Mexican peso

Copper coin of 8 real minted during the War of Independence.

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

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

Mexican currency 1856 of Guanajuato with the legend "EST. LIB. DE GUANAXUATO" on the back.

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

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

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

Front and back of an 1866 twenty-peso gold coin, depicting Maximilian I of Mexico.

Peseta mexicana.

100 pesos coin of the old Mexican peso, issued in 1988.

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

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

A coin of a peso minted in 1921.

Quinto mexicano 1904.

Tostón mexicano 1919.

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

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

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

Between 1960 and 1971, new coinage was introduced, consisting of brass 1- and 5-centavos, cupro-nickel 10-, 25-, and 50-centavos, 1-, 5-, and 10-pesos, and silver 25-pesos (only issued 1972). In 1977, silver 100-pesos were issued for circulation. In 1980, smaller 5-peso coins were introduced alongside 20-pesos and (from 1982) 50-pesos in cupro-nickel. Between 1978 and 1982, the sizes of the coins for 20 centavos and above were reduced. Base metal 100-, 200-, 500-, 1,000-, and 5,000-peso coins were introduced between 1984 and 1988.

As noted above, the nuevo peso (new peso) was the result of elevated rates of inflation in Mexico during the 1980s. In 1993, President Carlos Salinas de Gortari stripped three zeros from the peso, creating a parity of $1 New Peso for $1,000 of the old ones.[5]

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

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

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

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

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

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

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

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

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

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

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.

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

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".

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

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

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

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

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

Series F [24]
Image		Value	Dimensions (millimeters)	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue	withdrawal
		$20	120 × 66 mm	Blue	Benito Juárez, balancing scale and book	Monte Albán, mask of Cocijo	19 June 2006	20 August 2007[25]	current
		$50	127 × 66 mm	Magenta	José María Morelos, flag used by Morelos at the Mexican War of Independence	Aqueduct of Morelia	5 November 2004 12 June 2012 (F1)	21 November 2006[26] 6 May 2013 (F1)[27]
		$100	134 × 66 mm	Red	Nezahualcóyotl	Representation of Templo Mayor aqueduct and central plaza of Tenochtitlan, glyph of Nezahualcóyotl		9 August 2010[28]
		$200	141 × 66 mm	Green	Sor Juana Inés de la Cruz, books, an inkwell, two pens and a library window	Hacienda Panoaya in Amecameca, baptismal font and view of the Popocatépetl and Iztaccíhuatl	15 February 2008	8 September 2008[29]
		$500	148 × 66 mm	Brown	Diego Rivera, Rivera's painting Desnudo con alcatraces, brushes and a palette	Frida Kahlo; Kahlo's painting The Love Embrace of the Universe, the Earth (Mexico), Myself, Diego, and Señor Xolotl		30 August 2010[30]
		$1,000	155 × 66 mm	Purple	Miguel Hidalgo, bell of Dolores	University of Guanajuato		7 April 2008[31]

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

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

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

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.

The 50- and 100-peso notes are/will be produced in polymer, while the other banknotes will be printed on paper. This series will not include a $20 note; it will gradually be replaced by a coin.[38] If Banco de Mexico finds that there is a necessity, the introduction of a $2,000 note will occur.[38]

Series G [24]
Image		Value	Dimensions (millimeters)	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue	withdrawal
		$50	N/A	Magenta	Pre-Hispanic Mexico; Foundation of Tenochtitlan	Riparian and lake ecosystems represented by the axolotl and Xochimilco		2021
		$100	132 x 65 mm	Red	New Spain; Sor Juana Inés de la Cruz	Temperate forest ecosystems represented by the monarch butterfly and the Monarch Butterfly Biosphere Reserve	8 May 2020	12 November 2020[38]
		$200	139 x 65 mm	Green	Independent Mexico; Miguel Hidalgo and José María Morelos y Pavón	Desert and matorral ecosystems represented by the golden eagle and El Pinacate y Gran Desierto de Altar Biosphere Reserve	28 November 2018[38]	2 September 2019[38]
		$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	19 May 2017	27 August 2018[39]
		$1,000	153 x 65 mm	Gray	Mexican Revolution; Francisco I. Madero, Hermila Galindo and Carmen Serdán	Tropical humid-forest ecosystems represented by the jaguar and Calakmul Biosphere Reserve	10 June 2019	19 November 2020[40]
		$2,000	N/A	Yellow	Contemporary Mexico; Octavio Paz and Rosario Castellanos	Dry forest ecosystems represented by the Mexican long-nosed bat and Tequila agave landscape		Only if necessary

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

Some establishments in border areas of the United States accept Mexican pesos as currency, such as certain border Walmart stores, certain border gas stations such as Circle K, and the La Bodega supermarkets in San Ysidro on the Tijuana border.[44] 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.[45][46] Other than in U.S., Guatemalan, and Belizean border towns, Mexican pesos are generally not accepted as currency outside of Mexico.