MXN - Mexican Peso

The Bank of Mexico (Banxico) is responsible for managing the Mexican Peso. Established in 1925, Banxico controls the issuance of currency, monitors inflation, and makes sure that the country stays financially stable. The value of the peso operates in a floating exchange rate system, meaning it’s influenced by supply, demand, and global market trends, with the central bank stepping in when necessary to avoid major fluctuations.

The Mexican Peso is one of the oldest currencies in North America—with origins dating back to the 15th century during the Spanish colonial period. The original Spanish silver dollar, known as the 'piece of eight', was used across the Americas and Asia due to its trusted value and quality. After Mexico gained independence from Spain in the early 19th century, the nation introduced its own peso, building on the legacy of the silver coin but adding its national identity.

The peso has roots tracing back to the 16th to the 19th centuries. In 1993, to combat the effects of inflation, Mexico introduced the 'Nuevo Peso' (New Peso) at a rate of 1,000 old pesos to 1 new peso. However, the 'Nuevo' was eventually dropped in 1996. Another interesting fact is that the Mexican peso was the first coin in the world to use the sign “$” (even before the US dollar)

The symbol '$' used for the peso originally represented the Spanish coat of arms over the pillars of Hercules, which appeared on early Spanish coins. Today, the '$' is widely recognized as both the symbol for the Mexican Peso and the U.S. Dollar, though their values differ. In financial markets and international transactions, 'MXN' is used to clearly identify the Mexican Peso. ​