Mexican peso

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The peso (sign: $; code: MXN) is the currency of Mexico. The peso was the first currency in the world to use the "$" sign, which the United States dollar later adopted for its own use.[1] The peso is the 12th most traded currency in the world and by far the most traded currency in Latin America and third most traded in all the Americas.[2] The current ISO 4217 code for the peso is MXN; prior to the 1993 revaluation (see below), the code MXP was used. The peso is subdivided into 100 centavos, represented by "¢". The name was originally used in reference to pesos oro (gold weights) or pesos plata (silver weights). The literal English translation of the Spanish word peso is weight. As of October 24, 2010, the peso's exchange rate was 17.21 per Euro and 12.33 per U.S. dollar.

Contents

History

First peso

The peso was originally the name of the eight-real coins issued in Mexico by Spain. These were the so-called Spanish dollars or pieces of eight in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century. After Mexico gained its independence in 1821, the new government continued the Spanish monetary system of 16 silver reales = 1 gold escudo, with the peso of 8 reales the largest silver coin. Paper money was also issued, denominated in pesos.

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