Posted 10/06/2022 4:25 pm
Quote:
Question:
Wasn't there talk some time ago that the new dodecagonal 20 Peso coins were supposed to replace the 20 Peso banknote in Mexico?
Mintage for these 20 Peso coins seems to be too low to replace the 20 Peso banknote.
Furthermore, I have recently read that 2022-dated Bicentennial of Mexican Independence 20 Peso notes entered circulation. So, clearly, there is a need for the banknotes.
Finally, do the dodecagonal 20 Peso coins actually circulate in Mexico?
Question:
Wasn't there talk some time ago that the new dodecagonal 20 Peso coins were supposed to replace the 20 Peso banknote in Mexico?
Mintage for these 20 Peso coins seems to be too low to replace the 20 Peso banknote.
Furthermore, I have recently read that 2022-dated Bicentennial of Mexican Independence 20 Peso notes entered circulation. So, clearly, there is a need for the banknotes.
Finally, do the dodecagonal 20 Peso coins actually circulate in Mexico?
Nice questions!
The 20-peso bill will be replaced by a coin of the same denomination but in the year 2025. That new coin will be a common coin and not a commemorative coin like the last 7 that the Bank of Mexico has put into circulation. However, it is my belief that these 20-peso commemorative coins are being pre-issued with the aim of promoting their use and getting people used to using a coin instead of a bill. In order to in 2025, the new common coin of 20 pesos can be easily inserted into the money.
As you mentioned, there is a high demand for 20 peso bills. That is why bills of this denomination are still printed. However, this demand also caused something unusual in Mexico. In recent years, the Bank of Mexico has ordered the re-strike of commemorative coins of past years, such as the 20-peso commemorative coin for the bicentennial of Mexico's independence.
The coin above was minted and put into circulation on 2021 and the oficial 2021 mintage was 24 millions of coins. However, during the year 2022 the Bank of Mexico has ordered to re-strike another 46 million coins (al least until june 2022) So the real mintage for this coin at this moment is 70 millions of coins. I've been following this on my channel. I share with you the amounts of coins ordered for minting until June 2022.
Finally, do they really circulate? In the main capitals of Mexico, yes, but in the vast majority of the country, no. Because they are still very few compared to other common coins and also because they have been hoarded by coin dealers. Which has made many people angry. Thank you for your interest in Mexico Redlock coins and bills. Greetings.
