The peso is the currency of Mexico. It is divided into 100 centavos. The symbol used for the peso is "$", while centavos are represented by "¢". Its current ISO 4217 code is MXN (prior to 1993 the code "MXP" was used).

Contents

1 History 2 Current system 2.1 Coins 2.2 Banknotes 3 See also 4 External link

History

The peso was originally based on imperial Spain's silver dollars, the renowned pieces of eight of pirate literature and Hollywood swashbucklers.

The name peso means weight, and this is a reference to the principal characteristic of the coin. The silver mines of Mexico supply ample sources of pure silver and, more importantly, the peso was the first coin to have a border that made it easy to detect if the coin had been tampered with. It was a common practice to cut or wear down the edges of gold and silver coins, thus obtaining raw precious metal. Since the peso was a coin of pure silver with an exact weight, it became very popular.

Current system

On 1 January 1993 Mexico adopted a new currency, the nuevo peso ("new peso", or MXN). The new peso was equal to 1000 of the obsolete MXP pesos. The change was necessitated by the violent and massive devaluations the currency had suffered over the previous quarter century.

On 1 January 1996 the modifier nuevo was dropped from the name and new coins and banknotes – identical in every respect to the 1993 issue, with the exception of the now absent word "nuevo" – were put into circulation. The ISO 4217 code, however, remained unchanged as MXN.

Coins

The coins currently in circulation have face values of 10¢, 20¢, 50¢, $1, $2, $5, $10, and $20. Coins worth $50 also exist and is legal tender, but it was not included in the 1996 issue and is extremely rare and largely disliked by users.(This coin must be carefully distinguished from the gold bullion Mexican 50-peso coin,which contains 37.5 grams (1.2067 troy ounces) of pure gold,and of course does not circulate at face value). Coins of 5¢ also exist, but are rare. All the coins incorporate design elements from the Aztec Calendar.

</table> Banknotes Banknotes are issued in denominations of $20, $50, $100, $200, $500, and since November 2004 a new note of $1000. A $10 note existed during the early days of the changeover; while still legal tender, they are no longer printed and it has been a long time since anyone got one in their change. These banknotes depict the following figures from Mexican history: $10: Emiliano Zapata $20: Benito Juárez $50: José María Morelos $100: Nezahualcoyotl $200: Sor Juana Inés de la Cruz $500: Ignacio Zaragoza $1000: Miguel Hidalgo See also 1994 economic crisis in Mexico External link Notes and coins (http://www.banxico.gob.mx/siteBanxicoINGLES/cMoneda/FSmoneda.html) (Mexico's Central Bank) es:Peso mexicano sv:Mexikansk peso Value Coin Description 5¢ Diameter: 5.5 mm. Weight: 1.58 g. Edge: no milling. Metal: stainless steel 10¢ Diameter: 7 mm. Weight: 2.08 g. Edge: no milling. <p>Metal: stainless steel 20¢ Diameter: 9.5 mm. Weight: 3.04 g. Edge: scalloped. <p>Metal: 92% Cu, 6% Al, 2% Ni 50¢ Diameter: 22 mm. Weight: 4.39 g. Edge: scalloped.<p>Metal: 92% Cu, 6% Al, 2% Ni $1 Diameter: 21mm. Weight: 3.95 g. Edge: no milling. <p>Metal: bimetallic  outer: stainless steel  inner: 92% Cu, 6% Al, 2% Ni $2 Diameter: 23 mm. Weight: 5.19 g. Edge: no milling.<p>Metal: bimetallic  outer: stainless steel  inner: 92% Cu, 6% Al, 2% Ni<p>Design: outer ring depicts "ring of days" from Calendar. $5 Diameter: 25.5 mm. Weight: 7.07 g. Edge: no milling.<p>Metal: bimetallic  outer: stainless steel  inner: 92% Cu, 6% Al, 2% Ni<p>Design:outer ring depicts "ring of serpents" from Calendar $10 Diameter: 28 mm. Weight: 11.18 g. Edge: milled (special 2001 millennium issue has inscription on edge). <p>Metal: Bimetallic:  outer: 92% Cu, 6% Al, 2% Ni  inner: 65% Cu, 10% Ni, 25% Zn (early editions, prior to 1995, had silver instead of this alloy)<p>Design: inner circle depicts Tonatiuh from centre of Calendar. $20 Metal: bimetallic:  outer: 92% Cu, 6% Al, 2% Ni  inner: Silver<p>Design: depicts Miguel Hidalgo. Two special 2000 variants feature: New fire ceremony; Octavio Paz. $50 Metal: bimetallic<p>Design: depicts Heroic Cadets of Chapultepec.