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

Mexican peso
Peso Mexicano (Spanish)
ISO 4217
Code	MXN
Number	484
Exponent	2
Denominations
Subunit
1/100	centavo
Symbol	$ or Mex$
centavo	¢
Banknotes
Freq. used	$20, $50, $100, $200, $500
Rarely used	$10, $1,000
Coins
Freq. used	10¢, 20¢, 50¢, $1, $2, $5, $10, $20
Rarely used	5¢, $25, $50, $100
Demographics
User(s)	Mexico
Issuance
Central bank	Bank of Mexico
Website	www.banxico.org.mx
Printer	Bank of Mexico
Website	www.banxico.org.mx
Mint	Casa de Moneda de México
Website	www.cmm.gob.mx
Valuation
Inflation	3.95% (July 2019)
Source	Banco de Mexico, July 2019

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

Etymology

Spanish Dollar 1761.

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

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

History

First peso

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

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

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

New peso

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

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

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

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

Coins

19th century

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

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

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

20th century

A coin of a peso minted in 1921.

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.

Nuevo peso (New peso)

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

1992 Series [9][10]
Value	Technical parameters			Description			Minting history
	Diameter	Weight	Composition	Edge	Obverse	Reverse	Year	Quantity
5¢	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) [11]
Value	Technical parameters			Description			Minting history
	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 millimetre. For table standards, see the coin specification table.

Banknotes

First

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

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

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

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

Series AA

Printed by the American Bank Note Company
Value	Dimensions (millimeters)	Design		Date of
		Obverse	Reverse	issue[13]	withdrawal[13]
MXP $1	157 x 67 mm	Aztec sun stone	Column of the Independence	1936	1970
MXP $5	157 x 67 mm	Portrait of an Algerian young woman, popularly known as “the gipsy”	Column of the Independence	1937	1971
MXP $10	157 x 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 x 67 mm	Josefa Ortiz de Domínguez	Cloister of the Convent of San Agustín in Querétaro	1937	1973
MXP $50	157 x 67 mm	Ignacio Allende	Column of the Independence	1941	1973
MXP $100	157 x 67 mm	Miguel Hidalgo	Coat of arms of Mexico	1945	1975
MXP $500	157 x 67 mm	José María Morelos	Façade of the Palace of Mines in Mexico City	1936	1979
MXP $1000	157 x 67 mm	Cuauhtémoc	El Castillo at Chichen Itza	1936	1978
MXP $10000	157 x 67 mm	Matías Romero	Façade of the National Palace and Zócalo	1943	1982

Printed by the Bank of Mexico
Value	Dimensions (millimeters)	Design		Date of
		Obverse	Reverse	issue[14]
MXP $5	157 x 67 mm	Josefa Ortiz de Domínguez, eagle devouring a rattlesnake	Querétaro Aqueduct	19 July 1971
MXP $10	157 x 67 mm	Miguel Hidalgo, bell of Dolores	Dolores Hidalgo parish	15 December 1969
MXP $20	157 x 66 mm	José María Morelos, Colegio de San Nicolás Obispo	Temple of the Feathered Serpent in Teotihuacan	28 May 1973
MXP $50	157 x 67 mm	Benito Juárez, National Palace	Zapotec funerary urn and temple at Mitla.	15 November 1973
MXP $100	157 x 67 mm	Venustiano Carranza, fragment of La trinchera by José Clemente Orozco	Chacmool	19 November 1975
MXP $500	157 x 67 mm	Francisco I. Madero	Aztec sun stone	19 November 1979
MXP $1,000	157 x 67 mm	Sor Juana Inés de la Cruz	Plaza de Santo Domingo, Mexico City	11 December 1978

Series A

Image		Value	Dimensions (millimeters)	Design		Date of
Obverse	Reverse			Obverse	Reverse	issue[15]
		MXP $2000	157 x 67 mm	Justo Sierra, UNAM's Central Library	Royal and Pontifical University of Mexico during the 19th century.	28 November 1983
		MXP $5000	157 x 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 x 67 mm	Lázaro Cárdenas, La Cangrejera refinery	Templo Mayor discoveries, Coyolxauhqui	18 March 1982
		MXP $20,000	157 x 67 mm	Andrés Quintana Roo, Tulum	Mural of Bonampak, Yaxchilan Lintel 25	13 November 1985
		MXP $50,000	157 x 67 mm	Cuauhtémoc	The fusion of two cultures by Jorge González Camarena	2 December 1986
		MXP $100,000	157 x 67 mm	Plutarco Elías Calles, façade of the Bank of Mexico building	Guaymas Bay and white-tailed deer	2 September 1991

Second peso

Series B

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

Value	Dimensions (millimeters)	Design		Date of
		Obverse	Reverse	issue[16]
MXN $10	155 x 66 mm	Lázaro Cárdenas, La Cangrejera refinery	Templo Mayor, Coyolxauhqui	1 January 1993
MXN $20	155 x 66 mm	Andrés Quintana Roo, Tulum	Mural of Bonampak, Yaxchilan Lintel 25	1 January 1993
MXN $50	155 x 66 mm	Cuauhtémoc	The fusion of two cultures by Jorge González Camarena	1 January 1993
MXN $100	155 x 66 mm	Plutarco Elías Calles, façade of the Bank of Mexico building	Guaymas Bay and white-tailed deer	1 January 1993

Series C

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

Value	Dimensions (millimeters)	Design		Date of
		Obverse	Reverse	issue
MXN $10	129 x 66 mm	Emiliano Zapata, hands holding ears of maize	Statue of Zapata in Cuautla, Popocatépetl and Iztaccíhuatl	3 October 1994[17]
MXN $20	129 x 66 mm	Benito Juárez, coat of arms of the Second Federal Republic of Mexico	Benito Juárez Hemicycle, Mexico City	3 October 1994[17]
MXN $50	129 x 66 mm	José María Morelos, flag used by Morelos at the Mexican War of Independence	Scene from Lake Pátzcuaro, Michoacán	3 October 1994[17]
MXN $100	155 x 66 mm	Nezahualcóyotl	Sculpture of Xōchipilli, sculpture of Xiuhcoatl	3 October 1994[17]
MXN $200	155 x 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[17]
MXN $500	155 x 66 mm	Ignacio Zaragoza, fragment of Fuertes combates sostenidos en los cerros de Loreto y Guadalupe by Josep Cusachs	Puebla Cathedral	3 October 1994[17]

Series D

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

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

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

Series D
Value	Dimensions (millimeters)	Main Color	Description		Date of
			Obverse	Reverse	printing	issue	withdrawal
MXN $10	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[18]	1997
MXN $20		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[18] 30 September 2002	current
MXN $50		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[18] 15 October 2001
MXN $100	155 × 66 mm	Red	Nezahualcóyotl	Sculpture of Xōchipilli, sculpture of Xiuhcoatl	6 May 1994 18 October 2000(color shifting) ? (raised ink)	1 January 1996[18] 15 October 2001 19 December 2005
MXN $200		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		Brown	Ignacio Zaragoza, fragment of Fuertes combates sostenidos en los cerros de Loreto y Guadalupe by Josep Cusachs	Puebla Cathedral
MXN $1,000		Purple	Miguel Hidalgo, bell of Dolores	University of Guanajuato, Baratillo Fountain	26 March 2002	15 November 2004[19]

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

On December 19, 2005, $100, $200, and $500 MXN banknotes include raised, tactile patterns (like Braille), meant to make them distinguishable for people with vision incapacities. This system has been questioned 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]

Value	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).[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]

Commemorative banknotes

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

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

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

Commemorative notes from Series F and G [34]
Value	Dimensions (millimeters)	Main Color	Description		Date of
			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		23 September 2009[35]	current
$200	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[36]
$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.		5 February 2017[37]

Series G

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

This series will not include a $20 note; it will gradually be replaced by a coin.[38] If Banco de Mexico finds that there is a necessity, the introduction of a $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		2022[38]
		$100	N/A	Red	New Spain; Sor Juana Inés de la Cruz	Temperate forest ecosystems represented by the monarch butterfly and the Monarch Butterfly Biosphere Reserve		2021[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	N/A	Purple	Mexican Revolution; Francisco I. Madero, Hermila Galindo and Carmen Serdán	Tropical humid-forest ecosystems represented by the jaguar and Calakmul Biosphere Reserve		2020[38]
		$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

Use outside Mexico

A Mexican dollar used as currency in Tokugawa Japan, countermarked with "Aratame sanbu sadame" (改三分定, fixed to the value of 3 bu).

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

Modern use

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

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

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.com:	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

• Peso
• Economy of Mexico
• Mexican peso crisis
• Mexican Gold and Silver Libertad coins

References

1. Corporation, Bonnier (1 February 1930). Popular Science. Bonnier Corporation. Retrieved 16 October 2017 – via Internet Archive.
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 21 May 2020.
4. "Moneda: peso" [Currency: peso]. Banderas de Estado del mundo (in Spanish). Retrieved July 18, 2019.
5. Darling, Juanita (1 January 1993). "New Pesos Introduced in Mexico". Los Angeles Times. Retrieved 25 August 2018.
6. Encyclopaedia Britannica. "Maximilian". Retrieved 25 August 2018.
7. The Numismatist. 94. American Numismatic Association. 1982. p. 40.
8. Polsson, Ken. "United Mexican States Coins: Type Collecting - Five Pesos". cointypes.info. Archived from the original on 17 October 2017. Retrieved 16 October 2017.
9. Banco de MĂŠxico. "Banxico, banco central, Banco de México". Banxico.gob.mx. Retrieved 2020-06-04.
10. "Wayback Machine" (PDF). Archived from the original (PDF) on 2007-07-02. Retrieved 2020-06-04.
12. Bank of Mexico. "Demonetized A-type banknotes, issued and printed by Banco de México". Banxico.org.mx. Retrieved 2020-06-04.
13. "Demonetized AA-type banknotes, issued by Banco de México and printed by the American Bank Note Company (ABNC)". banxico.org.mx. Retrieved 22 October 2019.
14. "Billetes desmonetizados de la familia AA, emitidos y fabricados por Banco de México". banxico.org.mx (in Spanish). Retrieved 17 October 2019.
15. "Billetes desmonetizados de la familia A, emitidos y fabricados por el Banco de México". banxico.org.mx (in Spanish). Retrieved 17 October 2019.
16. "Billetes en proceso de retiro de la familia B". banxico.org.mx (in Spanish). Retrieved 17 October 2019.
17. "Billetes en proceso de retiro de la familia C". banxico.org.mx (in Spanish). Retrieved 17 October 2019.
18. "Billetes en proceso de retiro de la familia D". banxico.org.mx (in Spanish). Retrieved 17 October 2019.
19. "Billetes en proceso de retiro de la familia D1". banxico.org.mx (in Spanish). Retrieved 17 October 2019.
20. 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)
22. "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.
23. Mexico new 50-peso note reported BanknoteNews.com. May 7, 2013. Retrieved on 2013-05-08.
24. Bank of Mexico. "Currently manufactured, circulation, Banco de México". Banxico.org.mx. Retrieved 2020-06-04.
25. "20-peso banknote (F Type)". banxico.org.mx. Retrieved 17 October 2019.
26. "50-peso banknote (F Type)". banxico.org.mx. Retrieved 17 October 2019.
27. "50-peso banknote (F1 Type)". banxico.org.mx. Retrieved 17 October 2019.
28. "100-peso banknote (F Type)". banxico.org.mx. Retrieved 17 October 2019.
29. "200-peso banknote (F Type)". banxico.org.mx. Retrieved 17 October 2019.
30. "500-peso banknote (F Type)". banxico.org.mx. Retrieved 17 October 2019.
31. "1000-peso banknote (F Type)". banxico.org.mx. Retrieved 17 October 2019.
32. Mexico 100-peso commemorative has error, BanknoteNews.com. Retrieved 2011-09-05.
33. "Billete de 100 pesos F conmemorativo Const 1917, conmemorativo, Banco de México". www.banxico.org.mx.
35. "100-peso banknote commemorating the beginning of the Mexican Revolution". banxico.org.mx. Retrieved 17 October 2019.
36. "200-peso banknote commemorating the beginning of Mexico's War of Independence". banxico.org.mx. Retrieved 17 October 2019.
37. "100-peso banknote commemorating the 100th Anniversary of the Enactment of the Constitution". banxico.org.mx. Retrieved 17 October 2019.
38. Mera, Isaid. "Desaparecerá el billete de 20 pesos". El Financiero (in Spanish). Retrieved 28 August 2018.
39. "Billete de 500 pesos de la familia G, circulación, Banco de México". Banxico (in Spanish). Retrieved 28 August 2018.
40. Journals of the Continental Congress, Volume 28. 1785. pp. 354–357. Retrieved 2008-02-05.
41. "Archived copy". Archived from the original on 2007-09-29. Retrieved 2012-09-30.CS1 maint: archived copy as title (link)
42. Terwiel, B.J., Thailand's Political History, p. 160
43. "La Bodega Market". Facebook.com. Retrieved 16 October 2017.
44. "Pizza chain sparks debate by accepting pesos". NBC News. 2007-01-12. Retrieved 2008-01-30.
45. Kovach, Gretel (2007-01-14). "Pizza Chain Takes Pesos, and Complaints". The New York Times. Retrieved 2008-01-30.

External links

• Mexican Paper Money, description of the Mexican banknotes of the Bank of Mexico issued from 1925 until now.
• Banknotes and coins at the site of Banco de México (Mexico's Central Bank)
• Historia de la moneda y del billete en México, history of the currency from the Banco de México
• Images of historic and modern Mexican coins
• Historical banknotes of Mexico (in English and German)