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Prehispanic Mexico had a well-organized tax and commercial exchange system with several exchange media. Cacao, the most accepted and widespread, was used for accounts and charges in lots of twenty. Also used were jade beads or jadeita, known as chalchihuis, coarse cotton blankets or patolcauchtli, duck feather quills filled with gold powder, and hatchets or copper shears in the shape of the Greek letter tau. The use of cacao as both food and money made it so valuable that it was counterfeited. Bulk cacao payments were often altered using lower-quality cacao, or part of the cacao grain content was even removed and replaced with mud. Nonetheless, cacao was the most widespread and accepted medium of exchange in Mesoamerica and the Caribbean.
In the first third of the sixteenth century, with the Spanish conquest of continental America, European monetary practices, in which only metal coins were legal tender, began to be implemented. Nevertheless, the scarcity of metals in Europe hindered the exportation of coins. Thus, during the first stage of the conquest, the Spaniards adapted to indigenous practices. In fact, cacao survived as an exchange medium in some places in southeastern Mexico well into the nineteenth century. While the search for precious metals following the initial plunder continued, the practice of using other exchange media allowed the Spaniards to collect a large quantity of “rescued” gold and silver. Using these metals, they made the first attempts to emulate European metal coins. Discs of a gold and copper alloy (tepuzque pesos) were cast, their weight corresponding to the Spanish currency, the castellano. This resulted, years later, in the origin of the monetary unit of Mexico and other Latin American countries, the peso. The discovery of the territories´ mineral wealth changed colonial perspectives, and very soon the growth of trade in New Spain made the establishment of a mint necessary. In 1535, when the Viceroyalty of New Spain was officially established, Viceroy Don Antonio de Mendoza received the permit for the founding of the Mint of Mexico with the following mandate from King Charles I and Queen Juana: "Y PÓNGASE EN LA PARTE DONDE HOBIERE LA DEVISA DE LAS COLUNAS UNA M LATINA, PARA QUE SE CONOZCA QUE SE HIZO EN MEXICO" (“AND LET A LATIN M BE PLACED WHERE THE COLUMNS ARE DIVIDED TO REVEAL THAT IT WAS MADE IN MEXICO”). The first coins were apparently cast in April 1536.
The Charles and Juana
coins The first coins minted in Mexico were the Charles and Juana coins, thus labeled due to the names of the royals appearing on them in Latin (CAROLUS ET JOHANA REGES). They were made by hand with a hammer. Nonetheless, they had an even thickness, they were rounded, and handsome. Silver coins in denominations of four, three, two, one, and one-half reales were cast. Copper coins were also minted in denominations of four and two maravedíes, but their manufacture was suspended due to the rejection of this metal by the indigenous peoples. Two series of the coins are known: The first usually bore an inscription in gothic letters, whereas the second was distinguished by the use of Latin characters, and on the back, ocean waves between the columns of Hercules. On the front was the coat of arms of Castile, León and Granada (with quadrants divided among castles and lions, and with a pomegranate in the lower rosette). The inscription was completed on the back and meant, "Charles and Juana, rulers of Spain and the Indies." On the back were the two crowned columns of Hercules, united by a tablet displaying the motto PLUS ULTRA.
Macuquina
coins Thanks to the abundance of metals, increased demand for coins due to the opening of sea-lanes to the East could be met. The greater demand, unaccompanied by technical improvements in the minting process, led to roughly manufactured, unattractive coins. These coins were cast in pieces of metal of irregular shape and thickness, but with the prescribed fine metal content. The macuquina coin was minted from the reign of Philip II to the first reign of Philip V. The name comes from the Arab term macuch, meaning approved or sanctioned. During the reign of Philip III, coins began to bear the mint date, 1607 being the most remote date documented in the numismatic collection of the Banco de México. Although supposedly it was forbidden to mint gold, the production of gold coins (also macuquino type coins) began in 1679, during the reign of the last Habsburg, Charles II, who, due to lack of heirs, was succeeded by Philip of Anjou, grandson of Louis XVI. With the change in royal house, numismatics also saw changes as Philip V attempted to improve minting through technological advances. During this first reigning period, the currency minted was the macuquino type; when the king found out that his first-born was about to die, he abdicated so that his son Louis I occupied the throne for several months during 1724. When Louis I died, his father recovered the crown and ordered the posthumous minting of the Louis I coins, extremely rare coins which are today among the scarcest of those minted during the viceroyalty. Philip V also tested the minting of well-manufactured transitional coins. However, the coins still lacked a protective cord, nor were they rounded; they were known as trimmed.
Rounded coins: columnarios
(1732-1772) and peluconas (1732-1759) Beginning in 1732, during the second reign of Philip V, the steering-wheel press was introduced, allowing the manufacture of rounded coins with a protective cord. During the eighteenth century, silver coins known as columnarios or “coins of worlds and seas” were minted. On the back of the coins are two hemispheres set on sea waves and united by a great crown between two columns (also crowned); around this is the inscription UTRAQUE UNUM (“Both are one”). The coins of this period are perhaps the best in terms of design. To excellent Mexican minting are added the coins´ magnificent craftsmanship and beauty, which helped make Mexican coins the most important international payment medium at the time. The gold coins bear the image of the king in armor and a large wig (peluca), the kind in fashion during the Age of Enlightenment, which is why they were called peluconas.
Rounded busted coins In 1771, Charles III changed the type of silver coins minted and the following year, the first coins known as bust coins appeared, named for the bust of the monarch on the front. As for the gold coins, the wig engravings were abandoned, bringing the design closer to that of the silver coins. Given the need for fractional currency, during the reign of Ferdinand VII the quarter-real in silver and the half-escudo in gold were introduced. Copper minting was resumed in denominations of two-quarters, one-quarter, and one-eighth real coins. Due to the demand for coins inside and outside New Spain, two reforms reduced the fine metal content of the coins minted in Mexico slightly. This change was accepted without problems in local and international markets. The last monarchs who ruled New Spain, Charles IV and Ferdinand VII, were faced with the decline of the Spanish Empire relative to other European powers. This, combined with internal conflicts caused by social inequalities and the Crown’s authoritarian regime, led to Mexico's independence.
Coins during the independence movement As a result of the War of Independence, fine metal coins were hoarded and exported, leading to a generalized shortage of payment media in New Spain. In order to solve the problem, royalist officials authorized the establishment of provisional mints near the royal mines. Thus, mints were established in Chihuahua, Durango, Guadalajara, Guanajuato, Nueva Vizcaya, Oaxaca, Real de Catorce, Valladolid, and Zacatecas. In several of these mints, official necessity coins were cast, although coins were also minted with designs different from those of the Mint of Mexico. Most of these coins were made of silver, with the exception of some gold coins minted in Guadalajara.
Other royalist issuances In the face of some particularly urgent currency scarcities, some copper minting occurred in Mexican territory. Examples include minting at San Antonio de Béjar, Sierra de los Pinos and Lagos.
Coins issued by the insurgents Because the miners were in the hands of the royalist authorities, the insurgent faction suffered currency scarcity and depended on forced loans and currency captured from adversaries. For that reason, the insurgents minted their own currency to pay their troops. The insurgent mintings were done with rudimentary methods, and because the insurgents had no silver supply, they minted just a few coins with this metal and most with copper. In October 1810, Miguel Hidalgo commissioned José María Morelos to organize an army in the south of the country. Morelos became the leader of the insurgent movement after the capture of Hidalgo in March 1811. With Morelos, the insurrection was transformed; he managed to unite the ideas of intermediary groups with the demands of the people, and he proclaimed for the first time non-subjection to the Bourbon monarchy.
Morelos coins The copper coins ordered by Morelos were equivalent to promises of payment. In other words, they could be exchanged for their face value in gold and silver coins upon the triumph of the revolution. Thus, for the first time fiduciary currency was used in Mexico. The obverse of these roughly manufactured coins bore a Morelos monogram along with the denomination and mint year. On the back, a bow and arrow appears, and underneath them, the word “SUD” (“SOUTH”). There were two main variants: A plain one, and another with profuse floral adornment. They were produced in eight, two, one, and half-real coins.
After the siege of Cuautla, Morelos spent several months in Tehuacán. When he left the city, he put the insurgent Manuel Mier y Terán in charge. It is believed that, in the assumption of minting responsibilities, Mier y Terán manufactured a coin type with the initials “T. C.” between the bow and the word “SUD.” These coins had a finer finish, whether due to more adequate machinery or more experienced workers. Several researchers believe the letters “T.C.” mean that the minting took place in Tierra Caliente. Others agree that the abbreviation means Tlacotepec, and still others, Torres de Cuautla. The most common coins of this type were eight-real coins; the rarest are those of two reales and those of half a real.
On November 25, 1812, Morelos attacked and conquered Oaxaca. He found a large quantity of silver bars there, allowing him to resume his mintings, both the “SUD” coins and a variety similar to the provisional Oaxaca coins. The mintings done in Oaxaca were Morelos' most important. Not only was the quantity large, but also the types, varieties and values were numerous. The coins were manufactured in silver and copper, both smelted and minted.
Although the Morelos coin type is quite uniform, there are several varieties due to the fact that the mintings took place in different locations (Tecpan, Huautla, Oaxaca, Acapulco, Tlacotepec, Chilpancingo, Cerro de Atijo, and Tehuacán). Despite research on this subject, we can only conjecture on the mint types, and there is no complete registry of the varieties. The key features of the Morelos coin design are the monogram on the front and the bow and arrow on the back. The monogram bears the letters “M O S,” Morelos’ initials. This feature seems to have undergone a transition from the plain letter “M,” to “JM,” to “JMo,” to “SMo.” But it is impossible to confirm that such a transition took place in that order. The Zitácuaro junta After Miguel Hidalgo’s capture, Ignacio López Rayón took command of the insurgent army and undertook an embarrassing retreat from Saltillo to Zitácuaro. There, on August 19, 1811, Rayón established the Suprema Junta Nacional Americana (the Supreme National American Junta), which was to rule in the name of Ferdinand VII. The junta, which he presided over, had to mint coins to replace the Spanish ones. The first were cast in silver in 1811 and part of 1812 in the denomination of eight reales. Roughly manufactured, they bear the name of Ferdinand VII because the junta was his constitutional representative, but the design motifs were purely Mexican.
To fight the junta assembled in Zitácuaro, the viceroy commissioned Calleja, who took the plaza on January 2, 1812. The junta was transferred to Tlalchapa, Guerrero, and from there to Sultepec in Estado de México. When the latter was attacked, the junta withdrew to Tlalpujahua, Michoacán, where a mint was established to cast coins. Mintings in silver and copper continued until 1814 and included all denominations, from half a real to the eight-real coins.
In the silver coins, both the diameter and the eagle are smaller. The front and the back have the same design as the smelted coins, but with different inscriptions. The junta also minted one-real silver coins, with a different design and an inscription on the front reading, “CONGRESO AMERICANO (THE AMERICAN CONGRESS).” Two types can be differentiated according to the inscriptions on the back. The belief is that these coins were minted in Angangueo, Michoacán. Also, there are those who think that they should be considered medals. Because the junta of Zitácuaro presided over by Rayón was disorganized, and in order to counteract the interests of the creoles it represented, Morelos installed the Congress of Anáhuac at Chilpancingo on September 14, 1813. The Congress discontinued the use of the name Ferdinand VII and declared that Anáhuac was free from Spanish rule on November 6. In October 1814, Morelos and representatives from the Congress of Chilpancingo met at Apatzingán where they formulated the Constitution of Apatzingán, the first Constitution of Mexico, on October 22. The mintings of the Zitácuaro junta show for the first time the vernacular features that became representative of our nationality: the eagle and the nopal cactus replacing the "Plus Ultra" of the royalist coins.
On August 30, 1811, the insurgent lieutenant general José Francisco Osorno conquered Zacatlán in the state of Puebla. In April 1812, he assaulted Mineral de Pachuca and there obtained a large quantity of silver bars, which he used – thanks to the advice of Vicente Beristáin – to establish a mint which functioned until 1813. The coins from this mint, silver coins of two reales and copper coins of one and a half reales, were rough. In addition to his own minted coins, Osorno more often used common colonial coins with his monogram stamped on them. Royalists restamps In addition to the royalist and insurgent monetary issuances discussed above, other issues were produced derived from the restamps or countermarks manufactured by both factions and made into coins from the plunder of the other side. In most cases, the restamp was made with stamps or punched holes which – depending on the situation – the factions used either to revalidate their own currency or legalize currency seized from the enemy. One royalist restamp is attributed to Manuel María de Salcedo, governor of the province of Texas from 1807 to 1813, who presided at the court which judged the priest from Dolores. Upon his return to Texas, the governor fell into the hands of the insurgents and was executed on April 5, 1813. His restamp consists of an oval stamp measuring 17x12 mm with the initials “MS” interlaced in a monogram.
Insurgent restamps Due to the increased number of counterfeits of the SUD type coin, especially those made of copper, Morelos took severe measures against counterfeiters, but as they persisted in their activities, the Supreme Commander ordered that all circulating currency in the territories under his command be revalidated for greater control. The most common was rounded, about 13 mm in diameter, with Morelos’ monogram between two stars. In the coins that bear Ferdinand VII’s bust, the restamps are engraved precisely upon his face, which might have been done on purpose in order to cover the monarch’s image. Alternatively, it could just have been a surface characteristic which simplified the restamping.
Another insurgent restamp corresponds to Jose Francisco Osorno (? - 1824) from the Apan region of Hidalgo. He entered Zacatlán on August 30, 1811, leading 700 men. The Zitácuaro junta granted him the rank of lieutenant general. However, he was not under its authority. By September of that year, because of his indefatigability in the fight against the royalists, Mariano Aldama joined him, and later, several more insurgent leaders. In October 1811, he assaulted Mineral de Pachuca, conquering it in April 1812 and obtaining a great quantity of silver bars, which were transformed into coins. In 1813, he succeeded in commanding 3,000 troops, who fought from Apan to Papantla, Veracruz. He continued to fight for the rest of the war and in 1820 joined his forces with those of Nicolás Bravo. He died in Tecoyuya, Puebla. His restamp consists of his monogram, an 11x9 mm oval stamp with the interlaced letters “OSRN.” Restamps of unknown origin It is also worth mentioning that there are restamps whose origin is unknown, as is the case of the Mexican eagle, a restamp consisting of a coarsely engraved oval with an eagle holding a serpent in its beak in the center and marked on coins of eight, two, and one reales. It has been attributed to the general Vicente Guerrero, but its origin is not known for certain.
Coins from the First Empire Two types of gold and silver coins were minted during Iturbide’s Empire in the following denominations: eight and four escudos, as well as eight, two, and one and a half reales. The first type has on the obverse the naked bust of the Emperor with the inscription “AGUSTINVS DEI PROVIDENTIA.” The reverse shows a crowned eagle looking to the left with open wings, standing on a nopal cactus among wooden clubs and crossed holsters. The inscription continues from the obverse: “MEX. I. IMPERATOR CONSTITUT.” The second type has the same obverse but a different design of the eagle on the reverse.
Upon the triumph of the Republic, some provisional mints became foreign mints, subsidiaries of the Mint of Mexico. Foreign mints were created when mining production and currency minting started to increase again due to export to Eastern markets. Up to 14 mints operated throughout the country. These were located in Alamos, Culiacan, Chihuahua, Durango, Guadalupe y Calvo, Guanajuato, Guadalajara, Hermosillo, Estado de México (Tlalpan), Oaxaca, Real de Catorce, San Luis Potosí, Zacatecas and, naturally, the main Mint in Mexico City. All of them operated as concessions to individuals, and they minted the same coin types and denominations as the Mint of Mexico. But a close look at these Republican coins reveals infinite variants in the casting, giving numismatic researchers a whole new field of study. Since each mint placed its initials on the coins, and some mints operated for less time or minted fewer coins, some of these coins have become valuable treasures for collectors due to their rarity and scarcity. Examples are coins minted in the Estado de México or Alamos.
Since 1823, Mexican coins have had the national emblem on the front, accompanied by the inscription “REPUBLICA MEXICANA” (“MEXICAN REPUBLIC”), while the reverse has undergone several changes. Gold coins in the octal system show an arm holding a rod topped with a Phrygian cap over an open law book and the inscription “LIBERTY IN THE LAW.” The first coins denominated in reales bear a radiant Phrygian cap.
The first republican period was peaceful despite several stumbles and multiple problems. However, the criollo segment which had participated in the gaining of independence resurged to support conservative groups. As a result, there were several leadership successions during these years.
As the key leader behind the Mexican Empire, Napoleón III proposed archduke Ferdinand Maximilian of Habsburg as monarch. From 1864 to 1867, Maximilian of Habsburg, backed by French bayonets, imposed the use of the decimal system, which Ignacio Comonfort and Benito Juárez had previously tried to establish in Mexican coinage. The Maximilian coins stand out for their beautiful manufacture. On the obverse they show the emperor’s image and the inscription “MAXIMILIANO EMPERADOR” (“EMPEROR MAXIMILIAN”). On the back appear the imperial coat of arms and the inscription “IMPERIO MEXICANO” (“MEXICAN EMPIRE”), the denomination, and the year. Sebastián Navalón, Cayetano Ocampo, and Antonio Spíritu designed these coins, among the most beautiful in Mexico. The ten- and five-centavo coins and the one-centavo copper coins present a simpler design.
Republican coins (decimal system) Upon the fall of the Second Empire, the minting of “scales of justice” coins established by the Mexican Republic continued. All denominations were maintained in gold coins of twenty, ten, five, two-and-a-half and one peso, and denominations in silver of one peso, fifty, twenty-five, twenty, ten, and five centavos. On the obverse, the coins presented, as always, the national emblem and the inscription “REPÚBLICA MEXICANA” (“MEXICAN REPUBLIC”). On the back, from the middle down, is a set of scales representing the judicial branch, with a sign containing the word “LEY” (for legislative branch). Crossed swords (for the executive branch) appear in the background, and at the bottom, the denomination in letters, the mint, the initial of the official who tested the coin, and the metal content. These coin types were minted from 1870 to 1905, with several interruptions. The twenty-, ten- and five-centavo coins have simpler designs with numbers and garlands.
Around 1892, as proposed by the illustrious Matias Romero, all the mints were repossessed by the government (excluding the one in Oaxaca). Some of them continued operating until 1905, when the worldwide drop in the price of silver forced the Porfirio Díaz government to implement a remarkable monetary reform which diminished the minting of coins noticeably, until finally the only mint left was the old Mint of Mexico—the first on the American continent, with more than 460 years of uninterrupted operations. Beginning with the 1905 Monetary Reform, coinage law was modified and the national emblem on coins was surrounded by the inscription "ESTADOS UNIDOS MEXICANOS" (“THE UNITED MEXICAN STATES”). The use of this emblem has prevailed to the present day. The reform created gold coins in denominations of ten and five pesos with 900 one-thousandths gold content and presenting, for the first time since the restoration of the Republic, the image of a historic figure (Miguel Hidalgo y Costilla).
Among the most beautiful coins during the porfirista period is the first commemorative silver coin, the so-called peso del caballito ("the miniature-horse peso"), designed by the French artist Charles Pillet to commemorate the centenary of the War of Independence.
Coins during the 1910 Revolution The 1910-1917 Revolution changed currency issuance and circulation profoundly. Due to currency scarcity, opposing forces were compelled to issue their own currencies—generally with a coarse imprint—including banknotes, vouchers, pieces of cardboard, and tokens which people finally labeled bilimbiques or tlacos. Thanks to this circumstance, Mexican numismatics was enriched with a wide variety of revolutionary issuances. Several stand out due to their fame and rarity.
Among the multiple coins minted by Villa, the famous peso de bolita (“little ball”) and the nonpareil MUERA HUERTA (“MAY HUERTA DIE”) coin, minted at Cuencamé, Durango, stand out. In its two main varieties, the latter coin is noteworthy. It is the only minted coin proclaiming a political demand - a death sentence for Huerta - but also because of the beauty of its popular design.
Other notable coins are the silver Zapatista coins, well known because of the inscription “REFORMA, LIBERTAD, JUSTICIA Y LEY” (“REFORM, FREEDOM, JUSTICE AND LAW”). The design presented two mountains and a smoking volcano in the center. Above shines an ingenious drawing of a sun in the shape of a human face. In addition, there is the very rare coin minted with metal from a mining field called Suriana, the name of which is included on the coin, which appeared in denominations of two pesos and was dated 1915.
The Mexican coins inscribed Estados Unidos Mexicanos have undergone numerous design changes, including the national emblem on the obverse and on the back, where varied iconography invites collectors to conserve them. After the Revolution, coinage had to be adapted to the country’s new circumstances and needs. Beginning in the viceregal period, Mexicans had developed an excessive taste for precious metals, and they continued the tradition of hoarding silver, meaning that silver coins disappeared from circulation as soon as they were minted. This caused shortages and a great demand for fractional currency. Governments saw the need to adapt monetary law to the times, and an avalanche of coins emerged in which industrial metals began to predominate.
Around 1992, another series of coins was designed in denominations of ten, five, two, and one peso, and in denominations of fifty, twenty, ten and five centavos, due to the creation of a new monetary unit equivalent to one thousand pesos of the former unit. The new unit kept the name “peso.” The adoption of this unit had the purpose of making it easier to understand and handle domestic currency amounts, as well as foment more efficient use of computer and accounting systems. In order to distinguish the new monetary unit from the former one, the adjective "nuevo" (“new”) was placed temporarily before the word "peso." The adjective was omitted beginning in 1996. Later, two other coins with silver centers were minted, those in denominations of 20 pesos—with the image of Hidalgo on them—and those of 50 new pesos, showing the Niños Héroes (“Boy Heroes”).
In 2000, the Banco de México launched commemorative coins as part of the current mint (in denominations of 20 pesos) to celebrate the beginning of the millennium: one with an image of Octavio Paz; the other, showing Xiuhtecutli, the God of Fire.
In November 2003, 100-peso commemorative coins went into circulation. The coins have a sterling silver 0.925 standard middle and a bronze-aluminum ring. On their front is Mexico 's national coat of arms. The first commemorative 100-peso coins that went into circulation were those commemorating the federal union of Mexico 's states—one for each state. On the back of each coin is either the coat of arms of the corresponding state or a motif related to one of the following themes: architecture, art, science, fauna, flora, typical costumes and dances, or geographical zones significant to each state.
Coins commemorating the 400 th anniversary of the first edition of El Ingenioso Hidalgo Don Quijote de la Mancha by Miguel de Cervantes Saavedra went into circulation in September 2005. In November of the same year, coins commemorating the 80 th anniversary of Banco de México's founding, the 470 th anniversary of the Mint of Mexico, and the 100 th anniversary of the Monetary Reform of 1905 went into circulation.
The most recent 100-peso coins are those commemorating the bicentennial of the birth of Don Benito Juárez García, Benemérito de las Américas, which went into circulation in March 2006.
To celebrate the bicentenary of the beginning of Mexico 's Independence movement and the centenary of the beginning of the Mexican Revolution, as of October 29, 2008, five-peso commemorative coins were put into circulation. In all, 19 different coins alluding to the heroes of the Independence and 18 relating to figures of the Revolution will be put into circulation. The series will have a total of 37 coins.
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