Mexican peso

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Mexican peso
Peso Mexicano (Spanish)
MexicoNEW1000s-2008o.JPG
Series F $1000 banknote (obverse)
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. used50¢, $1, $2, $5, $10, $20
Rarely used5¢, 10¢, 20¢, $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 3.56% (May 2018)
Source Banco de Mexico, December 2008

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 America (after the United States dollar and Canadian dollar), and the most traded currency from Latin America. [2]

ISO 4217 Standard which delineates currency designators and country codes

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes, and references to minor units in three tables:

A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, especially for people in a nation. Under this definition, US dollars (US$), pounds sterling (£), Australian dollars (A$), European euros (€), Russian rubles (₽) and Indian Rupees (₹) are examples of currency. These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.

Mexico Country in the southern portion of North America

Mexico, officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatemala, Belize, and the Caribbean Sea; and to the east by the Gulf of Mexico. Covering almost 2,000,000 square kilometres (770,000 sq mi), the nation is the fifth largest country in the Americas by total area and the 13th largest independent state in the world. With an estimated population of over 120 million people, the country is the eleventh most populous state and the most populous Spanish-speaking state in the world, while being the second most populous nation in Latin America after Brazil. Mexico is a federation comprising 31 states and Mexico City, a special federal entity that is also the capital city and its most populous city. Other metropolises in the state include Guadalajara, Monterrey, Puebla, Toluca, Tijuana and León.

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 14 April 2019, the peso's exchange rate was $21.21 per euro and $18.76 per U.S. dollar. [3]

Euro European currency

The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, and counts about 343 million citizens as of 2019. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.

Etymology

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.

Pound sterling official currency of the United Kingdom and other territories

The pound sterling, commonly known as the pound and less commonly referred to as sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling also have currencies called the pound.

History

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

First peso

The peso was the name of the eight-real coins issued in Mexico by Spain. 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).

The real was a currency of Mexico, issued until 1897. There were 16 silver reales to 1 gold escudo, with 8 tlacos to the real. The peso, which circulated alongside the real and eventually replaced it, was equal to 8 reales.

Spain Kingdom in Southwest Europe

Spain, officially the Kingdom of Spain, is a country mostly located in Europe. Its continental European territory is situated on the Iberian Peninsula. Its territory also includes two archipelagoes: the Canary Islands off the coast of Africa, and the Balearic Islands in the Mediterranean Sea. The African enclaves of Ceuta, Melilla, and Peñón de Vélez de la Gomera make Spain the only European country to have a physical border with an African country (Morocco). Several small islands in the Alboran Sea are also part of Spanish territory. The country's mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with Gibraltar; to the north and northeast by France, Andorra, and the Bay of Biscay; and to the west and northwest by Portugal and the Atlantic Ocean.

Spanish dollar Former coin of the Spanish Empire

The Spanish dollar, also known as the piece of eight, is a silver coin, of approximately 38 mm diameter, worth eight Spanish reales, that was minted in the Spanish Empire following a monetary reform in 1497.

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

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. [4] One new peso, or N$1.00, was equal to 1000 of the obsolete MXP pesos. [4]

Capital flight, in economics, occurs when assets or money rapidly flow out of a country, due to an event of economic consequence. Such events could be an increase in taxes on capital or capital holders or the government of the country defaulting on its debt that disturbs investors and causes them to lower their valuation of the assets in that country, or otherwise to lose confidence in its economic strength.

President of Mexico Head of state of the country of Mexico

The President of Mexico, officially known as the President of the United Mexican States, is the head of state and government of Mexico. Under the Constitution, the president is also the Supreme Commander of the Mexican armed forces. The current President is Andrés Manuel López Obrador, who took office on December 1, 2018.

Bank of Mexico Mexicos central bank

The Bank of Mexico, abbreviated BdeM or Banxico, is Mexico's central bank, monetary authority and lender of last resort. The Bank of Mexico is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency.

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

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, [5] 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. [6]

Maximilian I of Mexico emperor of Mexico

Maximilian I was the only monarch of the Second Mexican Empire. He was a younger brother of the Austrian emperor Franz Joseph I. After a distinguished career in the Austrian Navy as its commander, he accepted an offer by Napoleon III of France to rule Mexico, conditional on a national plebiscite in his favour. France, together with Spain and the United Kingdom, invaded the Mexican Republic in the winter of 1861, ostensibly to collect debts; the Spanish and British both withdrew the following year after negotiating agreements with Mexico's republican government, while France sought to conquer the country. Seeking to legitimize French rule, Napoleon III invited Maximilian to establish a new pro-French Mexican monarchy. With the support of the French army and a group of conservative Mexican monarchists hostile to the liberal administration of the new Mexican president, Benito Juárez, Maximilian was offered the position of Emperor of Mexico, which he accepted on 10 April 1864.

Second Mexican Empire 1864-1867 monarchy in Central America

The Mexican Empire or Second Mexican Empire was the name of Mexico under a limited hereditary monarchy declared by the Assembly of Notables on July 10, 1863, during the Second French intervention in Mexico. It was created with the support of Napoleon III of France, who attempted to establish a monarchist ally in the Americas. A referendum confirmed Austrian Archduke Ferdinand Maximilian, of the House of Habsburg-Lorraine, as Emperor Maximilian I of Mexico.

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

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.

Between 1917 and 1919, the gold coinage was expanded to include 2-, 2½-, and 20-peso coins. However, circulation issues of gold ceased in 1921. In 1918, the peso coin was debased, bringing it into line with new silver 10-, 20-, and 50-centavo coins. All were minted in .800 fineness to a standard of 14.5 g to the peso. The liberty cap design, already on the other silver coins, was applied to the peso. Another debasement in 1920 reduced the fineness to .720 with 12 g of silver to the peso. Bronze 10- and 20-centavo coins were introduced in 1919 and 1920, but coins of those denominations were also minted in silver until 1935 and 1943, respectively.

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. [7]

In 1955, bronze 50-centavos were introduced, along with smaller 5-peso coins and a new 10-peso coin. In 1957, new 1-peso coins were issued in .100 silver. This series contained 1.6 g of silver per peso. A special 1-peso was minted in 1957 to commemorate Benito Juárez and the constitution of 1857. These were the last silver pesos. The 5-peso coin now weighed 18 grams and was still 0.720 silver; the 10-peso coin weighed 28 grams and was in 0.900 silver.

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 1971 José Maria Teclo Morelos y Pavón wanted his own coins to be printed. In order not to get mixed In with the regular general coins these were printed with a symbol to the right. These coins were removed from circulation in 1967 and are now worth anywhere from 600 - 2,000 dollars in the U.S. 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

As noted above, the nuevo peso (new peso) was the result of hyperinflation in Mexico. 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. [4]

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, 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 aluminium bronze. The nuevo peso denominations were bimetallic, with the 1, 2 and 5 nuevos pesos having aluminium bronze centers and stainless steel rings, and the 10, 20 and 50 nuevos pesos having .925 silver centers and aluminium 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 2003, the Banco de Mexico 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 the Federal District. 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 the 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 aluminium bronze.

The coins commonly encountered in circulation have face values of 50¢, $1, $2, $5, and $10. The 5¢, 10¢ and 20¢ coins are uncommon due to their small value. Small 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 $20, $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
ImageValueTechnical parametersDescriptionMinting history
ObverseReverseDiameterWeightCompositionEdgeObverseReverseYearQuantity
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)
ImageValueTechnical parametersDescriptionMinting history
ObverseReverseDiameterWeightCompositionEdgeObverseReverseYearQuantity
$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 millimeter. For table standards, see the coin specification table.

Banknotes

First peso

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 .

Series AA

ImageValueDimensions (millimeters)Design
ObverseReverseObverseReverse
MXP $5155 x 66 mm Josefa Ortiz de Domínguez Querétaro Aqueduct
MXP $10155 x 66 mm Miguel Hidalgo Dolores Hidalgo parish
MXP $20155 x 66 mm José María Morelos Temple of the Feathered Serpent, Teotihuacan
MXP $50155 x 66 mm Benito Juárez Zapotec funerary urn and temple
MXP $100155 x 66 mm Venustiano Carranza Chacmool
MXP $500155 x 66 mm Francisco I. Madero Aztec calendar stone
MXP $1,000155 x 66 mm Juana Inés de la Cruz Plaza de Santo Domingo, Mexico City

Series A

ImageValueDimensions (millimeters)Design
ObverseReverseObverseReverse
MXP $2000155 x 66 mm Justo Sierra Royal and Pontifical University of Mexico during the 19th century.
MXP $5000155 x 66 mm Niños Héroes Chapultepec Castle
MXP $10,000155 x 66 mm Lázaro Cárdenas Templo Mayor discoveries / Coyolxauhqui
MXP $20,000155 x 66 mm Andrés Quintana Roo Mural of Bonampak / Yaxchilan Lintel 25
MXP $50,000155 x 66 mm Cuauhtémoc "The fusion of two cultures", by Jorge González Camarena
MXP $100,000155 x 66 mm Plutarco Elías Calles Guaymas Bay and White-tailed deer

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.

ImageValueDimensions (millimeters)Design
ObverseReverseObverseReverse
MXN $10155 x 66 mm Lázaro Cárdenas Templo Mayor discoveries / Coyolxauhqui
MXN $20155 x 66 mm Andrés Quintana Roo Mural of Bonampak / Yaxchilan Lintel 25
MXN $50155 x 66 mm Cuauhtémoc "The fusion of two cultures", by Jorge González Camarena
MXN $100155 x 66 mm Plutarco Elías Calles Guaymas Bay and White-tailed deer

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 was 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.

ImageValueDimensions (millimeters)Design
ObverseReverseObverseReverse
MXN $10129 x 66 mm Emiliano Zapata Scene from Morelos
MXN $20129 x 66 mm Benito Juárez Benito Juárez Hemicycle, Mexico City
MXN $50129 x 66 mm José María Morelos Scene from Michoacán (Lake Pátzcuaro)
MXN $100155 x 66 mm Nezahualcoyotl Xochipilli
MXN $200155 x 66 mm Juana de Asbaje Façade of the temple of San Jerónimo
MXN $500155 x 66 mm Ignacio Zaragoza Puebla Cathedral

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
ImageValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseObverseReverseprintingissuewithdrawal
MXN $10129 × 66 mmAqua Emiliano Zapata Scene from Morelos May 6, 199419961997
MXN $20Blue Benito Juárez Benito Juárez Hemicycle, Mexico City May 6, 1994
May 17, 2001 (polymer)
1996
September 30, 2002
current
MXN $50Reddish-Purple José María Morelos y Pavón Scene from Michoacán (Lake Pátzcuaro)May 6, 1994
October 18, 2000 (iridescent)
1996
October 15, 2001
MXN $100155 × 66 mmRed Nezahualcoyotl Xochipilli May 6, 1994
October 18, 2000 (color shifting)
? (raised ink)
1996
October 15, 2001
December 19, 2005
MXN $200Green Sor Juana Inés de la Cruz Façade of the temple of San JerónimoFebruary 7, 1995
October 18, 2000 (color shifting)
? (raised ink)
MXN $500Brown Ignacio Zaragoza Puebla Cathedral
MXN $1,000Purple Miguel Hidalgo y Costilla University of Guanajuato / Baratillo FountainMarch 26, 2002November 15, 2004

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). [8]

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. [9] The Banco de México, however, says they will continue issuing the symbol bills.

The raised, tactile patterns are as follows: [10]

ValueBillDescription 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). [11]

Series F
ImageValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseObverseReverseprintingissuewithdrawal
$20120 × 66 mmBlue Benito Juárez Monte Albán / Cocijo June 19, 2006August 20, 2007current
$50127 × 66 mmReddish-Purple José María Morelos y Pavón Aqueduct of Morelia November 5, 2004November 21, 2006
$50127 × 66 mmReddish-purple José María Morelos y Pavón Aqueduct of Morelia June 12, 2012May 6, 2013
$100134 × 66 mmRed Nezahualcóyotl Representation of Templo Mayor, aqueduct and central plaza of Tenochtitlan August 9, 2010
$200141 × 66 mmGreen Sor Juana Inés de la Cruz Panoaya Hacienda, Amecameca February 15, 2008September 11, 2008
$500148 × 66 mmBrown Diego Rivera Frida Kahlo; Kahlo’s painting El Abrazo de Amor del Universo, La Tierra, (México), Yo, Diego and Señor Xolotl (The Love Embrace of the Universe, the Earth, [Mexico], I, Diego and Mister Xolotl) August 30, 2010
$1,000155 × 66 mmPurple Miguel Hidalgo y Costilla University of Guanajuato / Baratillo FountainApril 7, 2008

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. [12]

Likewise, a 100-peso banknote that commemorates the 100th anniversary of the enactment of the Constitution of Mexico was unveiled and issued in 2017. [13]

Commemorative notes from Series F
ImageValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseObverseReverseprintingissuewithdrawal
$100134 × 66 mmRedSteam locomotive"Del Porfirismo a la Revolución" (From the Dictatorship of Porfirio Díaz to the Revolution) by David Alfaro Siqueiros.September 23, 2009current
$20066 × 141 mmGreen Miguel Hidalgo y Costilla carrying a banner that was later used by other independence fighters"Ángel de la Independencia" ("Angel of Independence"), located in Mexico City on the Paseo de la ReformaSeptember 23, 2009
Billete 100 pesos MXN (Conmemorativo centenario de la Constitucion de 1917) Anverso.png Billete 100 pesos MXN (Conmemorativo centenario de la Constitucion de 1917) Reverso.png $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.February 5, 2017

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. [14] If Banco de Mexico finds that there is a necessity, the introduction of a $2000 note will occur. [14]

Series G
ImageValueDimensions (millimeters)Main ColorDescriptionDate of
ObverseReverseObverseReverseprintingissuewithdrawal
$50N/AN/A Pre-Hispanic Mexico; Foundation of TenochtitlanRiparian and lake ecosystems represented by the axolotl and Xochimilco 2022 [14]
$100N/AN/A New Spain; Sor Juana Inés de la CruzTemperate forest ecosystems represented by the monarch butterfly and the Monarch Butterfly Biosphere Reserve 2021 [14]
$200N/AN/A Independent Mexico; Miguel Hidalgo and José María Morelos Desert and matorral ecosystems represented by the golden eagle and El Pinacate y Gran Desierto de Altar Biosphere Reserve 2018 [14] 2019 [14]
$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 May 19, 2017August 27, 2018 [15]
$1000N/AN/A Mexican Revolution; Francisco I. Madero, Hermila Galindo and Carmen Serdán Tropical humid forest ecosystems represented by the jaguar and Calakmul Biosphere Reserve 2020 [14]
$2000N/AN/AContemporary Mexico; Octavio Paz and Rosario Castellanos Dry forest ecosystems represented by the Mexican long-nosed bat and Tequila agave landscape Conditional

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. [16] 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/Brunei Dollar), the Hong Kong dollar, the Japanese yen and the Chinese yuan. [17] 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 one Thai baht. [18]

Modern use

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. [19] 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. [20] [21] 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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See also

Related Research Articles

The peso is the currency of Chile. The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960. Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount, $ or ; the single-bar symbol, available in most modern text systems, is almost always used. Both of these symbols are used by many currencies, most notably the United States dollar, and may be ambiguous without clarification, such as CLP$ or US$. The ISO 4217 code for the present peso is CLP. It is officially subdivided into 100 centavos, although there are no current centavo-denominated coins. The exchange rate was around CLP$600 to 1 United States dollar at the end of 2014 and as of 1 April 2018.

The quetzal is the currency of Guatemala, named after the national bird of Guatemala, the resplendent quetzal. In ancient Mayan culture, the quetzal bird's tail feathers were used as currency. It is divided into 100 centavos, or lenes in Guatemalan slang. The plural is quetzales.

Philippine peso currency of the Philippines

The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 centavos or sentimos in Filipino. As a former colony of the United States, the country used English on its currency, with the word "peso" appearing on notes and coinage until 1967. Since the adoption of the usage of the Filipino language on banknotes and coins, the term "piso" is now used.

Argentine peso currency of Argentina

The peso is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using dollar currencies. It is subdivided into 100 centavos. Its ISO 4217 code is ARS.

Nicaraguan córdoba currency

The córdoba is the currency of Nicaragua. It is divided into 100 centavos.

Ecuadorian sucre former currency of Ecuador

The Sucre was the currency of Ecuador between 1884 and 2000. Its ISO code was ECS and it was subdivided into 10 Decimos or 100 Centavos. The sucre was named after Latin American political leader Antonio José de Sucre. The currency was replaced by the United States dollar as a result of the 1998–99 financial crisis.

Peruvian sol (1863–1985) former currency of Peru

The sol was the currency of Peru between 1863 and 1985. It had the ISO 4217 currency code PES. It was subdivided into 10 dineros or 100 centavos.

The peso is the currency of Colombia. Its ISO 4217 code is COP. The official peso symbol is $, with COL$ also being used to distinguish it from other peso-denominated currencies.

Cuban peso one of two official currencies in use in Cuba, along with the convertible peso

The peso is one of two official currencies in use in Cuba, the other being the convertible peso. There are currently 25 CUP per CUC.

The lempira is the currency of Honduras. It is subdivided into 100 centavos.

The Dominican peso is the currency of the Dominican Republic. Its symbol is "$", with "RD$" used when distinction from other pesos is required; its ISO 4217 code is "DOP". Each peso is divided into 100 centavos ("cents"), for which the ¢ symbol is used. It is the only currency that is legal tender in the Dominican Republic for all monetary transactions, whether public or private.

The boliviano is the currency of Bolivia. It is divided into 100 cents or centavos in Spanish. Boliviano was also the name of the currency of Bolivia between 1864 and 1963.

The colón is the currency of Costa Rica. The plural is colones. The ISO 4217 code is CRC.

The peso was the currency of El Salvador between 1877 and 1919.

The peso moneda nacional was the currency of Argentina from November 5, 1881 to January 1, 1970, the date in which the Argentine peso ley was issued to the Argentine public. It was subdivided into 100 centavos, with the argentino worth 5 pesos. Its symbol was m$n or $m/n.

Currency of Uruguay

This is an outline of Uruguay's monetary history. For the present currency of Uruguay, see Uruguayan peso.

Currency of Venezuela

This article provides a historical summary of the currency used in Venezuela since the end of the 18th century. For the present currency of Venezuela, see Venezuelan bolívar.

Currency in Colombia has been used since 1622. It was in that year, under a licence purchased from King Philip III of Spain, that Turrillo de Yebra established a mint at Santa Fe de Bogotá and a branch mint at Cartagena de las Indias, where gold cobs were produced as part of Colombia's first currency. Silver milled coins date from 1627. In 1831, Gran Colombia dissolved into Venezuela and New Granada. In 1836, in New Granada, new monetary laws were passed, to standardise the money produced in the country. From 1861-1862, due to financial instability, the United States of New Granada accepted British currency, the name of the country becoming the United States of Colombia in 1862. In 1880, Colombia pegged the peso to the gold standard due to the falling price of silver. In 1886, the paper peso was introduced. In 1931, Colombia abandoned the gold standard and switched to the current form of the peso.

The article provides a historical summary of the currency used in Ecuador. The present currency of Ecuador is the United States dollar.

Bolivian boliviano (1864–1963) currency of Bolivia from 1864 to 1963

The first boliviano was the currency of Bolivia from 1864 to 1963. Due to rising inflation, it was replaced with the peso boliviano at an exchange rate of 1000 bolivianos to 1 peso. The peso was later replaced by the second Bolivian boliviano.

References

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  12. Mexico 100-peso commemorative has error, BanknoteNews.com. Retrieved 2011-09-05.
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  21. Kovach, Gretel (2007-01-14). "Pizza Chain Takes Pesos, and Complaints". The New York Times . Retrieved 2008-01-30.