The official currency in Mexico is the Mexican Nuevo Peso, which has existed in its current form since 1992. The currency code is MXN. Before 1992 there was the peso MXP, but at that time it was exchanged at a ratio of 1000: 1. The currency symbol is similar to that of the US dollar.
The peso is divided into 100 centavos. The small coins are available in denominations of 5, 10, 20 and 50 centavos and also coins in denominations of 1, 2, 5, 10, 20, 50 and 100 pesos. However, since it is customary in Mexico to round up to 50 centavos, the coins with the values 5 and 10 centavos are no longer in circulation. The country issues banknotes of 10, 20, 50, 100, 200, 500 and 1000 pesos.
History of the Mexican Nuevo Peso
The first coins were issued in Mexico in 1535, at that time by the Spanish occupation forces. This is where the Spanish term “peso” comes from. Paper money was only introduced after Mexico’s declaration of independence in 1821. The currency of the Central American country experienced an ups and downs in the following decades, and the Mexican Revolution shook the financial system considerably. The currency was not able to stabilize again until the “Banco de Mexico” was founded. She was given the monopoly for the production of coins and bank notes as well as the right to set interest and exchange rates.
Today, the Nuevo Peso is closely linked to the US dollar, and this currency can be used to pay in the country, especially in well-developed tourist areas. Mexico’s national currency suffered badly from inflation in the last century and was devalued sharply in 1976, 1984 and 1994. With the background of fighting inflation, the currency reform of 1992 removed the last three zeros on bank notes and introduced the Nuevo Peso.
Exchange money in Mexico or at home?
The current exchange rate of the peso to the US dollar or the euro can be quickly calculated using the currency converter. In the country, US dollars can be used to pay, travelers checks and credit cards are also accepted. Cash withdrawals in pesos can be made with the Maestro card at the ATMs of the international banks.
Any fees that may arise should be inquired about before starting your journey in Germany. Local exchange offices offer fast service and are cheaper than the exchange options in hotels. It is advisable to exchange the currency on site.