What is the money used in Mexico? The official currency of Mexico is the Mexican Peso, abbreviated as MXN. The peso is widely used throughout the country for all transactions, both large and small. Understanding the currency and its denominations is essential for anyone visiting or doing business in Mexico.
The Mexican Peso was introduced in 1993, replacing the previous peso, which was denominated at 1,000 to 1. This change was made to simplify the currency system and make it more user-friendly. The current peso is divided into 100 centavos, with the centavo being the smallest unit of currency.
The denominations of the Mexican Peso include coins and banknotes. Coins come in denominations of 5, 10, 20, and 50 centavos, as well as 1, 2, and 5 pesos. Banknotes are available in denominations of 20, 50, 100, 200, 500, and 1,000 pesos.
The 20 peso note features the image of President Benito Juárez, while the 50 peso note showcases the Aztec Sun Stone. The 100 peso note has a portrait of President Lázaro Cárdenas, and the 200 peso note features the image of President Porfirio Díaz. The 500 peso note is dedicated to the Mexican Revolution, while the 1,000 peso note portrays the artist Frida Kahlo.
It is important to note that while the peso is the official currency, there are still a few places where US dollars are accepted, particularly in tourist areas. However, it is always best to have pesos on hand, as not all businesses will accept US dollars.
When exchanging money in Mexico, it is advisable to use reputable exchange offices or ATMs, as there are instances of counterfeit currency. It is also worth noting that the exchange rate for the peso can fluctuate, so it is a good idea to check the current rate before making any significant transactions.
In conclusion, the money used in Mexico is the Mexican Peso, which is divided into 100 centavos. Understanding the denominations and exchange rates is crucial for anyone visiting or doing business in the country.
