Mexican peso

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]

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]

Mexican peso
Peso Mexicano (Spanish)
MexicoNEW1000s-2008o
Series F $1000 banknote (obverse)
ISO 4217
CodeMXN
Number484
Exponent2
Denominations
Subunit
 1/100centavo
Symbol$ 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) Mexico
Issuance
Central bankBank of Mexico
 Websitewww.banxico.org.mx
PrinterBank of Mexico
 Websitewww.banxico.org.mx
MintCasa de Moneda de México
 Websitewww.cmm.gob.mx
Valuation
Inflation3.56% (May 2018)
 SourceBanco de Mexico, December 2008

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.

History

Banxico US dollar to Mexican peso exchange rate
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).

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]

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

Mexico 1866 20 Pesos
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]

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 [2] [3]
Image Value Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
15.5 mm 1.58 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
Plain State title, coat of arms Stylized image of the solar rays of the “Ring of the Quincunxes of the Sun Stone.” 1992 136'800,000
10¢ 17 mm 2.08 g Stylized image of the “Ring of the Sacrifice of the Sun Stone.” 1992 ###,###
10¢ 14 mm 1.755 g Slotted State 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
Plain State title, coat of arms Stylized image of the “Thirteenth Acatl Day of the Sun Stone.” 1992 ###,###
20¢ 15.3 mm 2.258 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 reeding State 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
Plain State title, coat of arms Stylized image of the “Ring of Acceptance of the Sun Stone.” 1992 ###,###
50¢ 17 mm 3.103 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 edge State title, coat of arms Stylized image of the “Ring of Acceptance of the Sun Stone.” 2009 ###,###
N$1
or $1
21 mm 3.95 g
R: 2.14 g
C: 1.81 g
Ring: Stainless steel (as 10¢)
Center: Aluminium bronze (as 50¢)
Plain State title, coat of arms Stylized image of the “Ring of Splendor of the Sun Stone.” N$: 1992
$: 1996
###,###
N$2
or $2
23 mm 5.19 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 mm 7.07 g
R: 3.82 g
C: 3.25 g
Stylized image of the “Ring of the Serpents of the Sun Stone.” ###,###
$10 28 mm 10.329 g
R: 5.579 g
C: 4.75 g
Ring: Aluminium bronze (as 50¢)
Center:
65% copper
25% zinc
10% nickel
Reeded edge State title, coat of arms Circle of the Sun Stone representing Tonatiuh with the fire mask. 1997 ###-###
Commemorative Coins (selected) [4]
Image Value Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
$5 25.5 mm 7.07 g
R: 3.82 g
C: 3.25 g
Ring: Stainless steel (as 10¢)
Center: Aluminium bronze (as 50¢)
Reeded edge State title, coat of arms Mexican Bicentennial Series 2008-2010 ###-###
N$10
or $10
28 mm 11.183 g
R: 5.579 g
C: 5.604 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (1/6oz)
7.5% copper
Reeded edge State title, coat of arms Circle of the Sun Stone representing Tonatiuh with the fire mask. N$: 1992
$: 1996
###-###
$10 28 mm 10.329 g
R: 5.579 g
C: 4.75 g
Ring: Aluminium bronze (as 50¢)
Center:
65% copper
25% zinc
10% nickel
Inscription State 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 legend 2000 ###-###
N$20 32 mm 16.996 g
R: 8.59 g
C: 8.406 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (1/4oz)
7.5% copper
Segmented reeding State title, coat of arms Miguel Hidalgo 1993 ###-###
$20 32 mm 15.945 g
R: 8.59 g
C: 7.355 g
Ring: Aluminium bronze (as 50¢)
Center: Cupronickel
75% copper
25% nickel
Milled State title, coat of arms Xiuhtecuhtli Year 2000, Aztec "New Fire" ceremony 2000 ###-###
Octavio Paz ###-###
N$50 39 mm 33.967 g
R: 17.155 g
C: 16.812 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (1/2oz)
7.5% copper
Reeded edge State title, coat of arms Value, the Hero Cadets of the Battle of Chapultepec 1993 ###-###
$100 39 mm 33.967 g
R: 17.155 g
C: 16.812 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (1/2oz)
7.5% copper
Intermittent milling State 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.

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 1981, followed by 2,000 pesos in 1983, 20,000 pesos in 1985, 50,000 pesos in 1986 and 100,000 pesos in 1988.

Series AA

Image Value Dimensions (millimeters) Design
Obverse Reverse Obverse Reverse
MXP $5 155 x 66 mm Josefa Ortiz de Domínguez Querétaro Aqueduct
MXP $10 155 x 66 mm Miguel Hidalgo Dolores Hidalgo parish
MXP $20 155 x 66 mm José María Morelos Temple of the Feathered Serpent, Teotihuacan
MXP $50 155 x 66 mm Benito Juárez Zapotec funerary urn and temple
MXP $100 155 x 66 mm Venustiano Carranza Chacmool
MXP $500 155 x 66 mm Francisco I. Madero Aztec calendar stone
MXP $1,000 155 x 66 mm Juana Inés de la Cruz Plaza de Santo Domingo, Mexico City

Series A

Image Value Dimensions (millimeters) Design
Obverse Reverse Obverse Reverse
MXP $2000 155 x 66 mm Justo Sierra Royal and Pontifical University of Mexico during the 19th century.
MXP $5000 155 x 66 mm Niños Héroes Chapultepec Castle
MXP $10,000 155 x 66 mm Lázaro Cárdenas Templo Mayor discoveries / Coyolxauhqui
MXP $20,000 155 x 66 mm Andrés Quintana Roo Mural of Bonampak / Yaxchilan Lintel 25
MXP $50,000 155 x 66 mm Cuauhtémoc "The fusion of two cultures", by Jorge González Camarena
MXP $100,000 155 x 66 mm Plutarco Elías Calles Guaymas Bay and White-tailed deer

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.

Image Value Dimensions (millimeters) Design
Obverse Reverse Obverse Reverse
MXN $10 155 x 66 mm Lázaro Cárdenas Templo Mayor discoveries / Coyolxauhqui
MXN $20 155 x 66 mm Andrés Quintana Roo Mural of Bonampak / Yaxchilan Lintel 25
MXN $50 155 x 66 mm Cuauhtémoc "The fusion of two cultures", by Jorge González Camarena
MXN $100 155 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 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.

Image Value Dimensions (millimeters) Design
Obverse Reverse Obverse Reverse
MXN $10 129 x 66 mm Emiliano Zapata Scene from Morelos
MXN $20 129 x 66 mm Benito Juárez Benito Juárez Hemicycle, Mexico City
MXN $50 129 x 66 mm José María Morelos Scene from Michoacán (Lake Pátzcuaro)
MXN $100 155 x 66 mm Nezahualcoyotl Xochipilli
MXN $200 155 x 66 mm Juana de Asbaje Façade of the temple of San Jerónimo
MXN $500 155 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 [5]
Image Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
MXN $10 129 × 66 mm Aqua Emiliano Zapata Scene from Morelos May 6, 1994 1996 1997
MXN $20 Blue Benito Juárez Benito Juárez Hemicycle, Mexico City May 6, 1994
May 17, 2001 (polymer)
1996
September 30, 2002
current
MXN $50 Reddish-Purple José María Morelos y Pavón Scene from Michoacán (Lake Pátzcuaro) May 6, 1994
October 18, 2000 (iridescent)
1996
October 15, 2001
MXN $100 155 × 66 mm Red Nezahualcoyotl Xochipilli May 6, 1994
October 18, 2000 (color shifting)
? (raised ink)
1996
October 15, 2001
December 19, 2005
MXN $200 Green Sor Juana Inés de la Cruz Façade of the temple of San Jerónimo February 7, 1995
October 18, 2000 (color shifting)
? (raised ink)
MXN $500 Brown Ignacio Zaragoza Puebla Cathedral
MXN $1,000 Purple Miguel Hidalgo y Costilla University of Guanajuato / Baratillo Fountain March 26, 2002 November 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 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]

Value Bill Description of pattern
$100 Five diagonal lines side by side, with a negative slope, each broken up into three segments.
$200 Small broken-up square pattern.
$500 Four 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 [6]
Image Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
$20 120 × 66 mm Blue Benito Juárez Monte Albán / Cocijo June 19, 2006 August 20, 2007 current
$50 127 × 66 mm Reddish-Purple José María Morelos y Pavón Aqueduct of Morelia November 5, 2004 November 21, 2006
$50 127 × 66 mm Reddish-purple José María Morelos y Pavón Aqueduct of Morelia June 12, 2012 May 6, 2013
$100 134 × 66 mm Red Nezahualcóyotl Representation of Templo Mayor, aqueduct and central plaza of Tenochtitlan August 9, 2010
$200 141 × 66 mm Green Sor Juana Inés de la Cruz Panoaya Hacienda, Amecameca February 15, 2008 September 11, 2008
$500 148 × 66 mm Brown 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
$1,000 155 × 66 mm Purple Miguel Hidalgo y Costilla University of Guanajuato / Baratillo Fountain April 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 [7]
Image Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
$100 134 × 66 mm Red Steam locomotive "Del Porfirismo a la Revolución" (From the Dictatorship of Porfirio Díaz to the Revolution) by David Alfaro Siqueiros. September 23, 2009 current
$200 66 × 141 mm Green 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 Reforma September 23, 2009
Billete 100 pesos MXN (Conmemorativo centenario de la Constitución de 1917) Anverso Billete 100 pesos MXN (Conmemorativo centenario de la Constitución de 1917) Reverso $100 134 × 66 mm Red President 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 [8]
Image Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
$50 N/A N/A Pre-Hispanic Mexico; Foundation of Tenochtitlan Riparian and lake ecosystems represented by the axolotl and Xochimilco 2022[14]
$100 N/A N/A New Spain; Sor Juana Inés de la Cruz Temperate forest ecosystems represented by the monarch butterfly and the Monarch Butterfly Biosphere Reserve 2021[14]
$200 N/A N/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]
$500 146 x 65 mm Blue 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, 2017 August 27, 2018[15]
$1000 N/A N/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]
$2000 N/A N/A Contemporary Mexico; Octavio Paz and Rosario Castellanos Dry forest ecosystems represented by the Mexican long-nosed bat and Tequila agave landscape Conditional

Use outside Mexico

Aratame sanbu sadame silver coin 1859 Japan
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.

Current MXN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD INR
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD INR
From XE: AUD CAD CHF EUR GBP HKD JPY USD INR
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD INR
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD INR

See also

References

  1. ^ Corporation, Bonnier (1 February 1930). "Popular Science". Bonnier Corporation. Retrieved 16 October 2017 – via Google Books.
  2. ^ "Triennial Central Bank Survey Foreign exchange turnover in April 2013 : preliminary global results : Monetary and Economic Department" (PDF). Bis.org. September 2013. Retrieved 16 October 2017.
  3. ^ "MXN - Mexican Peso rates, news, and tools". Xe.com. Retrieved 17 February 2019.
  4. ^ a b c Darling, Juanita (1 January 1993). Los Angeles Times http://articles.latimes.com/1993-01-01/business/fi-2969_1_100-peso-note. Retrieved 25 August 2018. Missing or empty |title= (help)
  5. ^ Encyclopaedia Britannica. "Maximilian". Retrieved 25 August 2018.
  6. ^ The Numismatist. 94. American Numismatic Association. 1982. p. 40.
  7. ^ Polsson, Ken. "United Mexican States Coins: Type Collecting - Five Pesos". cointypes.info. Retrieved 16 October 2017.
  8. ^ Ordenan emitir billetes para invidentes Archived 2005-09-20 at the Wayback Machine ("(The deputies) order production of bills for the non-seeing"). April 5, 2004. Retrieved on February 14, 2006 from esmas.com (in Spanish)
  9. ^ [1]
  10. ^ "Emisión de billetes de 100, 200 y 500 pesos con marcas que permitan identificar su denominación a las personas invidentes" (PDF). Banxico.org.mx. Retrieved 16 October 2017.
  11. ^ Mexico new 50-peso note reported BanknoteNews.com. May 7, 2013. Retrieved on 2013-05-08.
  12. ^ Mexico 100-peso commemorative has error, BanknoteNews.com. Retrieved 2011-09-05.
  13. ^ "Billete de 100 pesos F conmemorativo Const 1917, conmemorativo, Banco de México". www.banxico.org.mx.
  14. ^ a b c d e f g Mera, Isaid. "Desaparecerá el billete de 20 pesos". El Financiero (in Spanish). Retrieved 28 August 2018.
  15. ^ "Billete de 500 pesos de la familia G, circulación, Banco de México". Banxico (in Spanish). Retrieved 28 August 2018.
  16. ^ Journals of the Continental Congress, Volume 28. 1785. pp. 354–357. Retrieved 2008-02-05.
  17. ^ "Archived copy". Archived from the original on 2007-09-29. Retrieved 2012-09-30.CS1 maint: Archived copy as title (link)
  18. ^ Terwiel, B.J., Thailand's Political History, p. 160
  19. ^ "La Bodega Market". Facebook.com. Retrieved 16 October 2017.
  20. ^ "Pizza chain sparks debate by accepting pesos". MSNBC. 2007-01-12. Retrieved 2008-01-30.
  21. ^ Kovach, Gretel (2007-01-14). "Pizza Chain Takes Pesos, and Complaints". The New York Times. Retrieved 2008-01-30.

External links

Bank of Mexico

The Bank of Mexico (Spanish: Banco de México), 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.

Cambodian franc

The franc was the currency of Cambodia between 1875 and 1885. It was equal to the French franc and was similarly subdivided into 100 centimes. It circulated alongside the piastre (equal to the Mexican peso) with 1 piastre = 5.37 francs. It replaced the tical and was replaced by the piastre. No paper money was issued.

Centavo

The centavo (Spanish and Portuguese 'one hundredth') is a fractional monetary unit that represents one hundredth of a basic monetary unit in many countries around the world. The term comes from Latin centum, ('one hundred'), with the added suffix -avo ('portion').

Central banks and currencies of the Americas

This is a list of central banks and currencies of the Americas (Central America and South America and North America) .

Coat of arms of Mexico

The coat of arms of Mexico (Spanish: Escudo Nacional de México, literally "national shield of Mexico") depicts a Mexican [golden] eagle perched on a prickly pear cactus devouring a rattlesnake. The design is rooted in the legend that the Aztec people would know where to build their city once they saw an eagle eating a snake on top of a lake. The image has been an important symbol of Mexican politics and culture for centuries. To the people of Tenochtitlan, this symbol had strong religious connotations, and to the Europeans, it came to symbolize the triumph of good over evil (with the snake sometimes representative of the serpent in the Garden of Eden).

The Law on the National Arms, Flag, and Anthem regulates the design and use of the arms. They feature in the centre of the flag of Mexico, are engraved on the obverse of Mexican peso coins, and are the basis of the Seal of the United Mexican States, the seal used on any official documents issued by the federal, state or municipal governmental authorities. The seal differs from the arms by the addition of the words Estados Unidos Mexicanos ("United Mexican States", the full official name of the country) in a semicircle around the upper half.

Currency pair

A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market. The currency that is used as the reference is called the counter currency, quote currency or currency and the currency that is quoted in relation is called the base currency or transaction currency.

Currency pairs are generally written by concatenating the ISO currency codes (ISO 4217) of the base currency and the counter currency, and then separating the two codes with a slash. Alternatively the slash may be omitted, or replaced by either a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation EUR/USD 1.2500 means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency(counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars.

The most traded currency pairs in the world are called the Majors. They involve the currencies euro, US dollar, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and the Swiss franc.

Dominican franco

The franco was a currency introduced in the Dominican Republic in 1891, as the Dominican Republic Government, then headed by president Ulises Heureaux intended to join the Latin Monetary Union. It was subdivided into 100 centesimos. Five denominations of coins were issued, 5, 10 and 50 centesimos, 1 and 5 francos. Although apparently intended to replace the mexican peso which was the main circulating currency back then, this did not happen, because the Dominican Government did not establish parity with the circulating Mexican peso and in 1897, new coins denominated in pesos and similar in design to the franco coins were introduced. The coins matched the specifications of the French 10 and 50 centimes and 1 and 5 francs, indicating that a link between the franco and the Latin Monetary Union was intended.

In 1891, 125,000 1-franco coins were produced.

History of Federal Open Market Committee actions

This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC). The FOMC controls the supply of credit to banks and the sale of treasury securities. The Federal Open Market Committee meets every two months during the fiscal year. At scheduled meetings, the FOMC meets and makes any changes it sees as necessary, notably to the federal funds rate and the discount rate. The committee may also take actions with a less firm target, such as an increasing liquidity by the sale of a set amount of Treasury bonds, or affecting the price of currencies both foreign and domestic by selling dollar reserves (such as during the Mexican peso bailout in 1994). Jerome Powell is the current chairperson of the Federal Reserve and the FOMC.

La Década Perdida

"La Década Perdida" ("The Lost Decade") is a designation to the financial period of crisis in Latin America during the 1980s (and for some well into the subsequent decade). Sometimes the term is used in exclusive reference to Mexico & Guatemala.

After the petroleum boom previous to the government of Mexican president José López Portillo (from 1976 to 1982), the Mexican government began to rely heavily on export barrels to support the financial needs in the country. These exports were mainly directed towards the United States, mainly due to the petroleum crisis of 1973, taking advantage of the high prices these barrels garnered.

When the market finally settled, thus reducing the high prices per barrel, the financial stability of the country was endangered. Diversification of income would have prevented the problem, but due to the inability of other production sectors to make up for the reduced profit, Mexico had to inflate the currency to by then historic levels. The Mexican peso would then be devaluated by almost 500%. Given these circumstances, López Portillo nationalized all financial institutions in 1982, during his last public address to the nation by saying: "Defenderé el peso como un perro" ("I'll defend the peso like a dog").

During the next period, president Miguel de la Madrid tried to bring back foreign investment and new trade agreements, culminating with Mexico's admission to the General Agreement on Tariffs and Trade (GATT) on January 1986 and also his proposed "Economic Solidarity Pact" in 1987, which finally put inflation under control, which averaged 100% until that time.

Mexican passport

Mexican passports are issued to Mexican citizens for the purpose of traveling abroad. The Mexican passport is also an official ID and proof of Mexican citizenship. According to the 2018 Visa Restrictions Index, holders of a Mexican passport can visit 158 countries without a visa, placing Mexico in the 21st rank in terms of global travel freedom.

Mexican peso crisis

The Mexican peso crisis was a currency crisis sparked by the Mexican government's sudden devaluation of the peso against the U.S. dollar in December 1994, which became one of the first international financial crises ignited by capital flight.During the 1994 presidential election, the incumbent administration embarked on expansionary fiscal and monetary policy. The Mexican treasury began issuing short-term debt instruments denominated in domestic currency with a guaranteed repayment in U.S. dollars, attracting foreign investors. Mexico enjoyed investor confidence and new access to international capital following its signing of the North American Free Trade Agreement (NAFTA). However, a violent uprising in the state of Chiapas, as well as the assassination of the presidential candidate Luis Donaldo Colosio, resulted in political instability, causing investors to place an increased risk premium on Mexican assets.

In response, the Mexican central bank intervened in the foreign exchange markets to maintain the Mexican peso's peg to the U.S. dollar by issuing dollar-denominated public debt to buy pesos. The peso's strength caused demand for imports to increase in Mexico, resulting in a trade deficit. Speculators recognized an overvalued peso and capital began flowing out of Mexico to the United States, increasing downward market pressure on the peso. Under election pressures, Mexico purchased its own treasury securities to maintain its money supply and avert rising interest rates, drawing down the bank's dollar reserves. Supporting the money supply by buying more dollar-denominated debt while simultaneously honoring such debt depleted the bank's reserves by the end of 1994.

The central bank devalued the peso on December 20, 1994, and foreign investors' fear led to an even higher risk premium. To discourage the resulting capital flight, the bank raised interest rates, but higher costs of borrowing merely hurt economic growth. Unable to sell new issues of public debt or efficiently purchase dollars with devalued pesos, Mexico faced a default. Two days later, the bank allowed the peso to float freely, after which it continued to depreciate. The Mexican economy experienced hyperinflation of around 52% and mutual funds began liquidating Mexican assets as well as emerging market assets in general. The effects spread to economies in Asia and the rest of Latin America. The United States organized a $50 billion bailout for Mexico in January 1995, administered by the IMF with the support of the G7 and Bank for International Settlements. In the aftermath of the crisis, several of Mexico's banks collapsed amidst widespread mortgage defaults. The Mexican economy experienced a severe recession and poverty and unemployment increased.

North American monetary union

The North American monetary union is a theoretical economic and monetary union of three North American countries: Canada, the United States of America and Mexico.

Implementation would involve the three countries giving up their current currency units (the U.S. dollar, the Canadian dollar, and the Mexican peso) and adopting a new one, created specifically for this purpose (some versions of the theory assume only the United States and Canada would be included). The hypothetical currency for the union is most often referred to as the amero. The concept is modeled on the common European Union currency (the euro).

Roman currency

Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage (see: Roman metallurgy). From its introduction to the Republic, during the third century BC, well into Imperial times, Roman currency saw many changes in form, denomination, and composition. A persistent feature was the inflationary debasement and replacement of coins over the centuries. Notable examples of this followed the reforms of Diocletian. This trend continued into Byzantine times.

Because of the economic power and longevity of the Roman state, Roman currency was widely used throughout western Eurasia and northern Africa from classical times into the Middle Ages. It served as a model for the currencies of the Muslim caliphates and the European states during the Middle Ages and the Modern Era. Roman currency names survive today in many countries (e.g., the Arabic dinar (from the denarius coin), the Peruvian sol (from the solidus coin), the British pound and Mexican peso (both translations of the Roman libra)).

Trade dollar

Trade dollars are silver coins minted as trade coins by various countries to facilitate trade with China and the Orient. They all approximated in weight and fineness to the Spanish dollar, which had set the standard for a de facto common currency for trade in the Far East.

UWA World Welterweight Championship

The UWA World Welterweight Championship is a championship in professional wrestling that is primarily contested for in various Lucha Libre promotions in Mexico. In 1993, the championship was recognized by the Japanese professional wrestling promotion Michinoku Pro, following Super Delfin's victory over then champion Celestial. In 1995, Gran Hamada was stripped of the championship, because he exceeded the weight limit. The championship returned to being primarily contested for in Mexico, and it wasn't until Taiji Ishimori's victory over Super Crazy in 2003 that a Japanese wrestler would hold the championship again.

Vietnamese văn (currency unit)

The Vietnamese văn (Hán tự: 文; French: Sapèque) as a denomination for Vietnamese cash coins was used from 1868 until 1885 during the reign of the Nguyễn dynasty (but appeared on cash coins until 1945). The inspiration to introduce the văn may have been to emulate the Chinese wén used on contemporary Qing dynasty cash coins which had just become a fiat currency, however unlike the Chinese system where all Chinese cash coins were cast from the same metals the and the wén was the primary unit of account, the Vietnamese system used the văn as a basic number currency symbol indicating how much zinc cash coins a brass cash coin was worth, while it used the mạch and quán as units of account. It was abolished as a measurement for zinc cash coins when the French Indochinese piastre was introduced, after which the term still appeared on Vietnamese cash coins but represented a subdivision of the piastre known in French as sapèque as the production of zinc coinage was ceased by the Imperial government of the Nguyễn dynasty around the year 1871.The French sapèque was worth ​1⁄600 of a piastre (a currency based on the Mexican peso) and represented Vietnamese cash coins in general. The Vietnamese term văn (文) would appear on the Thành Thái Thông Bảo (成泰通寶), Duy Tân Thông Bảo (維新通寶), and Bảo Đại Thông Bảo (保大通寶) cash coins produced under French rule, the last of these was officially produced until 1945.

History
Geography
Politics
Economy
Society
Currencies named peso or similar
Circulating
Obsolete
See also
Currencies of the Americas
North
Caribbean
Central
South

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