American Numismatic Association

20 Oct 2015

History of the peso (Mexico)

The Mexican Peso is one of the oldest currencies in North America. Its original design follows from the Spanish silver dollar and original eight pieces. It was an official tender in both the U.S.A �1857 and Canada 1954 . To be precise the U.S.A until 1857 and Canada until 1854. The Mexican peso is the descendant of the Original eight piece that the Spanish government issued in Mexico and continued after gaining their independence. At one time the Spanish dollar was an acceptable mode of payment in places as remote as China. The Mexican peso continued to be the most stable and safe currency. So much so, that the Mexican Peso inspired the American Dollar’s design. Later the Mexican government changed the value of one peso to one hundred centavo

1863, the first centavo coins were issued; a centavo was one-hundredth of a Peso. Another series of 1 peso coins was issued the following year until 1897.�1905, the value of golden Peso was reduced to 49.3%, but the silver Peso remained.�After the Oil Crisis of the 1970s, Mexico faced many years of inflation and debt defaults, leading to the replacement of the currency with the Nuevo Peso. The Nuevo Peso was valued at 1000 Mexican Pesos.

Denominations