Advertisement

Mexican Peso (MXN) Profile

Advertisement
Currency name: 
Currency code: 
Currency symbol: 

$ or Mex$

Subunit: 
1/100,  centavo (symbol: ¢)
Coins freq used: 
Mex $1, Mex$2, Mex$5, Mex$10, 50¢
Coins rarely used: 
Mex$20, Mex$50, Mex$100,5¢
Banknotes freq used: 
Mex$20, Mex$50, Mex$100, Mex$200, Mex$500
Banknotes rarely used: 
Mex$1000
Central bank: 
Bank of Mexico (www.banxico.org.mx)
Currency users: 
Currency notes: 

Nicknames: varos, morlacos, lucas, papiros, marimba, varonil, Sor Juana ($200 pesos note), devaluados, billullos, villancicos, benitos, villanos, del águila, bolas

Currency user map: 

Mexican peso users

Mexican peso is the currency of Mexico (officially the United Mexican States) which is a federal constitutional republic in North America and borders with the countries of the United States, Guatemala, Belize and the Pacific Ocean, Caribbean Sea and the Gulf of Mexico. Mexico declared independence from Spain in 1810 and was recognized in 1821.

Mexican peso history

The Mexican peso was introduced in 1821 when Mexico gained its independence, continuing the Spanish monetary system and with the peso of 8 reals the largest silver coin. It was basically descended from the Spanish dollar which was a silver coin with approximately 38 mm diameter, worth eight reales. From the height of the Spanish Empire until the early 19th century, the Spanish dollars were widely used in the Americas, Southeast Asia, China coast and Japan. The U.S. dollar and Mexican peso have the common origin of Spanish dollar and both continuing to use its “$” as currency symbol.

The peso was originally used refer to the name of eight-real coins issued by Spain. The eight-real coin, known as the Spanish dollar or the piece of eight, is a silver coin with approximately 38 mm diameter and worth eight reales. It was commonly known as a thaler (dollar) in Europe. The eight-real coins were widely used in the Americas and Asia from the height of the Spanish Empire (founded in April 1492) until the early nineteenth century. The coins were minted by the Spanish Empire territories and colonies, more prolifically minted in the Hispanic America of Mexico and Peru.

The eight-real coin had a legal eight of 27.468 g and 930.5 fineness, equivalent to 25.561 g fine silver during the year of 1537-1686. It’s dropped down to the weight of 24.809g fine silver (27.064 g, 0.916⅔ fineness) since 1728-1730. It was further reduced to 24.441 g fine silver (24.064 g, 0.9028 fineness) in 1772 and even lower in the coming years. Mexico, after gained its independence in 1821, continued the Spanish monetary system and restored the 1772 standard of 24.441 g fine silver (24.064 g, 0.9028 fineness). Mexico minted the last eight-real peso in 1897 and the last 100-peso silver coins in 1977. Currently, only the $20, $50, $100 peso coins are the circulating coinage in the world that contain any silver.

Mexican peso coins and banknotes

The Mexican peso is subdivided into 100 centavos. 

The first issue coins were denominated in centavos, worth one hundredth of the peso. The “one peso” coins were followed issued in 1866. Currently in circulation coins are in denomination of 50 centavos, 1, 2, 5, 10 dollars. The smaller and bigger denominations coins of 5¢, 10¢, 20¢, $20, $50, $100 are rarely used. Frequently used banknotes are in denomination of $20, $50, $100, $200, $500.

The Mexican peso may be accepted in some supermarkets at the border areas of the United States.

Mexican peso and the currency of peso

Peso was originally the name of Spanish dollar (also known as the piece of eight or the eight-real coin) which was issued by Spain and minted in the Spanish Empire. Hence, Peso has been a monetary unit used by many countries which were former Spanish colonies.

Countries currently using the peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Argentina Argentine Republic Argentine peso ARS South America 4.99699 1.Declared, 9 July 1816
2.Current federal constitution, 1 May 1853
Chile Republic of Chile Chilean peso CLP South America 472.248 1.Declared, 12 Feb.1818
2.Recognized, 25 April 1844
3.Current constitution, 11 Sep.1980
Colombia Republic of Colombia Colombian peso COP South America 1784.180 1.Declared, 20 July 1810
2.Recognized, 7 August 18193c.Current constitution, 4 July 1991
Cuba Republic of Cuba Cuban peso CUP North America 26.500 1.Declared, Oct.10 1868 from Spain
2.Republic declared, May 20,1902 from the U.S.
3.Cuban Revolution, Jan.1, 1959
Dominican Republic Republic of Cuba Dominican peso DOP North America 40.7299 1.from Spain, Dec.1, 1821
2.from Haiti, Feb.27,1844
3.from Spain, Aug.16, 1865
Mexico United Mexican States Mexican peso MXN North America 12.6875 1.Declared, Sep.16,1810
2.Recognized, Sep.27,1821
Philippines Republic of the Philippines Philippine peso PHP Asia 40.7299 1.Established, April 27,1565
2.Declared, June 12, 1898
3.Self-government, March 24,1934
4.Recognized, July 4,1946
5.Current constitution, Feb.2,1987
Uruguay Oriental Republic of Uruguay Uruguayan peso UYU South America 18.9999 Independence from the Empire of Brazil
1.Declaration, 25 August 1825
2.Recognition, 28 Aug. 1825
3.Constitution, 18 July 1830
 Countries that previously used the peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Bolivia Plurinational State of Bolivia Bolivian boliviano BOB South America 6.90963 1.Declared, 6 August 1825
2.Recognized, 21 July 1847
3.Current constitution, 7 Feb.2009
Costa Rica Republic of Costa Rica Costa Rican colón CRC Central America 500.560 1.from Spain, Sep.15,1821
2.Recognizednby Spain, May 10,1850
3.Constitution, Nov.7,1949
Ecuador Republic of Ecuador United States dollar USD South America 1.000 1.Declared, Aug.10, 1809
2.from Spain, May 24,1822
3.Recognized, Feb.16,1830
Equatorial Guinea Republic of Equatorial Guinea Central African CFA franc XAF Africa 487.639 from Spain, 12 Oct.1968
EI Salvador Republic of El Salvador United States dollar USD North America 1.000 1.from Spain, Sep.15,1821
2.Recognized by Spain, June 24,1865
3.from the Greater Republic of Central America, 1898
Guatemala Republic of Guatemala Guatemalan quetzal GTQ North America 7.8445 1.Declared, 15 Sep.1821
2.Restored, 1 July 1823
3.Current constitution, 31 May 1985
Guinea-Bissau Republic of Guinea-Bissau West African CFA franc XOF Africa 487.641 Independence from Portugal
1.Declared, 24 Sep.1973
2.Recognized, 10 Sep.1974
Honduras Republic of Honduras Honduran lempira HNL North America 19.920 1.Declared, 15 Sep.1821
2.Declared 5 Nov.1838 as Honduras
Nicaragua Republic of Nicaragua Nicaraguan córdoba NIO North America 24.285 1.Declared, 15 Sep.1821
2.Current constitution, 9 Jan.1987
Paraguay Republic of Paraguay Paraguayan guaraní PYG South America 4114.51 1.Declared, 14 May 1811
2.Recognized, 15 May 1811
Peru Republic of Peru Peruvian nuevo sol PEN South America 2.58399 1.Declared, July 28,1821
2.Recognized, 14 August 1879
3.Current constitution, 31 Dec.1993
Venezuela Bolivarian Republic of Venezuela Venezuelan bolívar VEF South America 4.300 1.from Spain, 5 July 1811
2.Recognized, 30 March 1845
3.Current Constitution, 20 Dec.1999
Spain Kingdom of Spain the Euro EUR Europe 1.34509 Current Constitutional democracy, 1978