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 Replies: 15 / Views: 61,322 |
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New Member
United States
19 Posts |
Hi,
I have several peso coins and are wondering if they are worth anything for conversion to U.S.
I have several golden colored coins marked $100 and they show a bearded man wearing glasses....dates 1987.
I have golden colored coins marked $1000 and show a hooded woman (virgin Mary?)....dates 1988.
I have two coins marked $5000 and has "1938-1988" and says "cincuentenario" and "expropiacion petrolera".
I know that Mexico reworked their currency when they had problems I think in 1994.
My question is ... are these coins worthless now?
Also, I have some older Mexican coins. Does anyone know when they stopped putting silver and gold into their coins?
Thanks in advance for any help....it is greatly appreciated.
James
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Moderator
 United States
6563 Posts |
face value.....pretty much not worth anything
numismatic value....some of them do have some value based on rarity and condition. There are always people that are going to collect these. They are pretty common but some people might not have them or might be looking for one example from each date. I don't have my books with me so I can't quote a good price estimate at the moment.
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Pillar of the Community
 United States
2703 Posts |
 you're not surfing the web at work already, are you graceoutcast? |
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New Member
 United States
19 Posts |
I was wondering if I could even convert these to U.S. dollars or not. The $5000 coins would convert to $454 U.S. dollars....but will a bank give me $454 ?
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Moderator
United States
6563 Posts |
The 5000 Pesos is an older one so it's worth 5 Pesos now on the new system started in 1992.
5000 Peso - KM#531 Copper-Nickel
50th Anniversary - Nationalization of Oil Industry
XF $4.75 UNC $7.75 BU $10.00
1000 Pesos - KM#536 Aluminum-Bronze
Juana de Asbaje
VF $0.85 - UNC $$3.45
100 Pesos - KM#493 Aluminum-Bronze
Venustiano Carranza
VF $.60 - UNC $2.25
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Moderator
United States
6563 Posts |
t360 I can't believe you would Ever believe such a notion. I could if I wanted to actually. There are no rules about it...well except one obviously In each department we have a computer that we can look up info on products and we need as much liberty on the internet as possible. |
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Valued Member
United States
204 Posts |
I think you are asking if this is active currency you are looking at, and the answer is no. Mexico has a long history at revaluing their currency, the most recent being in 1993: http://en.wikipedia.org/wiki/Mexican_pesoAlthough their currency is technically the "Nuevo Peso", to add to confusion it doesn't always say "Nuevo" - just Peso. This doesn't mean that the coins don't have collector value though, so enjoy owning an a piece of Mexican history! |
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Pillar of the Community
United States
597 Posts |
Actually Mexico has only re-valued the Peso once, that being in 1993 when the old Peso lost practically all it's value and got down to 4-5000 to the dollar. The old Pesos were subsequently demonetized and are now worth the scrap value of the metal in them and a slight numismatic value as a curiosity.
Back in the 1980's Pesos were being used as bathroom tokens in the Southwest of the USA, especially worked well in pay toilets :)
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New Member
United States
19 Posts |
I have one more question about old pesos since we are on the subject. I had over 70,000 pesos in old notes/bills. Five of the currency notes were for 10,000 pesos each. I don't recall the dates. I took them to a bank here in the U.S. and got over $6000 cash. I think the bank may have messed up. I do have a checking account there. If they messed up, can they make me repay this or take the money from my checking account? Thank you.
James
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Moderator
United States
6563 Posts |
I have heard of banks making huge errors and depositing money in the wrong accounts and then the owners go on a huge shopping spree and then find out that they have to pay it all back.
Technically there is no "Bank error in your favor - $15"
When was this done? and at what bank?
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New Member
United States
19 Posts |
It happened within the last few days at a very large national bank. The teller got the bank manager/president to OK the transaction. So there are no longer 10,000 peso notes? Sigh...what a letdown. I guess I will just wait till I hear back from them. Maybe I can pay it back over time (i.e. an interest free loan).
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New Member
United States
19 Posts |
The bank was not large...just part of a large chain...would rather not share name till I figure this out. Thanks.
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Pillar of the Community
United States
597 Posts |
When they send them along for payment, and someone checks the MRI bankers Guide they will come back with a big request for the cash. I am very surprised given the amount of money involved that they did not have you handle this at a branch location where they had an MRI bankers Guide for that very reason.
The MRI bankers Guide is a listing of foreign currencies and their characteristics that is used by banks, and foreign exchange agencies. They get one big volume a year with supplements coming in either monthly or quarterly to prevent occasions such as the above. Countries like Brazil that go through entire currency series that lose value every 4-5 years are the very reason the MRI bankers Guide exists.
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New Member
United States
19 Posts |
The teller was pulling something up on her computer (pictures maybe?). And she took all the notes to the bank prez and showed him. Then she had to call him out later to do an override. I asked him if it was all legitimate. He said that he thought so...that they didn't get a lot of foreign currency there. I was so excited. I know money can't bring happiness, but debt relief sure can take away a lot of stress. Oh well... Thanks so much for the info.
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Pillar of the Community
Germany
1238 Posts |
quote:
The old Pesos were subsequently demonetized and are now worth the scrap value of the metal in them and a slight numismatic value as a curiosity.
This word "demonetized" is a somewhat misleading term for people in the US. In quite a few countries there are coins and/or notes that at some point were taken out of circulation, and are no longer legal tender, but can OTOH very well be exchanged into current cash at the central bank. Such pieces are of course not "worthless". As for Mexico, see http://www.banxico.org.mx/sitioingl...s/index.htmlNow whether it is practical to take a pre-1993 coin of, say, 200 pesos to an exchange center of the Mexican central bank and get 20 centavos for it ... well.  But if you had a whole bunch of 100,000 old pesos notes, you would probably think about getting them exchanged. Christian |
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Forum Dad
United States
24147 Posts |
Biscuit, there's already a thread going on about these notes, there's no need to discuss them here also. Here is the original thread to continue this discussion, I'm locking this one since the original subject seems to have run it's course.  |
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Replies: 15 / Views: 61,322 |
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Posted 08/01/2007 1:34 pm
