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The Mexican peso is said to have inspired the US dollar’s design and is one of the oldest currencies used in America. In fact the Mexican peso was accepted as tender in the United States until the Coinage act of 1857 and until 1854 in Canada where it was widely accepted alongside other coins.
The peso was first introduced in Mexico by the Spanish and was originally called the Spanish dollar. In 1863 centavos were issued with one hundred centavos equal to one peso. It has been a pretty stable currency compared to other Latin American currencies throughout most of the 20th century. After the oil crisis Mexico did run into trouble and defaulted on their external debt during 1982 this caused many years of inflation and devaluation. In 1993 a new peso was introduced with one new peso equal to 1000 of the former Mexican pesos.
Many supermarkets in Mexico encourage shoppers to round up the cost of their grocery shopping and give the centavos in their change to charity. It has proved a successful fund raising method.
The Mexican Peso is the official currency of Mexico. The ISO 4217 currency code for the Mexican Peso is MXN.