Money makes the world go ’round: From Dollars to Mexican Pesos.

As you get closer to your trip to Cuernavaca and the Spanish Language Institute, it’s always nice to have a general idea about the local currency–the Mexican Peso. In 1993, Mexico issued “Nuevo” pesos (new pesos) in order to stem inflation, and the last two zeros were removed from the value – in other words, an “old” peso coin with a face value of $1000 was worth what a $10 nuevo peso coin is worth today. Currency prior to 1993 is very common, and is no longer accepted for exchange. The only value of Mexican currency from 1970-1992, should you happen to have some, is as a souvenir or novelty.

CURRENT EXCHANGE RATE: 1 US DOLLAR = 10.85 MEXICAN PESOS (As of TUESDAY, MARCH 11, 2008)

These are images of Mexican coins currently in circulation. Anything prior to 1993, has no monetary value. The Mexican peso coins come in denominations of 1, 2, 5, 10 and 20 pesos. The 20 peso coin is relatively rare. There are also coins in denominations of cents: 5, 10, 20, and 50, called “centavos”.

Below are the Mexican peso notes in circulation. The 1000 Peso bill is very rare and may not be accepted at all places. Guard your change well as nobody seems to have it and you are almost always asked for an odd peso to round up or down.