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ericsartwork
New Member
USA
20 Posts |
 Posted - 03/03/2009 : 23:08:43
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I was reading in Wikipedia about how the Mexican Peso was revalued in their hyperinflation of the 1990's. They made 1000 pesos worth 1 nuevo peso...which was the name of the new currency. They had coins, 10, 20 and 50 centavos(the 50 centavo is 1/2 of 1 peso) before the hyperinflation and they were minted again as nuevos coins(10,20,50 centavos) after the currency was revaluated.
My question is if I had 2,000 50 old centavos acquired before Mexico made 1,000 pesos equal to 1 nuevo peso could I change all those old centavos in for 1000 nuevo pesos once the conversion had occurred? In other words would Mexico have revaluted the paper peso but left the coin values alone?
The article is here: You must be logged in to see this link.
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 03/03/2009 : 23:34:38
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"In 1993, coins of the new currency (dated 1992) were issued in denominations of 5, 10, 20 and 50 centavos, 1, 2, 5, 10, 20 and 50 nuevos pesos. The 5 and 10 centavos were minted in stainless steel and the 20 and 50 centavos in aluminium bronze. The nuevo peso denominations were bimetallic, with the 1, 2 and 5 nuevos pesos having aluminium bronze centres and stainless steel rings, and the 10, 20 and 50 nuevos pesos having .925 silver centers and aluminium bronze rings. In 1996, the word nuevo(s) was removed from the coins. New 10 pesos were introduced with base metal replacing the silver centre. The 20 and 50-peso coins are the only currently circulating coinage in the world to contain any silver."
Reading this, and being told in the mid 90's that the old mexican coins were now worthless makes me think your pre-92 coins are worth all of melt, but I'm no expert on Mexican monetary policy.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 03/04/2009 : 13:15:13
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| Thank you. I have wondered about this. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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simplicitycounts
Penny Hoarding Member
USA
535 Posts |
Posted - 03/04/2009 : 14:24:41
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| I'm afraid that your 2000 50 Centavo coins would only be worth 1 Peso for all of them if you brought them into a Mexican Bank for exchange. That means that their value is worth more for melt then as a currency. I have a 100 peso coin but it would only be worth .1 pesos as it is prior to the New Peso. I have it for sale for $3.00 on You must be logged in to see this link. If it were minted after the new pesos come out it would be worth the current exchange rate, whatever the peso to dollar exchange is. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/04/2009 : 14:49:41
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I remember going on a business trip to Mexico sometime after the devaluation. The locals were all trying to pass off old pesos to the gringos as change. So you would hand them a 100 new peso bill for something that cost 20 new pesos and they would give you 80 old pesos as change. So basically they gave you .08 new pesos instead of 80.
My friend lost about $30 US that way and didn't know it until he went to exchange his old pesos back into dollars. Then the exchange guy at the airport gave him "free" a lesson on inflation and chopping zeros off of currency. |
Edited by - horgad on 03/04/2009 14:53:43 |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 03/04/2009 : 21:55:38
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I have a few old 1 centavos coins red brass/copper, about same size as a USA cent..
It takes 100 centavos to make a peso
It 1000 peso's to make 1 nuevo peso.
It would take 100,000 of them to make 1 nuevo peso
With the current exchange rate is 15.23 for 1 us doller that would make 1,523,000 one usa doller.
Talk about being worth way under melt... Kind of wish I could get a few $$$$$ worth of them for face.. lol |
Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 03/05/2009 : 09:22:03
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| Yeah, unlike many countries that experienced hyperinflation, Mexicon de-valued the old coins right along with the old paper. One time before I knew this I found a 500 peso coin in a dealer's foreign junk box and thought I had just paid 10 cents for $50. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Mexican Peso
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