During 2007, Pizza Patrón, a chain of pizza restaurants located in the southwestern United States began accepting the peso, which is a controversial topic in the US. Today, there are some places outside of Mexico that accept pesos as currency, particularly in the United States border areas. The term, Chinese yuan, refers to the round Spanish dollars, Mexican pesos, and other 8 real coins which were used in China during the 19th century. The Mexican peso was also the model for the Straits dollar, the Hong Kong dollar, the Japanese yen, and the Chinese Renminbi. In Canada, the peso remained legal tender, along with other foreign silver coins, until the nation began circulating its own coins in 1854. The first United States dollar coins were not issued until April 2, 1792, and the peso was therefore used, being officially recognized along with other foreign coins, until February 21, 1857. By a decree from July 6, 1785, the value of the United States dollar was set to be approximately equal to the Spanish dollar, both of which were based off the weight of silver coinage. The Spanish dollar or Mexican peso was widely used by the United States during its early times as a country. The ISO 4217 code, however, still remained unchanged, still being "MXN".ĭue to the stability of Mexico's economy and growth in foreign investment, the Mexican peso is one of the 15 most traded currency units in years since the late 1990s the peso has been traded at about 9 to 15 pesos per United States dollar.Ī Mexican peso used as Japanese currency during the Bakumatsu period, equal to 3 bu. One new peso was at that point equal to 1000 obsolete pesos (MXP).Įxactly three years later, on January 1, 1996, the modifier nuevo was dropped from the name, and coins and banknotes, which were still identical in every respect to the 1993 issue, with the exception of not having the word nuevo on it, were then circulated. On January 1, 1993, the Bank of Mexico introduced a new currency, the nuevo peso ("new peso"), given the ISO 4217 code "MXN", and written as "N$" followed a numerical amount. However, after the energy crisis of 1979, Mexico defaulted on external debt in 1982, as a result of which, Mexico suffered a severe case of capital flight and had experienced several years of inflation and devaluation until the government strategy called the Pacto de estabilidad y crecimiento económico, PECE ("Stability and Economic Growth Pact") was adopted under leadership by President Carlos Salinas de Gortari. Throughout a majority of the 20th century, the Mexican peso has remained as one of the most stable currencies in Latin America, due to the fact that the currency has not experienced periods of hyperinflation, common to other countries in its region. Second peso For more information, see 1994 economic crisis in Mexico However, from 1918 onward, the weight and fineness of all silver coins dropped until 1977, when the last silver 100 peso coins were minted. In 1905, the gold content of the peso was reduced by 49.3%, but the silver content remained mainly unchanged (auxiliary coins were debased). Coins denominated in reales remained circulated until 1897. This was followed in 1866 by coins with a denomination of "one peso". Paper money was also issued, denominated in pesos.ĭuring 1863, the first issue of coins denominated in centavos, worth one hundredth of a peso, occurred. After Mexico's independence was gained in 1821, the new government continued the Spanish monetary system of 16 silver reales equalling 1 gold escudo, with the peso of eight reals being the largest denomination. These so-called Spanish dollars or pieces-of-eight underwent wide circulation in the Americas and Asia during the reign of the Spanish Empire until the early 19th century. The peso was originally a name given to the eight-real coins issued in Mexico by Spain.
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