Economy »MXN (Mexican Peso)

Definition of MXN (Mexican Peso)

The letters MXN form the official notation to refer to the Mexican peso, the official currency of the United Mexican States. Its currency symbol is "$", and it is very similar to the symbol of the US dollar (the Mexican peso has a vertical line and the US dollar has two).

With respect to its units, the smallest is one cent and the largest is 1000 pesos. The most frequently used coins are those of 1, 2, 5, 10 and 50 pesos, while the most used bills are 20, 50 and 100 pesos.

The currency in Mexico

The Mint of Mexico was founded in 1535 and is the oldest in all of America . When the country was founded it was a Spanish colony and was known as the New Spain. The first coin that was minted was called "real de a eight" "hardweight" or "Spanish dollar" and was made mostly of silver.

The word weight began to be used because when people did not have enough money to pay something, the habit of paying "the peso" using some kind of balance was incorporated. In this way, the popular denomination was extended and the currency ended up being called the Mexican peso.

During its long history the Mexican peso has had recurrent crises

During the XVlll and XlX century it remained very stable, but at the end of the XlX a stage of instability began. One of the deepest took place during the Mexican Revolution of 1910, when high military spending caused high inflation . At that time coins were issued without any control of the state and the new paper money of the revolutionary period was known as bilimbique.

Regarding their identification , the letters MXP were originally used and since 1980 it was changed to the current MXN. It should be noted that Mexico is not the only country in the world whose currency is the peso, as this currency also exists in Argentina, Colombia, Chile, Cuba or Uruguay.

Currently, the best known currencies in the international arena are the dollar, the euro, the yen, the Swiss franc and the pound sterling.

Different words to refer to money

Although the official name of the Mexican currency is that of the Mexican peso, in the popular tongue all kinds of terms are used, such as fly, pasta, wool, viyuyo, chayo or morlaco, among many others.

This phenomenon is not exclusive to Mexico. In fact, in Spain, they talk about pasta, bitches, hard ones, twine or parne. Among Argentines, terms such as luca, chirola, prawn or copper are used. In Cuba you can say splinter, juaniquiqui, melon, lulas or reeds.

Photos: Fotolia - Piotr Pawinski / Fotopoly

Author: Javier Navarro | Site: - definition | Date: March 2017 | URL: /economia/mxn-peso-mexicano.php

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