Mexican Peso (MXN)

Basic Concepts of the Mexican Peso

The Mexican Peso is the official currency of Mexico, with the ISO 4217 code MXN and the symbol "$" or "Mex$". Issued and managed by the Banco de Mexico, it is one of the world's more highly traded emerging market currencies and is widely used in international trade and the foreign exchange market.

Countries and regions of use

The Mexican Peso circulates and is used primarily within Mexico and is the country's sole legal tender. Official transactions are settled in pesos, although they may be used in parallel with other currencies (e.g., the U.S. dollar) in some border areas.

Units and Denominations

The Mexican peso's secondary unit of currency is the cent, with one peso equaling 100 cents. Common denominations include 20, 50, 100, 200, 500, and 1,000 pesos, while coins come in denominations of 1, 2, 5, and 10 pesos, as well as 5, 10, 20, and 50 cents, with designs reflecting Mexican historical figures and cultural symbols.

Historical Background

The Mexican peso originated from the Spanish colonial "Spanish Silver Dollar", which was formally established in the 19th century after Mexico's independence. 1993, due to inflation, Mexico implemented currency reform, the introduction of the new peso, to replace the old peso at a ratio of 1:1000. Since then, the peso exchange rate by oil exports, economic policy and global market fluctuations, but is still one of the important reserve currency in Latin America.