Two peso coins (1919-1948)
Gold
On 31 October 1918 Venustiano Carranza, “considering that there is a need to counteract, as far as possible, the scarcity of fractional silver coinage which, due to the high price of the metal, it is not advisable to mint at present according to the Monetary Regime of 1905 because it would cause losses to the Treasury” authorised the production of gold $2 and $2½ coinsDiario Oficial, 9 November 1918.
KM-461 1919 $2 gold (Stack’s-Bowers NYINC auction, 17 January 2024, lot 57679)
The coin's composition was 90% gold and 10% copper, with a weight of 1.666 g. Mintage was
| Year | Mintage |
| 1919 | 1,670,000 |
| 1920 | 4,282, 428 |
| 1944 | 10,000 |
| 1945 Restrike | 4,590,493 |
| 1946 | 167,500 |
| 1947 | 25,000 |
KM-461 1945 Restrike $2 gold (Stack’s-Bowers auction, 30 August 2022, lot 36352)
Silver
KM-462 1921 $2 (Stack’s-Bowers auction, 26 August 2025, lot 41454)
In 1921, two commemorative coins were minted to commemorate the centenary of Independence, the gold 50 pesos ("Centenario") and this silver 2-peso. The design, by Emilio del Morral, is the statue of Victory from the Monumento de la Independencia.
This coin was approved by a decree of 22 September 1921Diario Oficial de la Federación, 30 September 1921. It was composed of 90% silver and 10% copper, and weighed 26,666 g. Mintage was 1,277,500.