What is money called in Mexico? In Mexico, the official currency is known as the “Peso,” which is abbreviated as “MXN” to represent its international currency code. The Peso has been the country’s currency since 1993, replacing the previous peso, which was in use from 1992 to 1993. The name “Peso” itself has a rich history and is derived from the Spanish word “peso,” which means weight. This term was used because the value of the currency was originally based on the weight of the silver used in its production.
The Peso is further divided into smaller units called “centavos,” with 100 centavos making up one Peso. The currency notes currently in circulation include denominations of 20, 50, 100, 200, 500, and 1000 Pesos, while the coins available are 5, 10, 20, and 50 centavos, as well as 1, 2, and 5 Pesos. The design of the Mexican Peso features various cultural and historical symbols, including the coat of arms of Mexico, which is a prominent feature on both the coins and banknotes.
The value of the Peso can fluctuate against other currencies, which is an important consideration for tourists and investors. Over the years, the Peso has experienced periods of stability and volatility, influenced by various economic factors, including trade relations, inflation, and political stability.
In Mexico, the Peso is widely accepted in both urban and rural areas, and it is used for daily transactions, as well as for larger purchases and investments. As a traveler, it is essential to have some Pesos on hand, as some smaller establishments may not accept credit cards or other forms of payment.
For those interested in currency exchange, it is advisable to use reputable exchange offices or banks to convert your home currency into Pesos. It is also important to note that the exchange rate can vary slightly between different locations, so it is wise to compare rates before making a transaction.
In conclusion, the money called in Mexico is the Peso, which plays a crucial role in the country’s economy and daily life. Understanding the currency and its denominations is essential for anyone visiting or doing business in Mexico, ensuring a smooth and hassle-free experience.
