The Mexican peso, symbol $, symbol MXN, is the official currency of Mexico. The peso is subdivided into 100 centavos, and originated from Spanish dollars used during the Spanish colonization and occupation of Mexico. The currency name, ‘peso,’ means ‘weight’ in Spanish, originally referring to weights of silver and gold historically used as currency. The Mexican peso is currently the 13th most traded currency in the world and the most traded currency in Latin America. The peso is managed by the Bank of Mexico in Mexico City.
The first peso was introduced during Spanish colonian Mexico, and circulated throughout Mexico, all of Central America, the U.S., and Canada up until the late 1800s. Mexico achieved independence in 1821, and the new Mexican government continued the use of the 16 reales equal to 1 gold escudo rate. Paper banknotes were also first issued at this time. A steep value decline and loss of stability occurred following the Oil Crisis of the 1970s, prompting the issue of the Nuevo peso in 1993. The Nuevo peso was introduced at a rate of 1 new peso equal to 1,000 old pesos, and the Mexican peso code changed from MXP to MXN. From 2006 onwards Mexican Peso notes and coins were released containing Braille-like tactile patterns which can be identified by the blind. As of December 2012, 1 USD was equal to 12.80 MXP.
Name: Mexican peso
Decimal Unit: 100th Centavo
Coins: 5, 10, 20, 50¢; $1, 2, 5, 10, 20, 50
Notes: $10, 20, 50, 100, 200, 500, 1,000
Central Bank: Bank of Mexico
The Mexican peso is currently circulated in coin values of 5, 10, 20, and 50 centavos, as well as 1, 2, 5, 10, 20, 50, and 100 pesos. Banknotes are circulated in denominations of 10, 20, 50, 100, 200, 500, and 1000 pesos. Peso coins feature the Mexican coat of arms on their front side and the historic Sun Stone on their reverse side, while peso banknotes display prominent Mexican figures, notable cities, and historic sites on both sides.