Coins from the First Empire
(1822 – 1823)

Coins from the Republic

Upon the triumph of the Republic, some provisional mints became foreign mints, subsidiaries of the Mint of Mexico. Foreign mints were created when mining production and currency minting started to increase again due to export to Eastern markets. Up to 14 mints operated throughout the country. These were located in Alamos, Culiacan, Chihuahua, Durango, Guadalupe y Calvo, Guanajuato, Guadalajara, Hermosillo, Estado de México (Tlalpan), Oaxaca, Real de Catorce, San Luis Potosí, Zacatecas and, naturally, the main Mint in Mexico City. All of them operated as concessions to individuals, and they minted the same coin types and denominations as the Mint of Mexico. But a close look at these Republican coins reveals infinite variants in the casting, giving numismatic researchers a whole new field of study. Since each mint placed its initials on the coins, and some mints operated for less time or minted fewer coins, some of these coins have become valuable treasures for collectors due to their rarity and scarcity. Examples are coins minted in the Estado de México or Alamos.

Since 1823, Mexican coins have had the national emblem on the front, accompanied by the inscription “REPUBLICA MEXICANA” (“MEXICAN REPUBLIC”), while the reverse has undergone several changes. Gold coins in the octal system show an arm holding a rod topped with a Phrygian cap over an open law book and the inscription “LIBERTY IN THE LAW.” The first coins denominated in reales bear a radiant Phrygian cap.

The first republican period was peaceful despite several stumbles and multiple problems. However, the criollo segment which had participated in the gaining of independence resurged to support conservative groups. As a result, there were several leadership successions during these years.

The Second Empire Coins

As the key leader behind the Mexican Empire, Napoleón III proposed archduke Ferdinand Maximilian of Habsburg as monarch. From 1864 to 1867, Maximilian of Habsburg, backed by French bayonets, imposed the use of the decimal system, which Ignacio Comonfort and Benito Juárez had previously tried to establish in Mexican coinage. The Maximilian coins stand out for their beautiful manufacture. On the obverse they show the emperor’s image and the inscription “MAXIMILIANO EMPERADOR” (“EMPEROR MAXIMILIAN”). On the back appear the imperial coat of arms and the inscription “IMPERIO MEXICANO” (“MEXICAN EMPIRE”), the denomination, and the year. Sebastián Navalón, Cayetano Ocampo, and Antonio Spíritu designed these coins, among the most beautiful in Mexico. The ten- and five-centavo coins and the one-centavo copper coins present a simpler design.

Republican coins (decimal system)

Upon the fall of the Second Empire, the minting of “scales of justice” coins established by the Mexican Republic continued. All denominations were maintained in gold coins of twenty, ten, five, two-and-a-half and one peso, and denominations in silver of one peso, fifty, twenty-five, twenty, ten, and five centavos. On the obverse, the coins presented, as always, the national emblem and the inscription “REPÚBLICA MEXICANA” (“MEXICAN REPUBLIC”). On the back, from the middle down, is a set of scales representing the judicial branch, with a sign containing the word “LEY” (for legislative branch). Crossed swords (for the executive branch) appear in the background, and at the bottom, the denomination in letters, the mint, the initial of the official who tested the coin, and the metal content. These coin types were minted from 1870 to 1905, with several interruptions. The twenty-, ten- and five-centavo coins have simpler designs with numbers and garlands.

Among the most beautiful coins during the porfirista period is the first commemorative silver coin, the so-called peso del caballito ("the miniature-horse peso"), designed by the French artist Charles Pillet to commemorate the centenary of the War of Independence.

Coins during the 1910 Revolution

The 1910-1917 Revolution changed currency issuance and circulation profoundly. Due to currency scarcity, opposing forces were compelled to issue their own currencies—generally with a coarse imprint—including banknotes, vouchers, pieces of cardboard, and tokens which people finally labeled bilimbiques or tlacos. Thanks to this circumstance, Mexican numismatics was enriched with a wide variety of revolutionary issuances. Several stand out due to their fame and rarity.

Among the multiple coins minted by Villa, the famous peso de bolita (“little ball”) and the nonpareil MUERA HUERTA (“MAY HUERTA DIE”) coin, minted at Cuencamé, Durango, stand out. In its two main varieties, the latter coin is noteworthy. It is the only minted coin proclaiming a political demand - a death sentence for Huerta - but also because of the beauty of its popular design.

Other notable coins are the silver Zapatista coins, well known because of the inscription “REFORMA, LIBERTAD, JUSTICIA Y LEY” (“REFORM, FREEDOM, JUSTICE AND LAW”). The design presented two mountains and a smoking volcano in the center. Above shines an ingenious drawing of a sun in the shape of a human face. In addition, there is the very rare coin minted with metal from a mining field called Suriana, the name of which is included on the coin, which appeared in denominations of two pesos and was dated 1915.

Coins post-Revolution to date

The Mexican coins inscribed Estados Unidos Mexicanos have undergone numerous design changes, including the national emblem on the obverse and on the back, where varied iconography invites collectors to conserve them.

After the Revolution, coinage had to be adapted to the country’s new circumstances and needs. Beginning in the viceregal period, Mexicans had developed an excessive taste for precious metals, and they continued the tradition of hoarding silver, meaning that silver coins disappeared from circulation as soon as they were minted. This caused shortages and a great demand for fractional currency. Governments saw the need to adapt monetary law to the times, and an avalanche of coins emerged in which industrial metals began to predominate.

Around 1992, another series of coins was designed in denominations of ten, five, two, and one peso, and in denominations of fifty, twenty, ten and five centavos, due to the creation of a new monetary unit equivalent to one thousand pesos of the former unit. The new unit kept the name “peso.” The adoption of this unit had the purpose of making it easier to understand and handle domestic currency amounts, as well as foment more efficient use of computer and accounting systems. In order to distinguish the new monetary unit from the former one, the adjective "nuevo" (“new”) was placed temporarily before the word "peso." The adjective was omitted beginning in 1996.

Later, two other coins with silver centers were minted, those in denominations of 20 pesos—with the image of Hidalgo on them—and those of 50 new pesos, showing the Niños Héroes (“Boy Heroes”). In 2000, the Banco de México launched commemorative coins as part of the current mint (in denominations of 20 pesos) to celebrate the beginning of the millennium: one with an image of Octavio Paz; the other, showing Xiuhtecutli, the God of Fire.

Beginning in November 2003, 100-peso coins commemorating “the federal union of Mexico's states ” began circulating—one for each federal entity. These coins have a 0.925 sterling silver center and a bronze-aluminum periphery. The national emblem appears on the obverse, and the coat of arms of one of the federal entities on the back.

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