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For the old peso, please see Mexican Peso.
The peso (sign: $; code: MXN) is the currency of Mexico. The current ISO 4217 code for the peso is MXN; prior to the 1993 revaluation.
The nuevo peso (new peso) was the result of hyperinflation in Mexico. In 1993, Carlos Salinas de Gortari stripped two zeros from the peso. The parity was $1000 = N$10.
The transition was done in three years from January 1, 1993 to January 1, 1996, when the word "nuevo" was removed from the currency, returning to be called "peso". The parity that followed was N$1 = $1.
Confusion was avoided by making the "nuevo peso" currency almost identical to the old "peso". Both of them circulated at the same time. Later all currency that only said "peso" was removed from circulation. The Banco de México (Bank of Mexico) then issued new currency with new graphics, also under the "nuevo peso". These were followed by the current almost identical "peso" currency. In 1993, coins of the new currency (dated 1992) were issued in denominations of 5, 10, 20 and 50 centavos, 1, 2, 5, 10, 20 and 50 nuevos pesos. The 5 and 10 centavos were minted in stainless steel and the 20 and 50 centavos in aluminium bronze. The nuevo peso denominations were bimetallic, with the 1, 2 and 5 nuevos pesos having aluminium bronze centres and stainless steel rings, and the 10, 20 and 50 nuevos pesos having .925 silver centers and aluminium bronze rings. In 1996, the word nuevo(s) was removed from the coins. New 10 pesos were introduced with base metal replacing the silver centre. 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. These number 32 – one for each of the nation's 31 states, plus the Federal District. While the obverse of these coins bears the traditional Coat of arms of Mexico, their reverses show the individual coats of arms of the component states. The first states to be celebrated in this fashion were Zacatecas, Yucatán, Veracruz, and Tlaxcala. In circulation they are extraordinarily rare, but their novelty value offsets the unease most users feel at having such a large amount of money in a single coin. Although the Bank has tried to encourage users to collect full sets of these coins, issuing special display folders for the purpose, the high cost involved has worked against them. Bullion versions of these coins are also available, with the outer ring made of gold, instead of an aluminium bronze.
The coins commonly encountered in circulation have face values of 50¢, $1, $2, $5, $10, and $20. The $50, 10¢ and 5¢ coins are rarely seen and largely disliked by users. The $20 coin is not widely used as the $20 banknote. As of late 2006 and early 2007, the usage of 20¢ coins is also gradually declining. Small commodities are priced in multiples of 10¢, but stores may choose to round the total prices to 50¢. There is also a trend for supermarkets to ask customers to donate those cents to charities so that they can round the amount to 50¢ or 1 peso.