Mexican Coins Pictures

Mexican Coins Pictures

A Basic Idea About Mexican Money
By Robert Groce - Ezinearticles

Peso is the name for Mexican money. The Mexican currency was the first in the world to use the sign $ for its currency. The United States later adopted it and started using it as its own. In all the Americas, the peso is the third most traded currency. It is the most traded currency in Latin America and the 12th most traded in the world. 100 centavos make 1 peso. The word "peso" originally meant weights.

In earlier times, the USA used the Mexican currency widely in its country. In the year 1785, the value of the Mexican currency matched with that of the United States dollar approximately. The calculation was made based on the amount and value of the silver in the coins. It was not until the year 1792 that USA began issuing its own coins and till then the peso was used as currency. In fact, till the year 1854, peso was used as legal tender in Canada, along with other foreign coins because the country did not have its own currency. The Mexican peso was so widely recognized that it served as a model for the Hong Kong dollar, the Straits dollar, the Chinese Yuan and Japanese yen.

In spite of the importance of the Mexican currency in history, the year 1994 saw the biggest currency crisis in the country. The Forex trading was confused which saw the devaluation of the currency. As of September 2009, the Mexican exchange rate was 13.52 pesos for 1 US dollar.

Mexican Coins Pictures