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Contents
Equivalency rates and exchange
The legal tender of banknotes and metal coins means that we are able to free ourselves of obligations with respect to any amount up to their face value. From a legal standpoint, banknotes notes and metal coins (currency) are things that by disposition of the State represent fractions, equivalences or multiples of the monetary system unit which have the legal tender the State assigns them to service cash obligations, which is why the creditor is obliged to receive them as payment within the limits of the legal tender assigned to each. However, it is important to distinguish between legal tender as a characteristic of coins and the creditor’s obligation to receive. In the case of banknotes both concepts go hand in hand but not necessarily in the case of coins. According to articles 2 and 5 of Mexico’s Monetary Law, there is no obligation to receive more than one hundred metal coins of each denomination in a single payment, but if a creditor so chooses, the debt can still be cancelled.
Banknotes with legal tender are ten, twenty, fifty, one hundred, two hundred, five hundred and one thousand peso notes representative of the current monetary unit which came into effect on January 1st, 1993. It is important to mention that banknotes denominated in “new pesos” still have legal tender even though like the ten peso note mentioned in the paragraph above they practically no longer circulate. All of the aforementioned banknotes have unlimited legal tender. For further information please consult the Banknotes and Coins section, Exchange of damaged or or old banknotes and coins (General information).
Metal coins in denominations of one hundred, fifty, twenty, ten, five, two and one pesos and fifty, twenty, ten and five cents representative of the current monetary unit that came into effect on January 1st, 1993 have limited legal tender up to the value of one hundred pieces of each denomination in a single payment. Federal State and Municipal offices must fully accept them as payment of any kind of taxes, services or rights. There are also coins minted in platinum, gold and silver with no face value which have legal tender only in the circumstances mentioned in Mexico’s monetary law. For further information please consult the Banknotes and Coins section, Exchange of damaged or or old banknotes and coins (General information).
The current value of banknotes that are no longer printed can be consulted in the section Banknotes and Coins. Click on Services, Exchange of damaged or old banknotes and coins, Current value of banknotes no longer manufactured. You can exchange them at any of the Exchange Centers located in Mexico, but note that the exchange is in Mexican pesos, and in the case of coins representing the monetary unit in effect until December 31st, 1992 (which are worth the denomination indicated divided by one thousand) there should be enough coins for the total amount to be paid with current denominations. Furthermore, information about Exchange center procedure and their location can be found on the Banknotes and Coins section; click on Services, Exchange of damaged or old banknotes and coins. It is important to mention that if you are a bank client, the bank has the obligation to provide you with this service so you do not need to go to an Exchange Center. Another option in Mexico City is to go to Banco de México which is located in Calzada Legaria #691, Colonia Irrigación, from 9:00 to 13:00 hours on bank working days.
The Decree that created the new Mexican monetary unit was published in the Official Federal Gazette on June 22nd, 1992.
The "Resolution whereby banknotes are demonetized and denominated only in pesos" was published in the Official Federal Gazette on December 23, 1993.
The document is: “Notification that starting January 1st, 1996 the word new is to be eliminated from the name of the Mexican monetary unit to return to the peso denomination”. It was published in the Official Federal Gazette on December 23rd, 1993.
The document is: “Notification regarding the withdrawal from circulation of metal coins representing the Mexican monetary unit effective until December 31st, 1992”. It was published in the Official Federal Gazette on November 15th, 1995.
No. Article 635 of the Code of Commerce states that the Mexican peso is the trading currency and the base for all trade and foreign exchange transactions. The establishment must receive up to one hundred metal coins of each denomination in a single payment in accordance with Articles 2 and 5 of Mexico’s Monetary Law, which state that metal coins of fifty, twenty, ten, five, two and one peso, and fifty, twenty, ten and five cents will have legal tender limited to the value of one hundred coins of each denomination in a single payment. Likewise, Articles 7 and 9 of said Law state that payment obligations of any amount in Mexican currency will invariably be denominated in pesos and fractions of one peso. These obligations will be met through the delivery, in nominal value, of the Banco de México banknotes or metal coins indicated in Article 2. Denominating payment obligations in pesos and fractions of a peso and meeting them by delivering the coins and banknotes indicated is non-negotiable, and any stipulation to the contrary is null and void.
If a bank do not accept your coins or banknotes you can report it by calling 01-800-BANXICO (01 800 226 9426) or by emailing dinero@banxico.org.mx If a commercial establishment refuses to accept your coins or banknotes you can file a complaint with the Federal Consumer Protection Office (PROFECO), as under article 58 of the Federal Consumer Protection Act, a supplier of goods, products or services may not refuse them or make their sale contingent upon gender, nationality, ethnic background, sexual or religious preference, or any other reason, under which the case at hand whereby a trader refuses to hand over merchandise in exchange for payment in currency of a certain denomination, comes. PROFECO, by virtue of the powers conferred on it in Article 127 of the Federal Act can punish such conduct with a fine. In this case you should get in touch with Banco de México by calling 01-800-BANXICO or emailing dinero@banxico.org.mx and indicate the names of the establishments and their addresses so that Banco de México staff can contact them to ascertain why they won’t accept the coins and invite them to do so.
Yes. Banks must change banknotes and metal coins for other denominations clients request; if from time to time they do not have banknotes or metal coins in the requested denominations they can provide banknotes or metal coins of denominations closest to those requested. Banks must also change notes for others of different denominations for the general public free of charge. For more information please visit the Banknotes and Coins section by clicking on Services, Exchange of banknotes for others of the same or differente denomination. The public can also go to Exchange Centers (specific bank branches) to change banknotes and coins for free. For further information visit the section Banknotes and Coins by clicking on Services,Exchange of damaged or old banknotes and coins.
No. In order to exchange old or used dollars you should go to a money exchange to enquire about the validity of the notes. You can also consult the web site of the Bureau of Engraving and Printing http://www.bep.treas.gov/, which is the entity responsible for printing dollars in the United States
Banknotes issued by Banco de México have diverse security features for checking their authenticity. They can be consulted in the section Banknotes and Coins by clicking on General Information, currently manufactured Banknotes and coins.
Banco de México does not recommend the use of counterfeit banknote detection pens because they are limited in scope for the following reasons:
It isn’t reliable. If the folio of a banknote is scratched it will begin to fade but should not be classified as counterfeit for that reason. Scratching any part of a note is tantamount to mishandling it not checking it.
Yes. It is best to check any banknotes you receive to check their authenticity.
No, because it’s a piece of paper that has not been printed by Banco de México and therefore has no monetary value.
Complaints may be filed with the Attorney General’s Office, as it is responsible for investigating currency counterfeiting crimes.
Mexico’s Monetary Law, the Federal Penal Code and the Law on Credit Institutions. Mexico’s Monetary Law; Chapter IV, Articles 17 to 21. From the Federal Penal Code; the Thirteenth Title, Counterfeiting; Chapter I, Counterfeiting, alteration and destruction of coins; Articles 234 to 238. From the Law on Credit Institutions, Art. 48 BIS 1. To consult Mexico’s Monetary Law and Federal Penal Code visit the section Banknotes and Coins. Click on Provisions, Laws of interest or else visit the portal Chamber of Deputies of the Congress of the Union. To consult the Law on Credit Institutions visit the web site of the Chamber of Deputies of the Congress of the Union: http://www.diputados.gob.mx/LeyesBiblio/pdf/43.pdf.
Yes. Articles 234 and 235 of the Federal Penal Code state: “The offence of counterfeiting is punishable by five to 12 years in prison and a fine of up to 500 days' wage”. By money, the articles mean banknotes and metal coins, either national or foreign, that have legal tender in the issuing country. An individual commits the crime of counterfeiting by printing, storing, distributing or introducing into the country any document or coin that contains images or other features used in presently circulating currency that make the document or coin suitable for cheating the public because it looks like legally issued currency. The attempted offence is punishable by four to eight years in prison and a fine of up to 300 days' wage. The penalty mentioned in the first paragraph also applies to those who knowingly use "counterfeit currency”.
No. Although counterfeiting is committed in Mexico, it has not reached worrisome levels. In fact, the degree of domestic currency counterfeiting in Mexico is far below that of countries such as the United States and Colombia. For more information, please visit the section Banknotes and Coins. Click on: Banknote, Statistics, Counterfeit banknotes removed from circulation.
Evidence shows that this difference is enough for the blind to distinguish one denomination from another. If a greater difference had been set between denominations, the length of the 20-peso note would have had to be shortened, or that of the 1000-peso note would have had to be increased.
The general public because the banknotes are securer. The blind because they are able to identify the denomination of banknotes more easily. Banks and commerce because they can better check the banknotes’ authenticity. The central bank because it provides a better service.
Because it would have implied a high cost, as stocks of the current group would have been wasted; also, a lot of banknotes would have to have been printed within a short space of time, which would have exceeded production capacity. Consequently, they began circulating gradually as stocks of the current group were used up.
There are 37 coins commemorating the Bicentenary of the beginning of Mexico’s War of Independence and the Centenary of the beginning of the Mexican Revolution, 19 of which allude to the Independence Movement and 18 to the Revolution. For more information about the coins issued visit the following links:
Collectors of 5-peso Bicentenary coins commemorating the beginning of Mexico's War of Independence and the Centenary of the beginning of the Mexican Revolution are available in versions for both children and adults. To find out how to purchase them visit the section Banknotes and Coins by clicking on Services, Sales of coins, medals, banknotes and other numismatic products, Albums, Banco de México (under the title “Distributors”).
Banco de México does not sell fine metal coins directly to the general public; however, you can consult the coins Banco de México sells through distributors in the section Banknotes and Coins by clicking on Services, Sale of coins, medals, banknotes and other numismatic products.
To buy these coins visit the following link to Banco de México’s fine metal coin distributors: http://www.banxico.org.mx/billetes-y-monedas/servicios/venta-de-monedas-medallas-billetes-y-otros-product/distribuidores/{E920E13B-A741-335E-292B-ECB4C98118F7}.pdf
No, Banco de México does not buy centenary coins. However, we recommend you contact one of our fine metal coin distributors by clicking on the following link: http://www.banxico.org.mx/billetes-y-monedas/servicios/venta-de-monedas-medallas-billetes-y-otros-product/distribuidores/{E920E13B-A741-335E-292B-ECB4C98118F7}.pdf, to find out whether you can buy the coins in question as well as the terms and conditions.
If you want to sell such coins their price and acceptance depends on their physical condition, metal content and international price of the metal, among other numismatic factors. You can contact one of our distributors by clicking on the following link: http//www.banxico.org.mx/billetes-y-monedas/servicios/venta-de-monedas-medallas-billetes-y-otros-product/distribuidores/{E920E13B-A741-335E-292B-ECB4C98118F7}.pdf to ask whether they can buy the coins in question and under what terms and conditions. This Central Bank does not buy the coins but it does exchange them, the word “exchange” meaning to exchange them at the request of the owner of coins with no face value (freedom ounces) for banknotes and coins used in daily transactions in accordance with article 2 Bis of Mexico’s Monetary Law, the last paragraph of which states: “Banco de México, either directly or through its correspondent banks, is under the obligation to receive an unlimited amount of these coins at their quotation value and exchange them for banknotes and metal coins of the type mentioned in article 2 of this law”. A discount related to the analysis and process of the referred coins will be applied to the quotation resulting from the exchange request. In order to meet the coin reception and exchange requirements referred to in article 2 of Mexico’s Monetary Law and for information about the internal processing of the request based on individual circumstances, please make an appointment with Banco de México in Mexico City at Calzada Legaria #691, Colonia Irrigación and the Cash Distribution and Programming Unit on bank working days between 9:00 and 17:00 hours by calling +52+(55)+5268-8400.
You must comply with the following requisites:
This information must be accompanied by an official statement from the company requesting to be a distributor of numismatic products issued by Banco de México. This should be sent by email to numismatica@banxico.org.mx
Banco de México can not value coins. However, there are numismatic traders engaged in buying and selling all types of old coins you can approach them directly for a quotation. If you live in Mexico City there are many traders of this kind in the downtown area. If you want a more specific recommendation of who to approach call Sociedad Numismática de México, A. C. (a not-for-profit company) which will be able to provide you with a reference for a possible buyer or seller; the number to call is +52+(55)+5536-4440 and the email address is: sonumex@snm.org.mx It should be mentioned that the condition the coins are in is key to determining their value.
Because the public gets a cleaner banknote. Polymer banknotes also last longer so they are replaced less frequently, which represents a saving for Banco de México. The banknotes stay in good shape for longer so their security features can be better appreciated. For more information visit the section Banknotes and Coins by clicking on General Information, Banknote printing and coin minting, The use of polymer in Banco de México banknotes.
Yes, polymer banknotes (like cotton paper banknotes) that are complete and patched with clear plastic tape maintain their value.
The validity of an authentic banknote is not determined by its amount or type of security features. For example, if a banknote of the F family has its 3D-thread missing it does not mean it has lost its value or is presumably counterfeit. To verify the authenticity of a banknote, several features should be reviewed and criteria for determining the validity of a used banknote are not associated with any security feature in particular; in other words, they are based on a thorough check of the coin or banknote.
In general a torn banknote does not lose its value if it is still more than half of its original size. Rules for evaluating banknote fractions can be consulted in Spanish on Appendix 3, page 4 of 4, of the Circular de Operaciones de Caja (in Billetes y monedas by clicking on Disposiciones, Dirigidas a las instituciones de crédito, Circular de Operaciones de Caja) and to obtain more information about the validity of incomplete banknotes visit the section Banknotes and Coins by clicking on General information, Validity of damaged banknotes and coins. In order for an incomplete banknote to be evaluated and if necessary exchanged, go to any Exchange Center. To know where Exchange Centers are located visit the section Banknotes and Coins by clicking on Services, Exchange of damaged or old banknotes and coins; or if you are in Mexico City you can go to Banco de México in Calzada Legaria No. 691, Col. Irrigación.
A banknote loses its value when:
*Banknote fraction evaluation rules can be consulted in Spanish on the Appendix 3, page 4 of 4, of the Circular de Operaciones de Caja (in Billetes y monedas by clicking on Disposiciones, Dirigidas a las instituciones de crédito, Circular de Operaciones de Caja). |
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