Currency Rates for Mexico
Bank Exchange Rates for Mexico - MXN - Mexican Peso - $. The foreign exchange rates for Mexico also known as the ISO code AFN or the Mexican Peso currency and as a symbol $.
Banknotes are available in denominations of 20, 50, 100, 200, 500 and 1,000 pesos, though the 1,000 peso note is rarely seen or used.
Send Money Transfer to Mexican Peso. Coins are available in denominations of 5, 10, 20 and 50 cents, although, only 50 cent coins are used regularly. 1, 2, 5, 10 and 20 peso coins are also available, with all but the 20 peso coins being in regular circulation.
The Mexican Peso is one of the most ancient currencies that dates back centuries to the North American origin.
The design came from the popular Spanish silver dollar and followed by the eight cents.
Until the mid-1800's, Peso has been the accepted as an official tender in Canada and USA as well.
Being an actual descendant of the Spanish eight cents, Mexico recognized and adopted the same pattern of currency even after attaining independence as well.
At that time, China was considered as remote region; Peso was even considered acceptable there.
Needless to say, The Mexican Peso was regarded as the safest and secure form of currency.
It can be better reflected by the fact that the American dollar design was mainly inspired from Mexican Peso.
Later on, the worth of one peso to one hundred centavos by the Mexican government.
Peso, being a depiction of secure and safe currency through most of the 1900s, the face finally changed after 1970s oil crisis.
This was due to reason that foreign loans increased tremendously. Things kept getting worse and deteriorated until the Mexican government eventually defaulted due to the non-payment of international loans
The investors started to take their money out of Mexico, and the situation stayed miserable unless the 1990s when the government made some necessary changes in monetary policy. The first change was altering the value of Mexican Peso.
The value or worth of 1000 pesos was changed to one peso. It was now called the Nuevo peso.
It is translated as the new peso. Furthermore, the ISO code was changed from MXP to MXN now.
New notes were printed having the minimum value of 10 pesos and maximum 1000 pesos.They had a prefix of N unless 1996 when they didn't print N anymore.
It still is ten finally Nuevo, but people commonly refer to it as the peso.
. One more significant element is that the Mexican government did not remove the 10 peso notes officially, but they are no more printed which has made then nonexistent in the market.
Although Peso has faced troubles as it is an export-based economy, the future looks bright as the income bases of Mexico are diverse.
GBP to MXN
Originating from the Spanish dollar, like most peso and dollar currencies, the Mexican peso is subdivided into 100 centavos and the current incarnation is a result of revaluation in 1993. The second peso was introduced in 1993, with the name ‘nuevo peso’, however, the word ‘Nuevo’ was dropped from the banknotes and coins issued in 1996. The Mexican peso is now one of the top 15 most traded units of currency. Bank Exchange Rates for Mexico. The foreign exchange rates for Mexican Peso also known as the ISO code MXN. Send money transfer online with us with the cheapest options.