Mexican peso
Worldwide use:
- Mexico
Description:
The Peso is the official currency of Mexico. The Peso is subdivided into 100 Centavos. Banknotes are issued in six denominations of 20, 50, 100, 200, 500 and 1000 Pesos. Coins are issued as 5¢, 10¢, 20¢, 50¢, $1, $2, $5, $10, $20, $50 and $100. The Mexican Peso was floated in 1994 following the Mexican Peso crisis which lead to a massive fall in its value but it quickly recovered.
The Peso used to be the primary legal tender in the USA prior to the introduction of the US Dollar in 1792. The value of the US Dollar was based on the Peso and issued at the same value. Despite the introduction of the Dollar, the Peso was still accepted as legal tender in the US until the Coinage Act of 1857.
Origin:
The Peso, established in the late 15th Century, was the original name for the "eight real coins" or "Spanish dollars". Introduced to Mexico by the Spanish, the Peso was originally minted using pure silver as the base component. Due to security measures relative to the period, it was the first currency in history to have all the coins minted to an exact weight and so it became widely used in the height of the Spanish Empire throughout the Americas and Asia. In 1537 the Spanish Escudo Gold Coin was introduced, which was worth 16 Reales. Later the Gold Doubloon was released worth 32 Reales or 2 Escudos. As it was built up of denominations divisible by eight, the Spanish Dollar became known as "Pieces of Eight."
Component units:
- cent ¢ (100)
Date introduced:
- 1497
Central bank:
- Bank of Mexico
Printer:
- Bank of Mexico
Mint:
- La Casa de Moneda de México