Currency

Bronze tools and other items commonly used in trade in early Mexican history.

Jade items and beads. One of the first forms of currency in Mexico.

Gold items.  Though not used in early native trade, gold was used in the creation of Mexican coins in 1500's.

50 centavos. one half peso. 22 mm and 4.39 g.

Also 50 centavos. 17 mm and 3.1 g.

1 peso (about 8 cents). 21 mm and 3.95 g.

2 pesos (15 cents). 23 mm and 5.19 g.

5 pesos (38 cents). 25.5 mm and 7.07 g.

10 pesos (76 cents). 28 mm and 10.33 g.

20 pesos ($1.52). featuring Benito Juarez (President)

50 pesos ($3.81). featuring Jose Maria Morelos y Pavon (Priest)

100 pesos ($7.61). featuring Nezahualcoyote (Texcoco king)

200 pesos ($15.22). featuring Sor Juana Ines de la Cruz (poet)

500 pesos ($38.05). featuring Diego Rivera (painter).

Museum featuring the future of the economy: electronics.

Mexican currency has experienced a few drastic changes and many slight alterations in its history.  In the earliest history of Mexico, currency was comprised of cacao beans, jade and jade beads, copper tools, duck feathers, and cotton blankets. [1] [4]  After the arrival of the Spanish, metals (often gold and silver) were used to make coins, and these coins eventually became the norm for currency.  The coins developed into what is now most often used, the pesos.

After the use of coins became commonplace in Mexico's history, alterations began occurring in the coins.  Coins took on different appearances and different names, and after more than a dozen types of currency the peso became the norm. [3] Years later, Mexico experienced severe economic inflation, and President Carlos Salinas de Gortari released the Nuevo Peso, worth 1000 pesos.  Three years later, the old pesos were no longer in circulation and the Nuevo Pesos adopted the name "peso." [1]

Each peso coin has the Mexican national symbol on one side. The weights of the coins range from about 3 grams to slightly more than 10 grams and from 17 millimeters to 28 millimeters in length (for the common coins).  There are 2 types of half peso coins (50 centavos) in circulation.  One is stainless steel (like the other coins except for the 10 peso coin), and the other is aluminum bronze (like the 10 peso coin) [4].

With the development of coins came the creation of peso bills.  The commonly seen bills in circulation in Mexico are the 20, 50, 100, 200, and 500 peso bills.  On the front of each bill there is the image of a famous Mexican, and on the back there are images of monuments, scenes, or paintings famous in Mexican history.  On the 20 peso bill there is an image of Benito Juarez.  Juarez, born in Oaxaca, was a lawyer, prisoner to Santa Anna, Minister of Justice, and provisional President during the conservative revolt in Mexico.  He lead the opposition against the conservative forces and defeated them.  After, he was elected President of Mexico.  He brought Mexico through financial collapse, settled issues with Britain and Spain, and maintained power through the period when Mexico was conquered by the French, becoming President once more when the crisis had concluded. [2]

On the 50 peso note, the image of a Mexican priest, Jose Maria Morelos y Pavon, is displayed.  He was a part of Hidalgo's rebellion (viewed as the leader).  The rebellion conquered Acapulco and attempted to make it an independent state.  After two years, however, the army was defeated, Morelos was captured, and after being convicted of heresy, Morelos was executed. [2]

Located on the 100 peso bill is Nezahualcoyote, a king of Texcoco in the early 1400's.  He was violent, but at the same time, wise.  He killed thousands of children for not calling him king.  His military became his influence and manner of rule.  On a bad and good note, Nezahualcoyote was impartial in his rulings, killing even his own family members if they committed crimes.  He did, however, create a beautiful city, build an aqueduct to provide water for Tenochtitlan, and attempt to preserve libraries containing thousands of manuscripts. [2]

A brilliant Mexican poet by the name of Juana Ines de la Cruz is pictured on the 200 peso bill.  She was capable of reading at the age of three and was praised for her intelligence and beauty.  She served a viceroy of New Spain as a lady-in-waiting, but left that position to become a nun.  She worked with other poets as she studied literature, music, history, theology, and science.  She even pushed for equal education opportunities for women. [2]

On the 500 peso bill, there is the face of Diego Rivera.  Rivera's work often was about the lifestyle of the Mexican people.  He held strong opinions in favor of communistic politics (the reason his artwork in the United States was destroyed by the Rockefellers.  He married another artist, Frida Kahlo, in 1929, and the two continued their works respecting all types of art (a reason they were disliked at times).  Throughout the years, Rivera and Kahlo became increasingly popular for their controversial politics in their art. [3]

While bills and coins are still the main type of currency in Mexico, there is a push toward electronic banking just as there is in the rest of the world.  Currently, it is rare to find stores in Mexico that accept credit cards, but they have become more common.  Also, there is evidence (such as the new museum dedicated to electronic banking) that Mexico is becoming more focused on electronics when it comes to currency.  However, it will be more difficult to become more involved in electronic banking if few people have sufficient funds to worry about any sort of electronic banking (or any banking whatsoever).

At the moment, Mexico is struggling with poverty, and this is a major factor preventing the people from taking the leap to electronic banking.  More than 44 percent of Mexicans are living in poverty today.  That is greater than the population of the entire nearby country of Colombia.  More than one in every ten Mexicans is living in what is considered "extreme poverty." Additionally, more than two in every ten Mexicans drops out of school, and nearly 40 percent of Mexicans lack access to basic health care.  Perhaps most astonishingly, more than 20 percent of Mexicans do not get enough food.  This is possibly due to the fact that Mexico's minimum wage fails to increase with inflation (and is low to begin with).  Currently, the minimum wage in Mexico is US$4.45 per day.  The minimum wage increased by 5 percent.  Meanwhile, gas prices are increasing by 25 percent and prices of regular goods are expected to increase by 30 percent. [5]

There are many types of Mexican currency not pictured here.  Those pictured are just the best known, and for the majority, are what are commonly used in trade in Mexico today.  Many other types of currency were used in Mexico's history, especially as coins were evolving into the modern day peso.

Macuquinas were coins during the reigns of Philip II through Philip V.  They were produced due to a greater demand for coins and the ability for that demand to be met because of the newly found silver and gold in the New World. [4]

Columnarios and Peluconas were silver coins in the 18th century known and used because of their beauty.  They were well-crafted and made with a fine metal content. [4]

In 1771, coins became somewhat more simplistic and the fine metal content was reduced.  The new coins were called rounded busted coins. [4]

During the Revolution money became scarce as mines were abandoned or taken over because of greater threats of bandit strikes.  Additionally, people began stowing away their money in fear it would be taken.  This brought about the creation of necessity coins, often made from newly formed mints (built to produce necessity coins). [4]

During the viceroyal period, the insurgents had to make their own currency.  Silver was in short supply, so very few coins were made from silver.  The main element of these coins was copper. [4]

Two other types of coins existed within the insurgents at this time.  Morelos coins (named after the insurgent leader) and Zitacuaro junta were both used by insurgents. [4]

Also, a practice called restamping began to occur.  When money was taken from the royalists or insurgents, the party taking the money would stamp it, validating it in their own economy and ruining its original design and purpose. [4]

In 1823, after Mexico became a Republic, the country began producing new coins (often with symbols of hope despite the poor economic conditions).  This was the first instance in which the Mexican national symbol was placed on the coins, and the symbol has remained on the coins ever since. [4]

During the latter half of the 1800's, silver production slowed (due to constant fighting and political unrest creating debt).  At this point there was an attempt to create a decimal monetary system, however, before the plan could be fully put into action, the French invaded (because of this, only a few decimal coins were produced).  When the French began their partial rule, a coin was made after their emperor, Maximilian (the coin was called Maximilian). [4]

After the Mexicans regained control and Juarez was put back into power, decimal coins were produced again.  In the late 1800's, the mints were repossessed by the Mexican government, but many continued to produce, and for the first time since the republic was restored, the image of a historical figure was put onto the coins (the image of Miguel Hidalgo y Costilla). [4]

During the Revolution of 1910, currency once again, had to be improvised using everything from cardboard to aluminum. [4]

Lastly, due to inflation in the late 20th century, the coins called the Nuevo Pesos were created, each worth 1000 of the old pesos.  A short while later, the old pesos were removed from circulation and the Nuevo Pesos became what we know today as "pesos." [4]