The Mexican pesos is an official currency of Mexico with currency code MXN and symbol $ or Mex$. It is subdivided into 100 centavos. Before the 1993 rebellion, its currency code was MXP. In the world, Mexican pesos is 10th most traded currency and 3rd most traded currency from the United States of America after the US dollar and CAD dollar. As of March 2020, Mexican pesos exchange rate was $19.32 per US dollar and $21.50 per euro.
The Mexican pesos, along with Spanish dollar, were widely used in early United State. Until 21st February 1857, the peso along with other foreign currencies continued to be officially used and recognized in the United States. Until 1854, the Mexican pesos remained legal tender along with other foreign coins in Canada. It serves as a model for the Singapore dollar, the Japanese yen, Honk Kong dollar, and the Chinese yuan.
During the 20th century, the Mexican pesos continued one of the most stable currencies in the region as it did not experience hyperinflation common to other countries. In late 1970 after the oil crisis, the Mexican economy undergoes debt crisis, and as a result, Mexican suffered an unadorned situation of capital flight, followed by many years of currency devaluation and inflation.
On 1st January 1993, the “Stability and Economic Growth Pact” was approved by President Carlos Salinas. Under this act, the Bank of Mexico introduced a whole new currency “Nuevo peso”. On 1st January 1996, the word Nuevo was dropped from currency name, but code remained unchanged.
The first series of Mexican pesos banknotes were issued in 1823 by Emperor Agustin de Iturbide in denominations of 1, 2 and 10 pesos. A new series of banknotes were introduced by the Bank of Mexico in 1969, 1971 and then in 1982. The last series was introduced in August 2018. The banknote of $20 is replaced with a coin.
Mexican pesos is still accepted in some areas of the United States such as Walmart, a gas station Circle K and supermarkets San Ysidro. In 2007, a chain of pizza restaurants located in the southwestern part of the United States started accepting Mexican pesos which creates controversy in the US.
Recently banknotes and coins in circulation include:
Banknotes:
Frequently used $20, $50, $100, $200, $500
Rarely used $1000
Coins:
Frequently used 10¢, 20¢, 50¢, $1, $2, $5, $10, $20
Rarely used 5¢, $25, $50, $100