We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Culture

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is a Peso?

By Cathy Rogers
Updated: May 23, 2024
Views: 17,971
Share

The currency of Mexico is the peso. Its symbol is the same as the U.S. dollar ($). When the peso is subdivided by 100, the result is centavos, represented by the same symbol as the U.S. cent (¢). The term means "weight" in Spanish.

The history of the peso began with Spain’s silver dollars, as silver was plentiful at the time in Mexico. The name peso was given to the eight-real coins issued in Mexico by the Spanish. Prior to the issue of the American dollar in 1792, the currency was the official system of all of North America, the U.S. included. Even after the American dollar was issued, the peso continued to be in use in the U.S. until 1857. Canada continued using it for another year.

Originally made of pure silver, over the years the value of the coin could not keep up with the value of the silver it contained and the amount of silver content 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 the currency three years later. Since the late 1990s, its stability has been fairly consistent.

In addition to its use in North America, Mexican pesos were also used in the Philippines and China. The currency is still accepted in some U.S. border towns, although it is considered by some to be controversial.

"Peso" is one of the most common names for currency. Other countries that refer to their currency with this term include Argentina and Cuba. In Cuba, the currency is known as the Cuban peso, although the tourist currency is referred to as the peso convertible.

Share
CulturalWorld.org is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Discussion Comments
Share
https://www.culturalworld.org/what-is-a-peso.htm
Copy this link
CulturalWorld.org, in your inbox

Our latest articles, guides, and more, delivered daily.

CulturalWorld.org, in your inbox

Our latest articles, guides, and more, delivered daily.