silver coins which saw use in China during the 19th and 20th century. The Mexican peso was also briefly legal tender in 19th century Siam, when government mints were unable to accommodate a sudden influx of foreign traders, and was exchanged at a rate of three pesos to five Thai baht. [42]

Modern use

The exchange rate of Mexican pesos per U.S. dollar since November 1991. Source: Bank of Mexico. latest rates Banxico US dollar to Mexican peso exchange rate.svg
The exchange rate of Mexican pesos per U.S. dollar since November 1991. Source: Bank of Mexico. latest rates

Some establishments in border areas of the United States accept Mexican pesos as currency, such as certain border Walmart stores, certain border gas stations such as Circle K, and the La Bodega supermarkets in San Ysidro on the Tijuana border. [43] In 2007, Pizza Patrón, a chain of pizza restaurants in the southwestern part of the U.S., started to accept the currency, sparking controversy in the United States. [44] [45] Other than in U.S., Guatemalan, and Belizean border towns, Mexican pesos are generally not accepted as currency outside of Mexico.[ citation needed ]

Current MXN exchange rates
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From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD INR

See also

Related Research Articles

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