Mexican peso

The Mexican peso (symbol: $; code: MXN) is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use its sign, "$".[3]

Mexican peso
Peso Mexicano (Spanish)
Banco de México G $200 obverse.png
Obverse of the MX$200 note
ISO 4217
CodeMXN
Number484
Exponent2
Unit
Symbol$ or Mex$[1]
Denominations
Subunit
1100centavo
Symbol
centavo¢
Banknotes
 Freq. used$20, $50, $100, $200, $500
 Rarely used$1,000
Coins
 Freq. used$1, $2, $5, $10
 Rarely used50¢, $20, $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
Inflation7.65% (June 2022)
 SourceBanco de Mexico, June 2022
USD/MXN exchange rate.
Mexican peso crisis in 1994 was an Unpegging and Devaluation of the Peso and happened the same year NAFTA was ratified.[2]

The current ISO 4217 code for the peso is MXN; prior to the 1993 revaluation, the code MXP was used. The peso is subdivided into 100 centavos, represented by "¢". The Mexican peso is the 15th most traded currency in the world, the third most traded currency from the Americas (after the United States dollar and Canadian dollar), and the most traded currency from Latin America.[4] As of 16 August 2022, the peso's exchange rate was $20.50 per euro, $19.80 per U.S. dollar, and $15.50 per Canadian dollar.[5]

HistoryEdit

EtymologyEdit

The name was first used in reference to pesos oro (gold weights) or pesos plata (silver weights). The Spanish word peso means "weight". Compare the British pound sterling. Other countries that use pesos are Argentina, Chile, Colombia, Cuba, Dominican Republic, the Philippines, and Uruguay.[6]

RealEdit

 
Silver peso or 8 reales of "cap and ray" design used for East Asian trade, 1840

The currency system in use in Spanish America from the 16th to 19th centuries consisted of silver reales, weight 3.433 grams and fineness 6772 = 93.1%, as well as gold escudos, weight 3.383 g and fineness 1112 = 91.7%. By the 19th century the silver real weighed 3.383 g, 65/72 = 90.3% fine, while the gold escudo's fineness was reduced to 21 karats or 87.5% fine.

15 or 16 silver reales were worth a gold escudo, and eight-real coins of 24.44 g fine silver were widely called pesos in Spanish America and dollars in Britain and its American colonies. These pesos or dollars were minted from the rich silver mine outputs of modern-day Mexico and Bolivia and exported in large quantities to Europe and Asia. These pesos served as a global silver standard reserve currency until the start of the 20th century, and became the model for the various pesos of Spanish America as well as (among others) the United States dollar, Chinese yuan and the Japanese yen.[7] Mexican silver pesos of original cap-and-ray design were legal tender in the United States until 1857 and in China until 1935.

First pesoEdit

While the United States divided their dollar into 100 cents early on from 1793, post-independence Mexico retained the peso of 8 reales until 1863 when the Second Mexican Empire under Emperor Maximillan commenced the minting of pesos divided into 100 centavos. The restored Mexican republic under Benito Juarez and Porfirio Diaz continued the minting of centavo coins in base metal or silver, as well as gold coins in pesos, but it had to revert the silver 1-peso coin to the old eight reales "cap-and-ray design" from 1873 to 1897 after East Asian merchants rejected or discounted the newly designed peso coins.

The post-independence silver peso contained 27.07 grams of 90.3% fine silver (24.44 g fine) while the gold peso or half escudo contained 1.6915 grams of 87.5% fine gold (1.48 g fine). After most of Europe switched to the gold standard in the 1870s the gold peso substantially rose in value against the silver peso, until it became 2 silver pesos to a gold peso or a gold U.S. dollar by 1900. In 1905 the peso was solely defined as 0.75 g fine gold.

From 1918 onward the weight and fineness of all the silver coins declined, until 1977, when the last silver 100-peso coins were minted. The U.S. dollar was worth 2.00 pesos from 1905 to 1929, rising afterwards until it stabilized at 12.50 pesos from 1954 to 1976.

New pesoEdit

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. The U.S. dollar leapt from 12.50 to 19.40 pesos in 1976, and again from 23 to 150 pesos in 1982,[8] stabilizing only in the early 1990s at above 3,000 MXP/USD when 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.[9] One new peso, or N$1.00, was equal to 1,000 of the obsolete MXP pesos.[9]

Series A and B banknotes
MXP $20000 (Series A, 1985)
MXN $20 (Series B, 1993)

The transition was done with minimal confusion by issuing the Series B "nuevo peso" banknotes in N$10, $20, $50, and $100 denominations with designs nearly identical to the corresponding banknote in the preceding Series A, which were labelled in old pesos (MXP $10,000, $20,000, $50,000, and $100,000, respectively); for Series B, the equivalent nuevo peso face value was 11000 of the old peso face value for Series A. For example, the Series A old peso MXP$20,000 and the Series B nuevo peso MXN$20 banknotes share the same design, aside from the updated face value. Old and new pesos circulated simultaneously between 1993 and 1995, but old peso Series A banknotes were gradually retired at this time, and newly designed Series C "nuevo peso" banknotes commenced in 1994. From January 1, 1996, the "nuevo peso" was simply renamed to "peso", and new Series D banknotes were issued identical to Series C except for the word "nuevo" dropped. The ISO 4217 code, however, remained unchanged as MXN. Series A and AA banknotes were demonetized and no longer legal tender as of January 1, 1996.[10] Although they remain legal tender, Series B, C, D, and D1 banknotes are in the process of being withdrawn from circulation; in addition, the MXN$1000 Series F banknote is being withdrawn.[11] The most commonly circulated banknotes in Mexico are MXN$20 and above in Series F and G.

Similarly, Series B coins in nuevo peso denominations were circulated starting from 1993[11] and Series A and AA coins were demonetized starting from November 15, 1995.[10] Unlike the notes, Series B coins differed in size and design from the Series A coins. Series C coins (which dropped the "N$" prefix on the MXN$1, N$5, N$10, N$20, and N$50 coins) were circulated starting in 1996 following the withdrawal of Series A and AA coins. Series B and C coins in uncommon denominations (10-centavo and MXN$20 and greater) are gradually being withdrawn from circulation. Although they remain legal tender, they are set aside when they arrive at commercial banks.[11] The most commonly circulated coins in Mexico are MXN$10 and below in Series C and D.

The new Mexican peso, however, has continued to depreciate versus the U.S. dollar, with the dollar rising sharply from 3.4 to 7.2 pesos after the Mexican peso crisis of December 1994. It would then trade at 9–12 pesos per dollar between 1998 and 2008, at 12–14 between 2008 and 2014, and at 18–20 etween 2016 and 2019.[12] Notwithstanding these various difficulties the Mexican currency has experienced much less cumulative inflation when compared to several other currencies in Latin America, and the Mexican peso is now among the 15 most traded currency units.

CoinsEdit

RealEdit

Coins issued from the 16th to 19th centuries under the Spanish American system of reales and escudos included

  • in gold: 12, 1, 2, 4 and 8 escudos, with 1 escudo ≈ 2 pesos or 16 reales.
  • in silver: 12, 1, 2, 4 and 8 reales, with 1 peso = 8 reales.

Additionally, Mexico issued copper coins denominated in tlacos or 18 real (164 peso). Post-independence silver coins were of the cap and ray design showing a radiant Phrygian cap marked "Libertad" (liberty), which became familiar to East Asian traders. This design ended in 1872 with the minting of "centavo" coins except for the silver 8-reales which was revived as a trade coin from 1873 to 1897.

Peso, 19th centuryEdit

 
Front and back of an 1866 twenty-peso gold coin, depicting Maximilian I of Mexico.
 
Peseta or 25 centavos, 1889.
 
Quinto or 5 centavos, 1904.

The Second Mexican Empire of 1863-1867 commenced the minting of coins denominated in pesos and centavos, minting the copper 1-centavo, silver 5, 10 and 50 centavos, the silver 1-peso and the gold 20-peso. The last two coins featured the portrait of Emperor Maximilian on the obverse, and the imperial arms of the short-lived empire on the reverse.[13][14]

The Restored Mexican republic of 1867 continued the minting of coins in pesos and centavos. The copper 1-centavo coin was continued; silver (.9027 fine) coins of 5, 10, 20, 25 and 50 centavos and 1 peso commenced in 1867; and gold coins of 1, 2+12, 5, 10 and 20 pesos commenced 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.

In 1882, cupro-nickel 1, 2 and 5 centavos coins were issued but they were only minted for two years. Despite the discontinuation of the newly designed silver peso in 1873, in 1898 the denomination on the "cap-and-ray" coin was successfully revised from "8 reales" to "1 peso" without being rejected in China; this continued to be minted as trade coinage until 1909. From 1900 the market value of the gold coins have approximately doubled versus their face values.

Peso, 20th centuryEdit

 
2-peso centennial commemorative, 1921.
 
Tostón or 50 centavos, 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 fineness 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.[15]

 
100 pesos of the old Mexican peso, 1988 (Series A).

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.

Series AA coinsEdit

c. 1970 (Series AA)[16]
Value Images Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
MXP 1¢   13.0 mm 1.50 g Brass Plain State title, coat of arms Three ears of wheat 1970
MXP 5¢   18.0 mm 2.75 g Plain la Corregidora 1970
MXP 10¢   15.0 mm 1.5 g Cupronickel Reeded State title, coat of arms Ear of corn 1974
MXP 20¢   28.5 mm 10.0 g Copper (95%) Plain State title, coat of arms Phrygian cap, Pyramid of the Sun 1943
MXP 20¢   20.0 mm 3.0 g Cupronickel Milled State title, coat of arms Don Francisco I. Madero 1974
MXP 20¢   20.0 mm 2.97 g Brass Milled State title, coat of arms Olmec colossal head 1983
MXP 50¢   25.0 mm 6.5 g Cupronickel Milled State title, coat of arms Cuauhtémoc in ceremonial helmet 1970
  22.0 mm 4.1 g Stainless steel Plain Profile of a Mayan lord of Palenque 1983
MXP $1   29.0 mm 9.0 g Cupronickel Milled General Don José María Morelos 1970
MXP $5   33.0 mm 14.0 g Plain with inscription "INDEPENDENCIA Y LIBERTAD" General Vicente Guerrero 1971
  27.0 mm 10.2 g Quetzalcóatl head 1980
MXP $10   30.5 mm, seven-sided 10.0 g Plain Miguel Hidalgo y Costilla 1974
MXP $20   32.0 mm 15.1 g Plain with inscription "INDEPENDENCIA Y LIBERTAD" Cultura Maya, sculpture of Mesoamerican ballgame player 1974
MXP $50   35.0 mm 19.8 g Milled Coyolxauhqui 1982
MXP $200   29.5 mm 17.0 g Plain with inscription "INDEPENDENCIA Y LIBERTAD" 175th anniversary of independence, Angel of Independence and portraits of Ignacio Allende, Miguel Hidalgo y Costilla, José María Morelos y Pavón, and Vicente Guerrero 1985
  Plain with inscription "TIERRA Y LIBERTAD" 75th anniversary of Revolution, Monumento a la Revolución and portraits of Don Venustiano Carranza, Emiliano Zapata, Francisco I. Madero, and Francisco Villa 1985
  Milled Copa Mundial 1986
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Series A coinsEdit

c. 1984 (Series A)[17]
Value Images Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
MXP $1   24.5 mm 5.9 g Stainless steel Interrupted milled State title, coat of arms General Don José María Morelos 1984
MXP $5   17.0 mm 3.1 g Brass Milled State title, coat of arms Value & date of minting 1985
MXP $10   19.0 mm 3.8 g Stainless steel Interrupted milled State title, coat of arms Miguel Hidalgo 1985
MXP $20   21.0 mm 6.0 g Brass Milled State title, coat of arms Guadalupe Victoria 1985
MXP $50   23.5 mm 8.6 g Cupronickel Milled State title, coat of arms Benito Juárez 1984
7.3 g Stainless steel
MXP $100   26.5 mm 11.8 g Brass-aluminum Milled State title, coat of arms Venustiano Carranza 1984
MXP $500   28.5 mm 12.7 g Cupronickel Milled State title, coat of arms Don Francisco I. Madero 1986
MXP $1000   31.0 mm 14.9 g Brass-aluminum Milled State title, coat of arms Juana de Asbaje 1988
MXP $5000   33.5 mm 17.3 g Cupronickel Milled State title, coat of arms 50th anniversary of the nationalization of petroleum production 1988
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

New peso coinsEdit

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.[9] The prior coins, issued in the 1970s and 1980s, were designated A-type or AA-type and are no longer valid.[17][16]

Coins of the new currency (dated 1992) were introduced in 1993 as the B-type or Series B[18] in the following denominations:

In 1996, the word nuevo was removed from the coins, which are designated as the C-type or Series C.[19] In 1997 regular-issue 10-peso coins were minted with base metal replacing the silver center. In 2000 commemorative 20-peso coins also began to be minted without silver. Though the 50- and 100-peso coins are the only currently circulating coinage in the world to contain any silver, they rarely circulate because their silver content of 1/2 troy ounce have exceeded 100 pesos in value since around 2010.

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 first C1-type coins were issued in 2020; in general, these are commemorative $20 coins.[19] As of 2020, the coins most commonly encountered in circulation have face values of 50¢, $1, $2, $5 and $10. Commemorative $20 coins are less commonly encountered than $20 notes. The 5¢ coin has been withdrawn from circulation in 2002, while the 10¢ and 20¢ coins have gradually dropped out of circulation due to their low value. 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.

Series B coinsEdit

1992 (Series B)[20][21]
Value Images Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
[22]     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¢[18]     17 mm 2.08 g Stylized image of the “Ring of the Sacrifice of the Sun Stone.” 1992
20¢[22]     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
50¢[22]     22 mm
Dodecagon, notched
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
N$1[23]     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.” 1992
N$2[23]     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[23]     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.”
N$10[23]     28 mm 11.183 g
R: 5.579 g
C: 5.604 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (16 oz)
7.5% copper
Reeded edge State title, coat of arms Circle of the Sun Stone representing Tonatiuh with the fire mask. 1992
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Series C coinsEdit

1996 (Series C)[20][21]
Value Images Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
[24]     15.5 mm 1.58 g Stainless steel Plain State title, coat of arms Stylized image of the solar rays of the “Ring of the Quincunxes of the Sun Stone.” 1996
10¢[25]     17 mm 2.08 g Stylized image of the “Ring of the Sacrifice of the Sun Stone.” 1996
20¢[26]     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.” 1996
50¢[27]     22 mm
Dodecagon, notched
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.” 1996
$1[28]     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.” 1996
$2[29]     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.”
$5[30]     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[31]     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
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Series D coinsEdit

Series D coins, introduced in 2009, replace the prior 10-, 20-, and 50-centavo coins from Series B and C; compared to the prior coinage, the Series D counterparts are made from the punched out cores of the rings used to make the 1-, 2- and 5-peso coins, hence their smaller size and stainless steel composition. This measure is designed to save money and resources in production.[32] The edge of each denomination is different to aid in distinguishing them by touch.[33]

2009 (Series D)
Value Images Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
10¢[34]     14 mm 1.755 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
Slotted State title, coat of arms Stylized image of the “Ring of the Sacrifice of the Sun Stone.” 2009
20¢[35]     15.3 mm 2.258 g Segmented reeding State title, coat of arms Stylized image of the “Thirteenth Acatl Day of the Sun Stone.” 2009
50¢[36]     17 mm 3.103 g Reeded edge State title, coat of arms Stylized image of the “Ring of Acceptance of the Sun Stone.” 2009
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Special and commemorative coinsEdit

Commemorative Coins (selected) [37]
Value Images Technical parameters Description Minting history
Obverse Reverse Diameter Weight Composition Edge Obverse Reverse Year Quantity
$5 (C)[38]     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 2010 Bicentennial (Independence) & Centennial (Revolution) series 2008-2010
$10 (C)[39]     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 (B)[18]     32 mm 16.996 g
R: 8.59 g
C: 8.406 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (14 oz)
7.5% copper
Segmented reeding State title, coat of arms Miguel Hidalgo 1993
$20 (C)[25][40]   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
$20 (C1)[41]     30 mm Dodecagon 12.67 g
R: 7.16 g
C: 5.51 g
Ring: Aluminium bronze (as 50¢)
Center: Cupronickel
65% copper
10% nickel
25% zinc
700th anniversary of the lunar foundation of the city of Mexico-Tenochtitlan; Eagle from the Teocalli of the Sacred War and moon 2021
  500th anniversary of historical memory of Mexico-Tenochtitlan; Mexico City Metropolitan Cathedral and Templo Mayor
  Bicentennial of Mexico's Independence; profiles of Miguel Hidalgo, Jose Maria Morelos, and Vincente Guerrero
N$50 (B)[18]     39 mm 33.967 g
R: 17.155 g
C: 16.812 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (12 oz)
7.5% copper
Reeded edge State title, coat of arms Value, the Hero Cadets of the Battle of Chapultepec 1993
$100 (C)[25]     39 mm 33.967 g
R: 17.155 g
C: 16.812 g
Ring: Aluminium bronze (as 50¢)
Center:
92.5% silver (12 oz)
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)
2003–2005
  Culture of the states (e.g. architecture, wildlife, flora, art, science, dances)
(In normal alphabetical order)
2005–2007
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

BanknotesEdit

FirstEdit

 
A ten-peso banknote of the London Bank of Mexico and South America at the National Numismatic Museum, Mexico City.

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 began issuing a new series of banknotes (Series AA) including 1-peso notes and, from 1945, 10,000 pesos. These notes were printed by the American Bank Note Company.[42] The banknote of 10,000 pesos was kept in circulation between 1945 and 1956 and was put into circulation again in 1979, being replaced by the 10,000 banknotes that would come into circulation in 1982.

A new series of notes were printed and issued by the Bank of Mexico, starting in 1969 (again as Series AA) 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. These were the first notes to be printed directly by Banco de México.[43]

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. A new series (Series A) were issued starting from 1980: 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.[44]

Series AAEdit

Series AA banknotes printed by the American Bank Note Company (1936)[42]
Value Dimensions (millimeters) Design Date of
Obverse Reverse issue withdrawal[42]
MXP $1 157 × 67 mm Aztec sun stone Angel of Independence 1936 1970
MXP $5 157 × 67 mm Portrait of an Algerian young woman, popularly known as “the gipsy” Angel of Independence 1937 1971
MXP $10 157 × 67 mm Portrait of a young woman wearing the typical costume of Zapotec women from Oaxaca, known as "la Tehuana" Landscape painting of the City of Guanajuato by Carl Nebel 1937 1969
MXP $20 157 × 67 mm Josefa Ortiz de Domínguez Cloister of the Convent of San Agustín in Querétaro 1937 1973
MXP $50 157 × 67 mm Ignacio Allende Angel of Independence 1941 1973
MXP $100 157 × 67 mm Miguel Hidalgo Coat of arms of Mexico 1945 1975
MXP $500 157 × 67 mm José María Morelos Façade of the Palace of Mines in Mexico City 1936 1979
MXP $1,000 157 × 67 mm Cuauhtémoc El Castillo at Chichen Itza 1936 1978
MXP $10,000 157 × 67 mm Matías Romero Façade of the National Palace and Zócalo 1943 1982
Series AA banknotes printed by the Bank of Mexico (1969)[43]
Value Dimensions (millimeters) Design Date of
Obverse Reverse issue
MXP $5 157 × 67 mm Josefa Ortiz de Domínguez, eagle devouring a rattlesnake Querétaro Aqueduct 19 July 1971
MXP $10 157 × 67 mm Miguel Hidalgo, bell of Dolores Dolores Hidalgo parish 15 December 1969
MXP $20 157 × 66 mm José María Morelos, Colegio de San Nicolás Obispo Temple of the Feathered Serpent in Teotihuacan 28 May 1973
MXP $50 157 × 67 mm Benito Juárez, National Palace Zapotec funerary urn and temple at Mitla. 15 November 1973
MXP $100 157 × 67 mm Venustiano Carranza, fragment of La trinchera by José Clemente Orozco Chacmool 19 November 1975
MXP $500 157 × 67 mm Francisco I. Madero Aztec sun stone 19 November 1979
MXP $1,000 157 × 67 mm Sor Juana Inés de la Cruz Plaza de Santo Domingo, Mexico City 11 December 1978

Series AEdit

Series A banknotes (1980)[44]
Value Dimensions (millimeters) Design Date of issue
Obverse Reverse
MXP $2,000 157 × 67 mm Justo Sierra, UNAM's Central Library Royal and Pontifical University of Mexico during the 19th century. 28 November 1983
MXP $5,000 157 × 67 mm Niños Héroes, emblem of the San Blas Battalion Chapultepec Castle, badge of the Heroic Military Academy 12 September 1980
MXP $10,000 157 × 67 mm Lázaro Cárdenas, La Cangrejera refinery Templo Mayor discoveries, Coyolxauhqui 18 March 1982
MXP $20,000 157 × 67 mm Andrés Quintana Roo, Tulum Mural of Bonampak, Yaxchilan Lintel 25 13 November 1985
MXP $50,000 157 × 67 mm Cuauhtémoc The fusion of two cultures by Jorge González Camarena 2 December 1986
MXP $100,000 157 × 67 mm Plutarco Elías Calles, façade of the Bank of Mexico building Guaymas Bay and white-tailed deer 2 September 1991

Second pesoEdit

Series BEdit

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).[45] (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.

Value Dimensions (millimeters) Design Date of
Obverse Reverse issue[46]
MXN $10 155 × 66 mm Lázaro Cárdenas, La Cangrejera refinery Templo Mayor, Coyolxauhqui 1 January 1993
MXN $20 155 × 66 mm Andrés Quintana Roo, Tulum Mural of Bonampak, Yaxchilan Lintel 25 1 January 1993
MXN $50 155 × 66 mm Cuauhtémoc The fusion of two cultures by Jorge González Camarena 1 January 1993
MXN $100 155 × 66 mm Plutarco Elías Calles, façade of the Bank of Mexico building Guaymas Bay and white-tailed deer 1 January 1993

Series CEdit

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.[47] 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.

Value Dimensions (millimeters) Design Date of
Obverse Reverse issue
MXN $10 129 × 66 mm Emiliano Zapata, hands holding ears of maize Statue of Zapata in Cuautla, Popocatépetl and Iztaccíhuatl 3 October 1994[48]
MXN $20 129 × 66 mm Benito Juárez, coat of arms of the Second Federal Republic of Mexico Benito Juárez Hemicycle, Mexico City 3 October 1994[48]
MXN $50 129 × 66 mm José María Morelos, flag used by Morelos at the Mexican War of Independence Scene from Lake Pátzcuaro, Michoacán 3 October 1994[48]
MXN $100 155 × 66 mm Nezahualcóyotl Sculpture of Xōchipilli, sculpture of Xiuhcoatl 3 October 1994[48]
MXN $200 155 × 66 mm Sor Juana Inés de la Cruz, a book, an inkwell and her library Façade of the Temple of San Jerónimo 3 October 1994[48]
MXN $500 155 × 66 mm Ignacio Zaragoza, fragment of Fuertes combates sostenidos en los cerros de Loreto y Guadalupe by Josep Cusachs Puebla Cathedral 3 October 1994[48]

Series DEdit

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.[49] 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. There are several printed dates for each denomination.

In 2000, a commemorative series was issued which was based on Series D with the additional text "75 aniversario 1925-2000" under the bank title, which refers to the 75th anniversary of the establishment of the Bank.[49]

Starting from 2001, each denomination in the series was updated. MXN $50, $100, $200, and $500 were the first to be upgraded starting from October 15, 2001; in an effort to combat counterfeiting, these notes were modified with the addition of an iridescent strip.[50] On notes of 100 pesos and greater, the denomination is printed in color-shifting ink in the top right corner.[50] On September 30, 2002, a new $20 note was introduced. The new $20 is printed on longer-lasting polymer plastic rather than paper, and lacks the iridescent strip, but includes a clear window.[50] 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 these upgraded banknotes during this wave of change as "Series D1".[51]

Series D
Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse printing issue withdrawal
MXN $10[49] 129 × 66 mm Aqua Emiliano Zapata, hands holding ears of maize Statue of Zapata in Cuautla, Popocatépetl and Iztaccíhuatl 6 May 1994 1 January 1996 1997
MXN $20[49][51] Blue Benito Juárez, coat of arms of the Second Federal Republic of Mexico Benito Juárez Hemicycle in Mexico City 6 May 1994
17 May 2001(polymer)
1 January 1996
30 September 2002
current
MXN $50[49][51] Magenta José María Morelos, flag used by Morelos at the Mexican War of Independence Scene from Lake Pátzcuaro, Michoacán 6 May 1994
18 October 2000(iridescent)
1 January 1996
15 October 2001
MXN $100[49][51] 155 × 66 mm Red Nezahualcóyotl Sculpture of Xōchipilli, sculpture of Xiuhcoatl 6 May 1994
18 October 2000(color shifting)
? (raised ink)
1 January 1996
15 October 2001
19 December 2005
MXN $200[49][51] Green Sor Juana Inés de la Cruz, a book, an inkwell and her library Façade of the Temple of San Jerónimo 7 February 1995
18 October 2000 (color shifting)
? (raised ink)
MXN $500[49][51] Brown Ignacio Zaragoza, fragment of Fuertes combates sostenidos en los cerros de Loreto y Guadalupe by Josep Cusachs Puebla Cathedral
MXN $1,000[51] Purple Miguel Hidalgo, bell of Dolores University of Guanajuato, Baratillo Fountain 26 March 2002 15 November 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).[52]

Value Image Description of pattern Series
D1 F
$100   Five parallel diagonal lines, with a negative slope, each broken up into three segments.    
$200   Broken square pattern with outlines at each corner.    
$500   Four parallel horizontal lines, each broken up into three segments.    
$1000   Two concentric circles, each formed by four broken lines and a central dot.    

On December 19, 2005, $100, $200, and $500 MXN banknotes in Series D1 were printed, including raised, tactile patterns, 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.[53] The Banco de México, however, says they will continue issuing the symbol bills. The tactile patterns would be continued for Series F and a fourth pattern was added to the MXN $1,000 note.[33]

Series FEdit

In September 2006, the gradual introduction of a new family of banknotes (known as Series F or Type-F) was announced. The 50-peso denomination was launched in November 2006.[54] The 20-peso note was launched in August 2007.[55] The 1,000-peso note was launched in March 2008.[56] The $200 was issued in 2008,[57] and the $100 and $500 notes were released in August 2010.[58][59] In Series F, the 20, 50, and 100-peso notes are printed on polymer and include clear windows; all denominations include a color-shifting element. For 100-peso notes and greater, a 3D/dynamic thread is included;[60] this thread has holographic images of snails which shift orthogonally relative to the motion of the note, so they will move side to side if the bill is moved up and down, for instance.[61]

Series F included the tactile patterns created by intaglio printing from Series D to distinguish denominations starting at 100 pesos; the 20 and 50-peso notes had the value embossed directly in the clear windows.[33] In addition, Series F denominations are distinguishable by length. Each denomination is longer than the lower by 7 mm (0.28 in), and a plastic clipboard was distributed free of charge starting in November 2012, which included raised measurement marks and Braille characters to assist the visually impaired.[62]

A revised $50 note, with improved security features, was released on May 6, 2013, and is known as Type F1.[63][64]

Series F [65]
Image Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
    $20[55] 120 × 66 mm Blue Benito Juárez, balancing scale and book Monte Albán, mask of Cocijo 19 June 2006 20 August 2007 current
    $50[54][63] 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
6 May 2013 (F1)
    $100[58] 134 × 66 mm Red Nezahualcóyotl Representation of Templo Mayor aqueduct and central plaza of Tenochtitlan, glyph of Nezahualcóyotl 9 August 2010
    $200[57] 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
    $500[59] 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
    $1,000[56] 155 × 66 mm Purple Miguel Hidalgo, bell of Dolores University of Guanajuato 7 April 2008

Commemorative banknotesEdit

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.[66]

Likewise, a 100-peso banknote that commemorates the 100th anniversary of the enactment of the Constitution of Mexico was unveiled and issued in 2017.[67]

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

Commemorative notes from Series F and G [68]
Images Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
    $100[69] 134 × 66 mm Red Steam locomotive Del Porfirismo a la Revolución (From the Dictatorship of Porfirio Díaz to the Revolution) by David Alfaro Siqueiros 23 September 2009 current
    $200[70] 141 × 66 mm Green Miguel Hidalgo carrying a banner that became the flag of the Insurgents Angel of Independence located in Mexico City on the Paseo de la Reforma 23 September 2009
    $100[71] 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. 5 February 2017

Series GEdit

In August 2018 a new series of notes started circulating. 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 did not originally consider including a $20 note, since it would gradually be replaced by a coin,[72] but a $20 note to commemorate the bicentennial of Mexican independence was issued in September 2021.[73] The 20, 50, and 100-peso notes are produced in polymer, while the other banknotes will be printed on paper. Should there be a need, Banco de México will introduce a $2,000 note.[72]

The previous intaglio symbols were dropped from Series G. Instead, the upper left and right edges of the 200, 500, and 1000-peso notes have tactile parallel horizontal lines for identification by touch. 200-peso notes have two lines; 500 and 1000-peso notes have three and four, respectively.[33] The value of the 20, 50, and 100-peso notes are embossed in the clear windows of the corresponding notes, along with a distinctive pattern.[33]

Series G notes also retain the same 7 mm (0.28 in) incremental length increase between denominations from Series F, starting with the MXN $50 note, which is 125 mm (4.9 in) long; exceptions include the commemorative MXN $20 Series G note, which is 120 mm (4.7 in) long, and the planned $2,000 note, which will be 6 mm (0.24 in) longer than the $1,000 note.[33] A new version of the sizing clipboard, compatible with both Series F and G, was issued starting in September 2019.[33]

Series G banknotes (2018) [65]
Image Value Dimensions (millimeters) Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
    $20 120 × 65 mm Red and Green Bicentennial of Mexican independence Mangrove ecosystem: Crocodile, red mangrove, and Sian Ka'an Biosphere Reserve. 6 January 2021 24 September 2021
    $50 125 × 65 mm Magenta Pre-Hispanic Mexico; Foundation of Tenochtitlan Riparian and lake ecosystems represented by the axolotl and Xochimilco 31 March 2021 28 October 2021
    $100 132 × 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[72]
    $200 139 × 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[72] 2 September 2019[72]
    $500 146 × 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[74]
    $1,000 153 × 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[75]
$2,000 159 × 65 mm 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

Use outside MexicoEdit

 
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).

19th centuryEdit

The Spanish dollar and Mexican peso served as global silver standard reserve currency, recognized all over Europe, Asia and the Americas from the 16th to 20th centuries. They were legal tender in the United States until 1857 and in China until 1935.

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.[76] The first U.S. dollar coins were not issued until April 2, 1792, and the peso continued to be officially recognized and used in the United States, along with other foreign coins, until February 21, 1857. In Canada, it remained legal tender, along with other foreign silver coins, until 1854 and continued to circulate beyond that date.

The Mexican peso also served as the model for the Straits dollar (now the Singapore dollar/Brunei Dollar), the Malaysian ringgit, the Hong Kong dollar, the Japanese yen, the Korean won, and the Chinese yuan.[77] The Chinese word ‘’yuan’’ means “round”, describing the Spanish dollars, Mexican "cap-and-ray" pesos and other silver dollars used in China from the 18th to 20th centuries. The Mexican peso was also briefly legal tender in 19th century Siam, when government mints were unable to accommodate a sudden influx of foreign traders, and was exchanged at a rate of three pesos to five Thai baht.[78]

21st-century useEdit

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.[79] 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.[80][81] 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 alsoEdit

ReferencesEdit

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