Mexican peso | Mexico Currency | Centavo | notes

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Mexican peso Currency:

Mexican peso is the official currency of Mexico. The Mexican peso is subdivided into 100 centavos. Peso is the eighth most traded currency in the world, after the United States dollar and Canadian dollar. Peso is the third most traded currency originating from the Americas and the most traded currency originating from Latin America.

The peso was originally issued in Mexico by Spain and therefore named the Spanish dollar, which remained in wide circulation in the Americas and Asia from the height of the Spanish Empire until the mid-19th century. First coins were made in 1863 that were denominated in centavos and worth one hundredth of the peso. These coins were continued in circulation until 1897. In 1905, the gold content of the peso was reduced substantially overtime.

Through the 19th and most of the 20th centuries, the Mexican peso was one of the most stable currencies in Latin America. However, after Mexico defaulted on its external debt in 1982, the peso destabilized. On January 1, 1993, a new currency, the ‘nuevo peso’ was introduced by the Bank of Mexico to replace the original peso. The new peso replaced the old peso at a rate of 1:1000. The code of new peso is MXN, prior to the 1993 revaluation the code MXP was used.