Mexican Peso (MXN) Profile

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.