Time Period: 1821-1992

Currency: 1st Mexican Peso


Timeline

  • 1822-1823
  • Issuance of gold and silver coins in the Spanish bimetallic standard by the (first) Mexican Empire of Agustín I; authorized by government decree of 11.06.1822
  • 21.01.1824
  • Mexican republican constitution, §50.15 stated the right of the Mexican Congress to determine the specification of a uniform coinage as well as to introduce a general system of weights and measures (which did not happen); effective 04.10.1824
  • 1824-1867
  • Issuance of copper subsidiary coins of ¼, ⅛, 1⁄16 Real by the Mexican states
  • 15.03.1861
  • Presidential decree on the national currency in the bimetallic standard (weights expressed in Castilian units) with decimal subsidiary coins; effective 01.01.1862
  • 08.04.1864
  • Government decree on the issuance of coins of the (second) Mexican Empire of Maximiliano I.; effective immediately
    - 15.09.1868: Demonetization of the Empire's coinage by the Presidential decree of 28.11.1867.
  • 28.11.1867
  • Presidential decree on the Peso as national currency in the bimetallic standard (weights expressed in metric units); effective immediately
  • 29.05.1873
  • Presidential decree, restored the denomination "8 Real" for the Peso coins in silver (to facilitate the export of the coins to the Asian trading places, where the "Peso" denominated coins were accepeted only with a 3-4% discount); effective immediately
    - 01.01.1898: Demonetization of the "8 Real" denominated silver coins by the Presidential decree of 27.05.1897.
  • 19.03.1897
  • Law [Ley de Instituciones de Crédito] on the regulation of the paper money issuance by private commercial banks; effective immediately (?);
    - 19.06.1908: Presidential decree, amended and reformed the 1897 law; effective immediately (?)
  • 25.03.1905
  • Law on the adoption of the gold standard; effective immediately
    - ??.05.1913: Suspension of the gold standard and ban on exports of gold and silver
    - 13.11.1918: Law on the restoration of the gold standard; effective immediately
  • 25.08.1925
  • Law [Ley de Banco de México] on the establisment of the Bank of Mexico as central bank; effective upon constitution of the bank on 01.09.1925
  • 25.07.1931
  • Law [Ley monetaria] on the withdrawal of the circulating gold coins within 30 days; effective immediately
    - 26.04.1935: Presidential decree amending the 1931 law on the demonetization of the former silver coins of 1 Peso, 50, 20, 10 Cents withing 30 days; effective immediately
  • 28.08.1936
  • Presidential decree on the abolition of the gold standard and demonetization of silver coins with fineness higher than 0.720 within 30 days; effective immediately

Valuation Regimes

  • 1821-1905
  • Metallic currency based on circulating gold and silver coins. Base weight is the Castilian mark / 8 Onzas / 8 Octavos / 72 Granos at 230.047 grams.
  • 1905-1936
  • Fixed rate against gold, suspended 1913-1918, gold circulation terminated on 25.08.1931
  • 1936-1946
  • Variable rate
  • 1946-1976
  • Fixed rate against US Dollar
  • 1976-1992
  • Variable rate, highly inflationary 1981-1988

Rate Arrangements

  • 01.01.1862
  • Metallic
  • Peso: 1'480.08mg AU fine & 24'433.04mg AG fine
  • Hidalgo of 10 Pesos at 33814⁄17 Castilian grains gold 21 carats and Peso at 4897⁄17 Castilian grains fine silver => AU : AG = 16.508
  • 28.11.1867
  • Metallic
  • Peso: 1'480.50mg AU fine & 24'440.90mg AG fine
  • Peso at 1.692 grams gold 0.875 and at 27.073 grams silver 0.9027⁄9 => AU : AG = 16.509
  • 25.03.1905
  • Fixed
  • [Gold parity] 750.00mg AU fine
  • -
  • 28.08.1936
  • Variable
  • initially: US Dollar at 1 : 3.60
  • -67.1%
  • 18.12.1946
  • Fixed
  • US Dollar at 1 : 4.855 - [Gold parity] 183.04mg AU fine
  • -
  • 17.06.1949
  • Fixed
  • US Dollar at 1 : 8.65 - [Gold parity] 102.74mg AU fine
  • -43.9%
  • 19.04.1954
  • Fixed
  • US Dollar at 1 : 12.50 - [Gold parity] 71.09mg AU fine
  • -30.8%
  • 10.05.1972
  • Fixed
  • US Dollar at 1 : 12.50 - [Gold parity] 65.48mg AU fine
  • ±0.0%
  • 17.10.1973
  • Fixed
  • US Dollar at 1 : 12.50 - [Gold parity] 58.93mg AU fine
  • ±0.0%
  • 31.08.1976
  • Variable
  • initially: US Dollar at 1 : 20.50
  • -39.0%


Time Period: 1993-

Currency: 2nd Mexican (New) Peso


Timeline

  • 18.06.1992
  • Presidential decree on the currency redenomination; effective 01.01.1993
  • 01.01.1993
  • Start of currency exchange:
    - 01.01.1993: Start of issuance of the new banknotes and coins
    - 28.02.1993: Demonetization of the former currency
    - 01.01.1996: Abolition of the "new" on banknotes and coins.

Valuation Regimes

  • 1992-
  • Variable rate

Rate Arrangements

  • 01.01.1993
  • Variable
  • initially: US Dollar at 1 : 3.121
  • ±0.0%


End-year Forex Rates (Units per US Dollar)