peso

USD/MXN exchange rate. The Mexican peso crisis in 1994 was an unpegging and devaluation of the peso and happened the same year NAFTA was ratified.

The Mexican peso (symbol: $; currency code: MXN; also abbreviated Mex$ to distinguish it from other peso-denominated currencies; referred to as the peso, Mexican peso) is the official currency of Mexico. The peso was first introduced in 1863, replacing the old Spanish colonial real. The Mexican peso is subdivided into 100 centavos, represented by "¢". Mexican banknotes are issued by the Bank of Mexico in various denominations and feature vibrant colors and imagery representing Mexican culture and history. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use its sign, "$". During the era of silver coinage, the Spanish dollar and the Mexican peso circulated globally in trade and as reserve currencies. They were also legal tender in the United States, Canada, and China, and served as a model for the U.S dollar and several other currencies.