Coins of Mexico

Mexican coins

The Mexican peso (ISO 4217 code = MXN, symbol = $) is the national currency of Mexico. It derives from the "Peso de a Ocho" (piece of eight), minted in Mexico by the Spanish and also known as the Spanish dollar. After the declaration of independence on 28 September 1821, Mexico continued to use the Spanish monetary system, with the gold escudo worth 16 silver reales and the peso worth 8 reales. The Mexican peso was also widely used outside the country, above all in the United States, where the first dollars were issued on 2 April 1792 and the Mexican peso was officially recognized as legal tender until 21 February 1857.

The first coins struck in 1863 were centavos of the Mexican peso (symbol = ¢), and in 1866 the first coins in Mexican pesos were struck, with the portrait of Emperor Maximilian on the obverse and the imperial emblem on the reverse.

Mexican Republic (1867–1905)

Even after the proclamation of the republic in 1867, Mexico continued to mint 8-reales coins alongside pesos and centavo coins; the coins in reales were withdrawn from circulation in 1897. The 1-centavo coins were struck in copper. Between 1867 and 1869, silver coins of 5, 10, 25 and 50 centavos with a fineness of 903/1000 were introduced. In 1870 gold coins of 1, 2½, 5, 10 and 20 pesos were introduced. In 1882, coins of 1, 2 and 5 centavos were struck in cupronickel.

United Mexican States (1905–1992)

In 1905 Mexico introduced a monetary reform to adopt the gold standard. The gold content of the coins was reduced by 49.36%. Between 1910 and 1914 the famous "Caballito" was struck, a silver one-peso coin with the emblem of the Mexican eagle on the obverse and a woman on horseback on the reverse.

The fineness of Mexican silver coins was gradually reduced: 800/1000 in 1918, 720/1000 in 1920, 500/1000 in 1947 and 300/1000 in 1950.

In 1921 the circulation of gold coins came to an end, while in 1957 the last silver peso coin was struck.

A new series was struck between 1960 and 1971, with 1- and 5-centavo coins in bronze, and 10, 25 and 50 centavos and 1, 5 and 10 pesos in cupronickel.

Thanks to the oil trade, the Mexican peso was extremely stable. Following the oil crisis of the 1970s, in 1982 Mexico was forced to declare that it could not service its external debt.

New peso (1993–1995)

After years of high inflation, on 1 January 1993, under the Pact for Stability and Economic Growth, the new peso was adopted (ISO 4217 code = MXN, old code MXP, symbol = N$) at a ratio of 1 MXN to 1,000 MXP; the word "nuevo" (new) was removed from the coins from 1 January 1996.

The new coins of the Banco de México had denominations of 5 and 10 centavos in steel, 20 and 50 centavos in bronze, plus bimetallic coins of 1, 2 and 5 pesos with a bronze center and a steel outer ring, while the 10, 20 and 50 pesos coins had a bronze ring around a silver center, with a fineness of 925/1000. In 1996 the old silver 10-peso coins were replaced by base metal.

Mexican peso (since 1996)

In 1996, the unit introduced in 1993 was renamed peso, dropping the word “new” and the N from the symbol N$. The change retained the equivalence of one peso to 1,000 pre-1993 pesos and its division into 100 centavos.

In 2003, a series of 32 coins of 100 pesos began to be issued, celebrating the 31 states of the federation and the Federal District.