US Exchange Rates For Mexican Pesos Vs. Nuevo Pesos

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Author	Replies: 4 / Views: 12,007
mdpmedia Pillar of the Community United States 3546 Posts	Posted 05/18/2011 2:08 pm Since this question does not really involve anything numismatic I was unsure of what forum to place it in. Anyhow, my question involves the current exchange rate for US Dollars when trading them for the type of Mexican pesos coins made in the late 1980s and before. Today I went to this interactive website, http://www.xe.com/ucc/convert/?Amou...m=MXN&To=USD, and input 1000 pesos. The exchange rate that it is giving me is about $ 85.33 US dollars. Another website, http://www.advfn.com/forex/?adw=72&...Y2godIg0d4A, only allows the use of Mexican 'nuevo' pesos: not Mexican pesos. This particular website gave me $ 85.40 US dollars when I input 1000 Mexican 'nuevo' pesos. Apparently, both of these sites are giving the same exchange rate for US dollars even though one is using 'nuevo' pesos and one is using just pesos. Just to add one more level of confusion my local and very reputable bank said that it would give me about $ 77 US dollars in exchange for 1000 pesos. Even adding more to my confusion was a statement on page 497 of the 10th edition of World Coins by Krause. It appears that beginning in 1991 something called reform coinage went into effect with the enactment of 1000 pesos being equivalent to 1 nuevo peso. In summary, I just need to know what is actually correct and how much a km # 536 1000 Mexican peso coin is worth in US dollars on 5/18/11. The identification of an accurate and interactive website addressing both of these types of Mexican units of measurements w/r/t other countries' money would be very helpful. thanks Report this Post to the Staff

fcrazo Pillar of the Community United States 651 Posts	Posted 05/18/2011 2:55 pm Dear confused...(no bad intention here) 1st your "old" 1980's coin has no current exchange value. Currently when using the term "Peso" it is understood and generally accepted as "Peso' or "Nuevo Peso". Both are correct since the current system was addopted in 1991 with the issuance of the "Nuevo Peso". The Nuevo is represented with "N$" and then after a few years they dropped the "N" since the Mexican consumers had already adopted the new system. Currently the symbol used on their coins and currency is "$". Early on during the transition there was an exchange program to redeem the old "Peso". (The same thing happened in Europe when they converted over to the Euro.) The exchange rate is about right- $11.75 pesos to the U.S. Dollar. A lot of this is explained on the Banco de Mexico website, spanish though is more informative than the English translation. I'm really glad you asked, someone would have looked at you very funny if you tried to use the "Old" KM 536. Edited by fcrazo 05/18/2011 2:58 pm Report this Post to the Staff
Sap Moderator Australia 16834 Posts	Posted 05/18/2011 9:11 pm In 1993, the peso was revalued at 1000 old pesos to 1 new peso. So, the theoretical face value of a 1000 old pesos coin is 1 new peso, or 8.5 US cents. "Theoretical", because while you can still get them changed at a bank, you won't likely get them accepted in the streets, as fcrazo said. They probably have a higher scrap metal value than face value. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Report this Post to the Staff
Libertad Pillar of the Community Canada 3692 Posts	Posted 06/18/2011 08:54 am You're liable to get those heavy coins thrown back at you at the market. "Nuevo" means 1992 and up. The whole "nuevo" was phased out after 1995. Now it's just pesos. Sorry, your old 70s and 80s coins are pretty useless now. So theoretically, your $1000 peso coin is worth a bit less than $1 USD. 1000 pesos = 1 Nuevo peso ~10 pesos (nuevo) = $1 USD Does that help? fcrazo, maybe you know: The "Dollar sign" ($) isn't on any American currency or coin that I know of, yet it's on other countries like Mexico. Why would that be? Ties to Spain? Edited by Libertad 06/18/2011 08:58 am Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 06/18/2011 1:50 pm Yes, Spanish milled dollar. Last I heard, no one takes coins at any currency exchange, due to handling costs. If your bank is stupid enough to give you anything for obsolete change, take their money and thank them. Report this Post to the Staff
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