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Mexican Peso Definition

Like the U.S. dollar, the Mexican currency paints a picture of important figures in the country`s history. In the case of Mexican pesos, the people on the banknotes are famous luminaries who lived before, during and after the Spanish conquest. Between 1960 and 1971, a new currency was introduced, consisting of brass 1 and 5 centavos, copper-nickel 10, 25 and 50 centavos, 1, 5 and 10 pesos and silver 25 pesos (not issued until 1972). In 1977, silver coins of 100 pesos were put into circulation. In 1980, smaller 5 pesos coins were introduced in copper-nickel alongside 20 pesos and (from 1982) 50 pesos. Between 1978 and 1982, the size of the coins was reduced by 20 centavos and more. Between 1984 and 1988, coins of 100, 200, 500, 1,000 and 5,000 pesos were introduced. Current Mexican coins are 5, 10, 20 and 50 cents, as well as 1, 2, 5, 10 and 20 pesos. Series F contained the tactile patterns produced by engraving from Series D to distinguish denominations starting at 100 pesos; The 20- and 50-peso bills had struck the value directly into the transparent windows. [33] In addition, the F-series denominations differ in length. Each denomination is 0.28 inches (7 mm) longer than the lower value, and in November 2012, a plastic paperweight containing raised gauges and Braille signs to assist the visually impaired was distributed free of charge.

[62] Similar to the name Penny for a 1¢ coin and groschen for 10¢, the name Peso was given to the eight coins that Spain issued in Latin America. The coins were actually the Spanish dollars or eight coins that were in circulation in Asia and America until the early 19th century, when the Currency Act came into effect in 1857. The transition occurred with minimal confusion by issuing the “Nuevo Peso” Series B banknotes in denominations of N$10, $20, $50 and $100, the designs of which were almost identical to the corresponding notes of the previous Series A labeled in old pesos (MXP $10,000, $20,000, $50,000 and $100,000, respectively); For Series B, the equivalent nominal value of the Nuevo peso was 1/1000 of the former peso face value for Series A. For example, the old MXP 20,000 pesos and MXN 20 pesos B series notes have the same design, except for the updated face value. The old and new pesos circulated simultaneously between 1993 and 1995, but the old A-series pesos banknotes were phased out at that time, and the redesigned “Nuevo Peso” series C notes began in 1994. Starting at 1. In January 1996, the “Nuevo Peso” was simply renamed “Peso”, and new D series notes were issued, identical to the C series, except for the word “Nuevo”. However, the ISO 4217 code remained unchanged as MXN.

Series A and AA banknotes were demonetised from 1 January 1996 and were no longer legal tender. [10] Although still legal tender, banknotes B, C, D and D1 are currently withdrawn from circulation. In addition, the 1000 $MXN Series F note will be retired. [11] The most commonly issued bank notes in Mexico are 20$MXN and over in the F and G series. This series did not originally envision including a $20 bill, as it was to be gradually replaced by a coin,[72] but in September 2021, a $20 note was issued to commemorate the bicentennial of Mexico`s independence. [73] The 20, 50 and 100 pesos notes are made of polymer, while the other notes are printed on paper. If necessary, the Banco de México will introduce a $2,000 bill. [72] MXN`s purchasing power declined towards the end of the 20th century due to an inflationary process. As a result, the Bank of Mexico minted coins in large denominations that exceeded the face value of fifty pesos. The federal agency also produced denominations of one thousand Mexican peso coins and five thousand Mexican peso. Old peso notes and coins are no longer accepted as cash by the general population, but can still be exchanged for the equivalent of the modern value in new pesos at the Bank of Mexico.

The current version of the 20 pesos note includes the entrada del Ejército Trigarante a la Ciudad de México (the entrance of the Tigarante army to Mexico City), which completed Mexico`s independence. The battalion commander at the time was led by Agustín de Iturbide, who is depicted prominently in front of the crowd on this note. The name was first used in reference to Pesos Oro (gold weight) or Pesos Plata (silver weight). The Spanish word peso means “weight”.

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