Exploring the Name and History of Mexican Currency- What’s Known as Mexican Money-
What’s Mexican money called? This question often arises among those who are curious about the currency used in Mexico. The official currency of Mexico is known as the “Peso,” derived from the Spanish word “peso,” which means “weight.” The peso has been the primary currency used in Mexico since the 16th century, making it one of the oldest currencies still in use today.
The Mexican peso is denoted by the symbol “MXN,” which stands for “México Nuevo Peso,” or “New Mexican Peso.” This distinction was made to differentiate it from the old peso, which was in circulation before 1993. The new peso was introduced to combat hyperinflation and stabilize the Mexican economy.
The peso is subdivided into 100 smaller units called “centavos.” However, due to inflation, centavos are no longer commonly used in transactions. Coins are available in denominations of 5, 10, and 20 centavos, while banknotes are issued in denominations of 20, 50, 100, 200, 500, and 1,000 pesos.
The design of Mexican banknotes and coins often features prominent historical figures, landmarks, and symbols that represent the country’s rich culture and history. For instance, the 20 peso note features the image of Benito Juárez, a former president of Mexico, while the 500 peso note showcases the Angel of Independence monument.
In recent years, Mexico has been working on modernizing its currency system to make it more secure and convenient for both locals and tourists. The Banco de México, the central bank of Mexico, has been responsible for issuing and regulating the country’s currency.
Understanding what Mexican money is called can be beneficial for travelers, businesspeople, and anyone interested in the economic and cultural aspects of Mexico. Whether you’re planning a trip to Mexico or simply want to learn more about its currency, knowing that the peso is the official currency and its unique history can add to your knowledge of this fascinating country.
