What is Mexico money called? The currency used in Mexico is known as the Mexican Peso, abbreviated as MXN. The Peso is the official currency of the country and is widely recognized and used both domestically and internationally.
Mexico’s currency has a rich history that dates back to the pre-Hispanic era. Initially, the Aztecs used a system of barter, where goods and services were exchanged for other goods and services. With the arrival of the Spanish conquistadors, the use of gold and silver coins became prevalent. These coins were minted in the Spanish colonies and were known as the Spanish Dollar.
The Spanish Dollar was the primary currency in Mexico until the Mexican War of Independence in the early 19th century. Following the war, Mexico declared its independence from Spain and began minting its own coins. The first Mexican Peso was minted in 1821, and it was worth eight reales, which were Spanish silver coins.
Over the years, the Mexican Peso has undergone several changes, including fluctuations in its value and the introduction of new denominations. Currently, the Peso is subdivided into 100 centavos, and the currency is issued in various denominations, including coins and banknotes.
Coin denominations range from 1 peso to 500 pesos, while banknotes are available in denominations of 20, 50, 100, 200, 500, and 1,000 pesos. The design of the coins and banknotes often feature Mexican landmarks, historical figures, and cultural symbols, showcasing the country’s rich heritage.
The Mexican Peso is subject to fluctuations in value, primarily influenced by the country’s economic conditions and global market trends. Despite these fluctuations, the Peso remains a stable and widely accepted currency within Mexico and among its trading partners.
When traveling to Mexico, it is essential to be aware of the local currency and its denominations. The Peso is used for all transactions, and while some businesses may accept US dollars, it is advisable to have local currency on hand for smaller purchases and as a backup in case of any issues.
In conclusion, the Mexican Peso is the currency used in Mexico, symbolizing the country’s unique blend of history, culture, and economic activity. Whether you are a visitor or a resident, understanding the currency and its denominations will help you navigate the Mexican economy and make the most of your time in this vibrant and diverse country.
