Mexican Peso

About The Mexican Peso: The Strong Currency of Mexico

Quick Facts About the Mexican Peso Notes

Country of Origin	Mexico
Symbol	$ or Mex$
Currency Code	MXN
Nick Names
Minor units	Centavo
Denominations (Banknotes)	$20, $50, $100, $200, $500 and $1,000
Motto
Identification Feature	On the obverse side of MXP $1,000, you will find the image of Cuauhtémoc, the Aztec ruler of Tenochtitlan
Issuing Bank	Bank of Mexico
In Circulation Since	January 1, 1993

Pesos is the name of the currency used in Mexico. The majority of contemporary currencies, which can trace their origins back to the Spanish dollar in use between the 16th and 19th centuries, continue to utilise the dollar sign "$." The code for the peso was MXP prior to the revaluation that took place in 1993; however, since then, it has been changed to MXN. The Mexican peso symbol is $ or Mex$.

The Mexican peso has risen to become the most traded currency in Latin America, and by 2022, it is projected to become the sixth most traded currency in the entire globe.

The Mexican peso rate today is INR (0 🔄) . Please note that the Mexican peso rate keeps fluctuating.

History of the Mexican Peso

The real, a silver dollar that served as Spain's legal currency at the time, served as the basis for the creation of the peso. The origin of the name "Mexican" can be traced back to the silver 8-real coin, which was the most common denomination of the currency up until approximately the middle of the nineteenth century.

In 1863, the first centavo coins, with a value equivalent to one hundredth of a peso, were introduced into circulation. However, despite their continued circulation long into the 20th century, these coins contained less and less gold over time.

In 1993, the Mexican government issued a new peso, also known as a nuevo peso, to replace the original peso. This was done as a response to the hyperinflation and currency depreciation that occurred in the 1980s as a result of Mexico's default on its foreign debt due to the oil crisis that occurred in the 1970s. The old currency was totally phased out, and the new currency was introduced in its place.

The years that followed the Great Recession are a good illustration of how well the peso performs in times when there is less volatility on a global scale. As a result of the Central Bank of Mexico's (Banxico) implementation of a variety of policy steps, the value of the peso has been steadily going up while at the same time the market's volatility has been going down. After Donald Trump was elected president in 2016, there was a period of greater volatility and increasing uncertainty around the North American Free Trade Agreement. This resulted in the peso experiencing a value loss of approximately twenty percent in just three months (NAFTA).

The value of the Mexican peso, both locally and internationally, cannot be matched by any other currency. Although the United States began dividing their dollar into 100 cents in 1793, Mexico did not begin doing so until 1863, when the Second Mexican Empire, led by Emperor Maximillan, began minting pesos divided into 100 centavos. During this time, the United States began dividing their dollar into 100 cents. In 1873, as a result of East Asian merchants rejecting or devaluing the newly designed peso coins, the Mexican government under Benito Juarez and Porfirio Diaz reverted the silver 1-peso denomination to the "cap-and-ray design" that had been used for the eight reales prior to 1873. This design remained in use until 1897.

Mexico's economy avoided the hyperinflation that plagued many other Latin American countries for the entirety of the 20th century, which helped to retain the peso as one of the region's more stable currencies. This was in contrast to the economies of many other Latin American countries.

The Bank of Mexico adopted the nuevo peso as the country's official currency on January 1, 1993. The nuevo peso is often referred to as the "new peso" or "MXN."

Countries Accepting the Mexican Peso

Amount in the Mexican Peso You Should Carry for Your Trip

The sum of money you'll need to explore Mexico's wonderful country varies according to a number of things. Your holiday budget will be affected by the price of getting to your destination, the price of your lodging, and the price of your meals. A visitor to Mexico should expect to spend around M$1,735 per day on a tight budget. However, the cost of a day of vacation can easily exceed M$5,404 when you include the costs of luxurious transportation, dining at Michelin-starred restaurants, and staying in only the top-rated hotels. In the meantime, the price of a vacation for two individuals can range from M$3,500 to M$11,000.

A hotel room in Mexico can cost anywhere from M$674 to M$1,967 per night, per person. In contrast, daily transportation costs might vary from M$275 to M$825, depending on whether you go for public transit or a private vehicle.

All in all, you can keep an eye on the live Mexican Peso rate in order to exchange your currency notes. You can check out Mexican Peso to Dollar rate today and exchange your notes as per the Mexican peso price.