Does the Mexican Peso Contain Gold; Part One

The Mexican peso was the first currency in the world to use the “$” sign, which the U.S. dollar later adopted for its own use.  The peso is subdivided into 100 centavos, represented by the “¢” symbol.  Its name was originally used in reference to pesos oro (gold weights) or pesos plata (silver weights).  The literal English translation of the Spanish word peso is weight. 

The coins that are in general circulation to purchase goods and services have a face value of 10¢, 20¢, 50¢, $1, $2, $5, $10, $20, and $50.  The $20 and $50 coins are now quite rare as they were very unpopular.  The $50 coin is not the same as the gold bullion 50 Pesos coin (see below).  These pesos no longer contain any silver or gold. 

However, there are gold bullion coins of the same name, as well as the Libertad gold bullion coin.

Brief History

Before discussing the gold bullion coins, a brief history lesson will help make sense of the engraved pictures found on the different coins.

In 1810, Mexico’s War of Independence against Spanish rule began when Mexican-born Spaniard Miguel Hidalgo y Costilla rallied the colonial-born Spaniards, the Mestizos, and the Amerindians to revolt.  

Hidalgo is considered the “Father of the Nation” and his remains (and those of other wars heroes) are interred in a mausoleum at the base of the Columna de la Independencia (the Column of Independence) in Mexico City, which was built in 1910 to celebrate the Centennial of the beginning of Mexico’s rebellion.

The 6.7-meter statue of El Angel de la Independencia (The Angel of Independence), which sits upon this column, is constructed of bronze and plated in 24-karat gold.  The design was inspired by Nike, the Winged Goddess of Victory (from Greek mythology). She holds in her right hand a laurel crown which symbolizes victory.  In her left hand she holds a broken chain which symbolizes freedom.

In 1821, Mexico won their War of Independence; and on September 27, the Treaty of Cordoba was ratified, giving Mexico sovereignty from Spain.

The coat of arms of the United States of Mexico (Estados Unidos Mexicanos) depicts an eagle perched atop a cactus with a serpent in its beak.

In Part Two you will learn about the Gold Bullion Pesos and the Libertad

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[...] Be sure to read Does the Mexican Peso Contain Gold; Part One [...]

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