Definition of MXN (Mexican Peso)

The letters MXN make up 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 US dollar symbol (the Mexican peso has one vertical line and the US dollar has two).

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

The currency in Mexico

The Casa de la Moneda de México was founded in 1535 and is the oldest in all of the Americas. When the country was founded it was a Spanish colony and was known as New Spain. The first coin to be minted was called the “real de a ocho” “peso duro” or “Spanish dollar” and was made primarily of silver.

The word peso began to be used because when people did not have enough money to pay for something, the custom of paying “by weight” using some type of scale was incorporated. In this way, the popular denomination spread and the currency ended up being called the Mexican peso.

During its long history, the Mexican peso has had recurring crises

During the 18th and 19th centuries it remained very stable, but at the end of the 19th century a period 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 state control and the new paper money of the revolutionary period was known as bilimbique.

As for its identification, originally the letters MXP were used and from 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 international currencies 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 the Mexican peso, in the popular language all kinds of terms are used, such as mosca, pasta, lana, viyuyo, chayo or morlaco, among many others.

This phenomenon is not exclusive to Mexico. In fact, in Spain, people talk about pasta, bitches, duros, twine or parné. Among Argentines, terms such as luca, chirola, gamba or copper are used. In Cuba you can say astilla, juaniquiqui, melon, lulas or cañas.

Photos: Fotolia – Piotr Pawinski / Fotopoly