The Mexican peso, with the same symbol as the US dollar, was originally made from silver and is now made of copper and nickel. It was the official currency of North America until the US dollar was issued in 1792. The nuevo peso was issued in 1993 and is now stable. It has been used in the Philippines and China and is still accepted in some US border cities. Other countries that use the term peso for their currency include Argentina and Cuba.
The currency of Mexico is the peso. Its symbol is the same as the US dollar ($). When the peso is divided by 100, the result is centavos, represented by the same symbol as the US cent (¢). The term means “weight” in Spanish.
The history of the peso began with Spanish silver dollars, as silver was abundant in Mexico at the time. The name peso was given to the eight reals coins issued in Mexico by the Spanish. Before the US dollar was issued in 1792, the currency was the official currency of all of North America, including the United States. Even after the US dollar was issued, the peso continued to be used in the United States until 1857. Canada continued to use it for another year.
Originally made from fine silver, over the years the value of the coin has failed to keep up with the value of the silver it contained and the amount of silver contained has decreased. Pesos are currently made of copper and nickel.
After a period of inflation and devaluation of its currency, Mexico issued the new peso, or nuevo peso, in 1993. The Mexican government dropped the nuevo description from its currency three years later. Since the late 1990s, its stability has been fairly consistent.
In addition to its use in North America, the Mexican peso has also been used in the Philippines and China. The currency is still accepted in some US border cities, although it is considered controversial by some.
“Peso” is one of the more common names for the currency. Other countries that refer to their currency by this term include Argentina and Cuba. In Cuba, the currency is known as the Cuban peso, although tourist currency is referred to as the convertible peso.
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