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Home >> North America Hotels >> Mexico >>Currency of Mexico
Mexico is a well known nation that is checked in by several tourists every year. This is the largest Spanish speaking nation of the entire planet. There are several interesting aspects to the colorful origin of the nation. The article offers you a brief history of the currency of Mexico.
The "peso" is the official currency of Mexico. The symbol of the Mexican peso matches the US dollar. The reason is quite simple as this latter was derived from the Spanish-Mexican currency. The present ISO 4217 code is MXN. The peso is divided into 100 centavos.
Peso was the name of the eight-real coins that were issued in Mexico by Spanish government. Initially these served the purpose of Spanish dollars and were also referred to as pieces of eight.
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These were widely circulated in America and Asia from the height of the Spanish Empire till the early 19th century. After Mexico's independence in the year 1821, the Mexican government continued the Spanish monetary system of 16 silver reales equating to one gold escudo. The traditional peso of 8 reales gained the status of being the largest silver coin of the nation. Soon paper money was also issued and was denominated in pesos.
On the first of January of 1996, it dropped from the name and new coins and banknotes. The new ones were identical in every respect to the 1993 issue. There was but one exception that of the absence of the word "nuevo". The ISO 4217 code, however, remained unaltered and remained like before as MXN.
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In the year 1993, coins of the new currency were issued in several denominations of 5, 10, 20 and 50 centavos, 1, 2, 5, 10, 20 and 50 nuevos pesos. The denominations were done so as to help the users.
The 5 and 10 centavos were minted in stainless steel and the 20 and 50 centavos in aluminium bronze. The nuevo peso denominations were made up with two metals. The 1, 2 and 5 nuevos pesos had aluminium bronze centers and stainless steel rings.
The 10, 20 and 50 nuevos pesos showcased .925 silver centers and also had aluminum bronze rings. In the year 1996, the word nuevos was removed from the coins.
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Many 10 pesos were introduced with base metal replacing the silver center. The 20 and 50-peso coins are the only currently circulating coinage in the world to contain any silver.
In 2003 the Bank of Mexico began the gradual launch of a new series of bimetallic $100 coins.
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