Mexico Banknotes: History, Notable Notes, and a Collecting Guide
The Mexican peso is one of the oldest currency names in the Americas, running from the Spanish colonial silver dollar through the paper money of the 1910 Revolution to the 1993 nuevo peso. That deep history, not price speculation, is what makes Mexican notes such a rewarding field to collect.
Last updated: July 2026
Mexico's currency is the Mexican peso (ISO code MXN), issued by Banco de México since 1925. The peso descends from the Spanish silver dollar minted in Mexico City from 1535, and its collecting appeal is unusually rich. Revolutionary factions printed their own money in the 1910s, and a 1993 reform lopped three zeros off the currency to create the "nuevo peso." Few countries pack this much history into their paper money, which is exactly what draws collectors to it.
What is the history of the Mexican peso?
The peso's story starts in silver. In 1535 the Spanish crown established the Casa de Moneda de México, the oldest mint in the Americas, which struck the eight-reales coin known worldwide as the Spanish dollar or "piece of eight." That coin circulated across Asia, Europe, and the Americas, and it remained legal tender in the United States until the Coinage Act of 1857. The modern peso inherited the coin's name, and Mexico still writes peso amounts with the same $ sign used for the dollar.
Revolutionary-era paper money (roughly 1910 to 1920)
When the Mexican Revolution fractured central authority, paper money multiplied. States, local banks, and rival military factions each issued their own currency, from the armies of the north to regional governments desperate to pay soldiers and workers. Collectors know this era for types such as the "dos caritas" (two faces) notes and the many state and factional issues, called colloquially in northern Mexico bilimbiques. The sheer regional variety, and the fact that these notes were printed in the middle of a civil war, make the revolutionary period one of the most storied fields in all of world banknote collecting.
Banco de México and a national currency (1925 onward)
Mexico founded its central bank, Banco de México, in 1925, and with it came a unified national paper currency to replace the patchwork of earlier issues. For decades the peso held a relatively stable footing, but the debt crisis and high inflation of the 1980s changed that. Repeated devaluation pushed everyday prices into the thousands and tens of thousands of pesos, and the banknotes grew more zeros to keep up.
The 1993 "nuevo peso" redenomination
On January 1, 1993, Mexico introduced the nuevo peso (new peso). One new peso replaced 1,000 old pesos, stripping three zeros from the currency and carrying a temporary "N$" prefix on the notes. The ISO code moved from MXP to MXN. In 1996 the word "nuevo" was quietly dropped and the currency became simply the peso again, keeping the MXN code it still uses. Mexico's inflation was severe, but it never reached the extremes of a true hyperinflation. For how the world's most extreme currency collapses compare, see every hyperinflation ranked.
What are the most collectible Mexican banknotes?
The most collectible Mexican notes are the ones with the deepest history behind them: the improvised money of the Revolution and the notes that bracket the 1993 reform. The table below maps the main eras a collector will encounter. It stays general on purpose, so ask a source-first dealer for specific catalog references and current availability rather than trusting a fixed price list.
| Era / series | What it is | Why collectors want it |
|---|---|---|
| Revolutionary issues (c. 1913 to 1915) | Paper money from states, banks, and factions during the Mexican Revolution, including the celebrated "dos caritas" notes. | Enormous regional variety and a genuine wartime backstory make this the richest field in Mexican collecting. |
| Early Banco de México (1925 onward) | The first unified national banknotes, issued after the central bank was founded in 1925. | The start of the modern peso, and the bridge out of the revolutionary chaos. |
| Pre-1993 peso (MXP) | High-denomination notes from the inflationary 1980s, running into the thousands and tens of thousands of pesos. | Tangible evidence of the era that forced the redenomination, retired when the nuevo peso arrived. |
| Nuevo peso (N$, 1993 to 1996) | The redenominated notes carrying the "N$" prefix before the word "nuevo" was dropped in 1996. | A short-lived, clearly marked series that captures a specific moment of currency reform. |
| Modern peso (MXN) | Today's Banco de México notes, including polymer denominations and award-winning designs. | Widely admired artistry, including the 50-peso axolotl note noted below. |
One modern note deserves a special mention. The Banco de México 50-peso note picturing an axolotl and the chinampas of Xochimilco was named the International Bank Note Society's Bank Note of the Year for 2021, a rare honor for any national currency. Mexico's modern series is also known for its polymer notes and for portraits of national figures such as Benito Juárez, Miguel Hidalgo, and the writer Sor Juana Inés de la Cruz.
How do I start collecting Mexican banknotes?
Pick a thread and follow it. Because Mexico's history is so layered, the easiest way in is to choose one story rather than trying to buy everything at once. Three approaches work well for beginners.
- Collect by era. Start with a single revolutionary-era note for its history, or a matched pair from just before and just after the 1993 reform to show the three zeros disappearing.
- Collect by design. Modern Mexican notes are among the most beautiful in circulation, so a run of current Banco de México denominations makes an affordable, striking display.
- Collect by grade. If you want top condition, look for Uncirculated (UNC) notes, the top of the ladder that runs UNC, AU, XF, VF, F, VG, G, or notes graded by PMG or PCGS on the 1 to 70 scale.
Whichever thread you pick, two habits protect your money: buy from a dealer that documents where its notes come from, and store your notes properly so they hold their grade. Our guides on how to collect world banknotes, banknote grading, and storing banknotes cover the fundamentals.
Where can I buy Mexican banknotes?
Buy from a source-first dealer that inspects and authenticates every note. Planet Banknote stocks Mexican banknotes and ships each one with a free Certificate of Authenticity, rather than quoting a fixed market price that would go stale as inventory and grades change. You can browse current availability on our Mexico page.
If you are new to buying world paper money, the same rules apply everywhere. Confirm the note is genuine, understand its grade, and keep documentation. Every note Planet Banknote sells passes our Planet Banknote Verified inspection, so you are buying from a named, reachable business with recourse behind it.
Frequently asked questions
What currency does Mexico use?
Mexico uses the Mexican peso, ISO code MXN, issued by the country's central bank, Banco de México, since 1925. The peso descends from the Spanish colonial silver dollar minted in Mexico City from 1535, making it one of the oldest currency names in the Americas. It is written with the same $ sign used for the dollar.
What was the 1993 nuevo peso redenomination?
On January 1, 1993, Mexico introduced the nuevo peso, or new peso, which replaced 1,000 old pesos with one new peso and carried an N$ prefix on the notes. The reform followed years of high inflation and devaluation in the 1980s. In 1996 the word nuevo was dropped and the currency became simply the peso again, keeping the ISO code MXN.
What are Mexican revolutionary banknotes?
During the Mexican Revolution, roughly 1910 to 1920, states, banks, and military factions issued their own paper money. Collectors prize types such as the dos caritas, or two faces, notes, known colloquially in northern Mexico as bilimbiques. The regional variety and wartime history make the revolutionary era one of the richest fields in Mexican collecting.
Are old Mexican peso notes still worth anything?
Pre-1993 peso notes are no longer legal tender for spending, but many carry collector value based on their series, condition, and rarity. Value comes from collector demand rather than face value, so grade and provenance matter. Buying from a source-first dealer with a certificate of authenticity protects that value.
Which modern Mexican banknote is most celebrated?
The Banco de México 50-peso note featuring an axolotl and the chinampas of Xochimilco was named the International Bank Note Society's Bank Note of the Year for 2021. Mexico's modern series is widely admired for its polymer notes and for portraits of national figures such as Benito Juárez and Sor Juana Inés de la Cruz.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.