UNIVERSIDAD AUTÓNOMA DE NUEVO LEÓN

FACULTAD DE CONTADURÍA PÚBLICA Y

ADMINISTRACIÓN
BACHELOR OF
INTERNATIONAL BUSINESS
Administracion de produccion
TITLE: The sign of the mexican cuarrency
GRUPO: 3AI

STUDENT NAME:
Rolando López Otero 2083961

DATE: 16/05/2022
INDEX

Abstract ........................................................................................................... 3
Introduction ..................................................................................................... 4
The sign of the mexican cuarrency .................................................................. 5
Conclusion ...................................................................................................... 8
Bibliography ................................................................................................... 9
Abstract
In America, during the time of the Spanish colony, coins were scarce and
payments for commercial exchanges were made by weight, so a balance had to
be carried everywhere. The unit of weight was the "Castellano", a gold coin
minted in Spain whose weight corresponded to that of one hundredth of a pound
of fine gold, and which was popularly known as "peso de oro" or "peso". It
ceased to be minted in 1497, however, its weight remained as a reference in the
payment unit.
Subsequently, the silver weight called "real de a ocho", "peso de a ocho" or
"peso fuerte" was minted, whose value was less than the weight of gold. Around
the year 1535, the first coin was minted in Mexico that was equivalent to the
real of eight, known as peso. Hence, the symbol of weight began to be used
during the time of the colony in America to refer to the real de a ocho Spanish
or "hard weight", approximately in the years that correspond to 1770.
Introduction

The Mexican peso is the legal tender of Mexico. The Mexican peso is the first
currency in the world to use the $ sign, even before the US dollar, which later
adopted it for its own use. The Mexican peso is the fifteenth most traded
currency in the world, the most traded in Latin America and the third most
traded in all of America.3 The current ISO 4217 code for the peso is MXN;
before the revaluation in 1993, the MXP code was used. The peso is divided
into 100 cents, represented by the ¢ sign. The name peso has corresponded to
two different Mexican monetary units.
The sign of the mexican cuarrency
The peso symbol represents various currencies in the world. It is a widely used
currency symbol that, generally speaking, people easily identify.
At present, the symbol of pesos is one of the most used because it represents the
currencies of various countries around the world to indicate both the pesos and
the dollars of each nation. For example, the US dollar, the Canadian dollar, the
Australian dollar, the Hong Kong dollar, the Mexican peso, the Argentine peso,
the Colombian peso, the Brazilian real or the Nicaraguan cordoba, among
others.
The history of the peso began when Viceroy Antonio de Mendoza arrived in
New Spain, bringing with him the creation of the first mint in the Americas. It
was so in 1535 that Mexico was founded.
The first coin that was minted contained 27 and a half grams of silver and was
called Real de a ocho or peso duro, which left behind the poor quality coin that
was imposed at the beginning.
Bills of 20, 50, 100, 200, 500 and 1000 Mexican pesos are currently in
circulation and, with respect to coins, those of 1, 2, 5, 10 and 20 pesos, as well
as those of 10, 20 and 50 cents.
On the other hand, at the beginning of the struggles for independence in the
territories of New Spain, some caudillos minted their own coins, made of bronze
due to the scarcity of silver, as a promise of payment for when the war was over.
This marked the first appearance of fiduciary money in Mexico, so during the
period of the War of Independence, both the coins used by the independence
fighters and those of the Spanish army circulated indistinctly throughout the
country. One of the fiduciary copper coins of 8 reales minted by the caudillo
José María Morelos, which would be exchanged for other silver ones after the
Independence of Mexico. Mexico managed to become independent from Spain,
but the coins minted by the insurgent were never exchanged to those who had
them in their possession.
Once the war was over, an ordering of the monetary system was necessary,
which was finally established with the creation of the Bank of Mexico in 1925.
In the 1980s, the Mexican peso suffered a period of high inflation that gave rise
to the new pesos, which eliminated three zeros from the previous ones for better
money management and facilitated economic transactions. In this way, from
1993 to 1996 the pesos and the new pesos were used indistinctly.
Interestingly, the Mexican peso was the first currency in the world to use the
"$" symbol, even before the United States of America used it to represent the
dollar. The exact origin of this symbol is unknown; Some indicate that it arises
from the overlapping of the letters "ps" used to abbreviate the currency, while
others claim that it derives from the use of an "8" crossed out vertically to
identify the "Reales de a ocho".
The first banknotes of the Bank of Mexico were printed by the American Bank
Note Company of New York (ABNC) in a size of 180 x 83 mm. This first series
(1925-1934), is made up of bills of 5, 10, 20, 50, 100, 500 and 1,000 pesos.
In general, the banknotes printed in the ABNC were designed by personnel of
that company but to the customer's liking. In other words, in the case of the
Mexican banknote, the Bank of Mexico established which elements and
characters it wanted to appear on each denomination and the ABNC developed
the engraving, or else, the Bank selected the engravings from the archives of the
New York company itself. The most recent family of banknotes, known as F or
Type F, presents changes in the security elements, in the colors and in the sizes
with respect to the previous ones. Each one is of a different color and size; all
measure 66 mm wide but the length varies.
In the last quarter of the 20th century, the purchasing value of coins was reduced
due to an inflationary process. This caused coins of high denominations to be
minted, so much so that the denomination of fifty pesos was exceeded and at a
certain moment coins of one thousand and even five thousand pesos were
minted. Given this situation, and in order to simplify the handling of amounts
in national currency, on June 18, 1992, it was established that, beginning in
1993, a new unit of the Monetary System of the United Mexican States would
be used, equivalent to 1,000 pesos from the previous unit.
The new unit was called "New Pesos" and was identified with the symbol "N$"
or by putting the word "New" before it.
To comply with the provision of the decree, the Bank of Mexico issued during
1992 a new series of coins in denominations of ten, five, two, and one peso and
fifty, twenty, ten and five cents. These coins were bimetallic. The ten peso coin
had a silver center and the five, two and one peso coins were made of cupro-
nickel and aluminum bronze. Later, the silver center of the ten-peso coin would
be exchanged for an industrial metal.
Conclusion
The Mexican Mint was one of the institutions that used the prodigious amount
of precious metals that have been minted there. Until fourteen years after the
Conquest, that is, until the year 1535, no other currency was known in
Mexico. Thus, over time, the first Mexican currency was generated, using the
precious metals that abounded throughout the country. This event changed
how trade was carried out and since the one that came was not enough for
trade in its different changes, they used unworked silver, making small pieces
of an agreed weight, and from here comes the name of pesos that before was
not known in the currency.
This event changed how trade was carried out and since the one that came was
not enough for trade in its different changes, they used unworked silver,
making small pieces of an agreed weight, and from here comes the name of
pesos that before was not known in the currency.
Bibliography
GloboCambio. (2022). El peso mexicano. 2022, de GloboCambio Sitio web:
https://www.globocambio.com.mx/monedas-del-mundo/peso-mexicano