The Coinage Reform of 1992

by Don Bailey

In early 1992, in order to stabilise the complex economy of Mexico and to better control inflation and the rate of exchange, President Carlos Salinas de Gotari requested the director general of the Casa de Moneda de México, Alfredo Lelo de Larrea y Robles, to devise a new coinage system with a newly designated monetary unit: the nuevo peso (new peso). In the new system the decimal was moved by three digits to eliminate the last three zeros of the current denominations. This enabled Mexico to make use of the national currency and coinage still circulating at the time.

The decree authorising the new monetary system was published on 22 June 1992 in the Diario Oficial de la Federación and became effective on 1 January 1993.

Series B coins in nuevo peso denominations were circulated starting from 1993 and the old coins (Series A and AA) coins were demonetized starting from 15 November 1995. The Series B coins were 5 and 10 centavos in stainless steel; 20 and 50 centavos in aluminum bronze (switched to stainless steel in 2009);bimetallic 1, 2 and 5 nuevos pesos, with aluminum bronze centres and stainless steel rings; and bimetallic 10, 20 and 50 nuevos pesos, with sterling silver centres and aluminum bronze rings.

Series C coins (which dropped the "N$" prefix on the N$1, N$5, N$10, N$20, and N$50 coins) were circulated starting in 1996 following the withdrawal of Series A and AA coins.

In 1997 regular-issue 10-peso coins were minted with base metal replacing the silver centre. In 2000 commemorative 20-peso coins also began to be minted without silver. Though the 50- and 100-peso coins are the only currently circulating coinage in the world to contain any silver, they rarely circulate because their silver content of 1/2 troy ounce have exceeded 100 pesos in value since around 2010.

In 2003 the Banco de México began the gradual launch of a new series of bimetallic $100 coins. Bullion versions of these coins are also available, with the outer ring made of gold instead of aluminum bronze.

The first C1-type coins were issued in 2020; in general, these are commemorative $20 coins.