Mexico Currency-Peso

The Mexican peso, MXN, was originally based on the silver dollar of Imperial Spain. It was originally minted from pure silver and was the first currency to use a distinct border and exact weight to protect from counterfeits, making it very popular. On July 6, 1785 the peso became the official currency system for all of North America, including the United States. When the U.S. dollar was introduced on April 2, 1792, it was based on the peso with the exchange rate of 1 dollar to 1 peso. The peso continued to be officially accepted in the U.S. until 1857, and in Canada until 1858. The peso was a very stable currency experiencing very little inflation until the 1970s when Mexico experienced an oil crisis and was forced to default on its external debt in 1982. Several years of inflation and devaluation followed until 1993 when Mexico issued the Nuevo peso to replace the former peso. In 1993 the "Nuevo" was dropped from both the name and the notes and the peso is again the currency used in Mexico.