The use of the peso as Mexican currency was first introduced after the initial Spanish expeditions to the country. The value and structure of the Mexican Peso however, has changed considerably over time.
The original use was formulated by eight coins which were circulated
the Spanish empire. The coins were used as tender for trading within the empire until the beginning of the 19th century.
After the Mexican War of Independence, the current currency system was expanded upon, and the use of paper monetary forms were introduced.
In the following years various subsidiaries and denominations of the coins were produced. Over time, the content, weight and percentage of gold and silver was gradually reduced. New paper form banknotes were also gradually introduced into circulation.
The value of currency suffered in the wake of the extensive oil crisis during the 20th century. As a result of the economic situation many changes were implemented in the value and function of the national monetary form.
In 1993 a new version
of the Mexican Peso was introduced.
This new monetary system had a significant impact throughout the country and added more value than the previous version.
Other than a few small developmental changes along the way this is essentially the same method that is now used within Mexico today.
There can often be some confusion amongst travellers, in regards to which type of money to take with them on vacation. Other types (including United States dollars) are usually accepted, however the peso is the national currency and the most advisable form to take with you on your vacation.
So next time you convert your vacation spending money, why not take a second to think about the many years of historical and cultural influences that combined, to produce the current formation of Mexican currency today.