This article explains what these old Mexican bank notes are worth, and how you can exchange them, or sell them to collectors.

Devaluation during the 1980s and 1990s

Mexico encountered two significant economic crises in recent decades: one in the mid-1970s that spilled over into the early 1980s, and another in the mid-1990s.  Both events had different causes although each imposed the same penalty on Mexico’s peso: devaluation.

In the 1980s Mexico’s currency was denominated not in ones and tens, but in hundreds and thousands.  $50,000 peso notes were commonplace and in the early 90s, the Bank of Mexico issued a $100,000 peso bank note; at the time, these were worth about US$16.50 and US$33 respectively.

Mexico’s peso is rebased in 1993

On January 1, 1993 Mexico re-based its currency by removing three zeros from all denominations and launched the New Peso.  A new series of bank notes appeared, looking exactly like the old ones, with two exceptions: the new ones had three zeros missing from the numerals and the words Nuevos Pesos were added for clarity.

In October 1994 a brand-new series of bank notes was released in which the word “Nuevos” was dropped as Mexico’s currency stabilized and people got used to the new currency.

Exchanging old Mexican bank notes

The Bank of Mexico honors all genuine notes it issues, regardless of their date of emission, at present-day values.

Examples of present-day values

Here are some examples of present-day value of old Mexican banknotes, calculated using Bank of Mexico information (see links above):

• a $1,000 peso note dating back to the late 1970s/early 1980s is worth one Mexican peso today;
• a $100,000 peso note dating back to 1991 is exchangeable today for a current-day $100 peso note;
• $1 and $5 peso notes dating back to pre-1975 are worth fractions of a Mexican cent and are now no more than museum pieces and collectors’ items.

Key points about dealing with old bank notes

Here are some practical matters in regard to dealing with old bank notes you might have in your possession.

Exchanging old notes at the banks

Stores and traders won’t accept old bank notes.  If you have old bank notes you want to exchange for present-day notes/coins, you need to take them to any of one Mexico’s retail banks, or to the the Bank of Mexico if the quantity/value exceeds the retail bank ‘exchange limit:’ the exchange limit at a retail bank is 500 individual notes or a present-day value of $3,000 pesos.  You don’t have to be a customer of the bank to request the exchange.

Old bank note collectors’ markets

A trade exists in collectors’ markets for historical bank notes, including old bank notes from Mexico.  Some older notes, and especially those which are in pristine condition, can command a premium over their present-day monetary value when sold to collectors.

If you have old Mexican bank notes and want to know if they may have some value in collectors’ markets, visit a site like eBay to browse old Mexican bank notes that will help you to assess their current value.

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That doesn’t mean that damaged notes become worthless.  The central bank will take them back and replace them, and any retail bank will exchange them.

But for one reason or another —possibly a history of doing hand-to-hand combat with the bureaucracy— people in Mexico would rather avoid having to go through any of that.

As a result, a damaged banknote becomes like the joker in the card game where the object is to avoid taking the joker from another player, and if you do get it, surreptitiously hand it off to another. The loser is the one who’s left with the joker when all the pairs have been removed from play.

There are a number of tricks for this when the joker is a banknote. One is to fold the torn corner over and hand in the note —nonchalantly, of course— with the good side up. This doesn’t work at supermarkets where cashiers will often hold bills up to the light to check for watermarks.

Another way is to pack it in with several bills, all handed in together, but this only works for relatively large purchases or small bills. Another is to use the torn note to pay for something you have already consumed —food, or a taxi ride— arguing that it’s all the money you have.

And all this to avoid dealing with the bank.

The fussiest of all in receiving bills in poor condition are the cashiers staffing the top-up kiosks Mexico City’s Metro. They will refuse banknotes even if they just look a bit shabby. No one has more change than the Metro ticket office cashiers, and yet they will often either refuse large bills, or pay out the change in the most deliberately annoying combination of small coins, sliding them into the gully under the window where they are difficult to collect, particularly if there’s an impatient line of people behind you. So if you’re playing joker with a torn banknote, don’t even think about the Metro.

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Although credit and debit cards are widely accepted now, Mexico is still very much a cash-based economy, so even if you use your plastic extensively, there will be times when you will need to deal in cash.

Security checks are common, especially for higher value banknotes

Trouble may arise if you innocently offer a counterfeit note for payment and have the bill checked, refused, and possibly confiscated.  Most stores and all exchange houses have security devices on-hand to make an immediate check of the paper quick and simple.

Modern Mexican banknotes carry a range of security features.  Most are similar to those you see on banknotes issued world-wide, making it easier to spot a fake.  The latest series of notes being issued by the Bank of Mexico include some state-of-art anti-counterfeiting measures, most notably a holographic feature on the note’s face, the image of which changes as the note is tilted.

Tips for spotting fake notes

To help you avoid getting caught out by fake banknotes, here is a summary of Mexican banknotes and the main security futures you should become aware of when you are handling them:

Paper and polymer for banknotes

On the latest series of Mexican banknotes, the three lowest denominations —the $20, $50 and the $100 peso notes— are printed on polymer, a special type of plastic paper.  The other three —$200, $500 and $1000 peso notes— are printed on traditional banknote paper, which has that same crisp and distinct feel of genuine banknotes issued in all countries.

Banknote paper is made using fabric fibers instead of wood pulp and, unlike most commercially-available paper, it does not have any china clay or other dyes added to it, which is why banknote paper fluoresces differently in comparison to regular paper under the light of an ultra-violent lamp.

When you’re handling Mexican banknotes, be sure to feel the paper; it should feel the same as, for example, US or Canadian dollars, British pounds, or euros.  If the note doesn’t “feel” right —paper used for counterfeit notes is often thicker than genuine banknote paper— check for additional security features.

Watermark and other embossed features

All paper banknotes in Mexico have a “watermark” added to them, and when you view the note through a back-light, the silhouette image should appear in an otherwise clear area of the note. On polymer plastic notes, the watermark is substituted by an embossed feature visible through transparent areas on the bill.

Holographic features

Banknote paper is molded, allowing security features like watermarks and threads to be added during the production process. The current series of Mexican banknotes contain several of these state-of-the-art security features.

The principal and most immediately visible security feature on the $200, $500 and $1000 peso banknotes is a distinctive holographic optical thread woven vertically on the front (face) side of each banknote; as you tilt the note the image on the thread changes. This ‘holographic’ effect is also present on the note’s value number printed in the top right corner.

On polymer notes, check for embossments crisply pressed into the bill as well as holographic ink on key elements of the note’s artwork—the effects of these become visible when you tilt the note in the light.

Special printing

Banks employ a very special printing process when they create their bills which presses the imagery onto the note; this process gives the printing a “raised” feel that is especially noticeable on new paper.

In any state of wear, the printing on the note, whether it’s polymer or traditional banknote paper, should be crisp, clear, and never blurred; with definitive lines and consistent coloring.

Related to this, Mexican bank notes feature “micro print” which is always clear and crisp when viewed close-up or under a magnifying glass.

Have you been given a fake Mexican banknote?

If you’ve been given a fake banknote in Mexico, read Dealing with Counterfeit Mexican Banknotes for information and advice about what to do.

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In the same year, the bank also issued a limited-edition commemorative $20-peso banknote and coins, and Since then the new $20-peso coins as well as the notes have all been circulating in tandem as legal tender.

$20-peso bills are becoming less common

The old blue-colored $20-peso notes, printed on polymer (a special type of plastic), were already becoming worn by late 2021, and now rarely change hands. (Benito Juárez’s image has been moved over to the latest $500-peso bill.)

The colorful commemorative $20-peso notes, pristine copies of which will likely become collector’s items, have been in circulation since late 2021 but they too are less commonly seen now as the new $20-peso coins are fed into general circulation in ever-greater quantities.

The idea of replacing these notes with $20-peso coins makes sense, because the denomination is versatile and often used for bus fares, and tips. The bills were thus changing hands frequently and the corresponding wear and tear is significant even for a polymer note. A coin is more convenient, and longer lasting.

$20-peso coins carry varying emblems

As is often the case with flagship coins issued by countries’ banks, the shape, size and weight of the coin remains constant but the emblems stamped on them vary over time, and some become sought after and offered at a premium to potential collectors.

This is the case with Mexico’s 12-sided $20-peso coin that has, since its inception, been stamped with a variety of Mexican historical figures including Emiliano Zapata, and key protagonists of the country’s Independence movement.

The latest $20-peso coin features two bald eagles and commemorates 200 years of diplomatic relations between Mexico and the United States of America.

You can expect to see these coins more often as the $20-peso banknotes leave general circulation altogether, and the coins replace them as one of the most versatile denominations for small trades, and tipping in Mexico.

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Checking the banknotes you receive and handle

There are three ways you would normally find yourself holding a counterfeit note: someone gives it to you (most likely innocently) as payment or change; an ATM machine dispenses it to you; or a Bank Teller hands it over when you make a withdrawal over the counter.

If an ATM in Mexico gives you a fake banknote

The Bank of Mexico has been working hard to prevent counterfeit notes from getting recirculated through ATMs and Bank Teller tills, and so the number of instances reported have leveled-off of late. Notwithstanding this effort, on rare occasions, you might take possession of a counterfeit banknote from an ATM in Mexico. If you notice yourself, or if someone who you subsequently try to hand a bill to that emanated from an ATM withdrawal rejects it on counterfeit grounds, there is a specific procedure to undertake. You must attend a branch of the bank-owning ATM that dispensed the note within 5 working days of the date you withdrew the cash, complete a special form, and show some identification. Claims made more than 5 working days after the withdrawal are automatically rejected. It’s vital to have the ATM receipt (always request one) as this will provide important information to the bank about the withdrawal. The bank will issue you with a receipt for the counterfeit bill and conduct an internal investigation. Within five working days from the date of this submission you will be told of the outcome of that investigation: the bank will either accept responsibility and reimburse the sum with a genuine banknote, or refuse the claim and explain why—in writing.

Fake notes from Bank Tellers at a bank branch

It’s much less common for these claims to arise, although it’s technically possible for Tellers’ tills to contain counterfeits. The first thing to do is check the notes they hand-over at the counter, especially the larger denomination bills, and if any don’t look or feel right, then challenge the matter in the moment. If you discover a counterfeit banknote later that emanated from the counter withdrawal, the claim procedure is the same as that for ATMs (see above) and must also be undertaken within 5 working days from the date of the withdrawal.

Fake notes obtained from third parties

If you are paid in cash, or have change returned in counterfeit currency it’s important to spot the counterfeit notes in the moment of the transaction: once you leave the store or walk away from the trader it will be virtually impossible for you to seek redress. In the event that you are left holding a fake, you can take it to any bank: they will give you a receipt for it, send it to the Bank of Mexico for formal analysis and, in the event that it’s not a fake, will return it to you; if it is a fake it will be destroyed and you will lose the value.

Further information from CONDUSEF

CONDUSEF is the acronym that stands for Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros and it the body in charge of dealing with consumer complaints in relation to financial services. This page on their website (Spanish) is related to the matter of dealing with counterfeit banknotes.

New $50-peso banknote features a vertical design

Following in the style of the new $100-peso bill, the new $50-peso note is also designed vertically; Mexico’s bank has now issued two notes designed vertically, two horizontally, and one that is printed horizontally on the front and vertically on the back.

The image of revolutionary hero José María Morelos y Pavón that was iconic on the existing $50 bill —and who is now on the new $200-peso note alongside his contemporary Miguel Hidalgo y Costilla— has been replaced with artwork illustrating Mexico’s ancient history and natural heritage.

The new $50-peso notes are printed in shades of purple and dark green, replacing the shades of pink, orange and yellow featured on the existing $50 note.

The face of the new note is anchored by the conspicuous placement of the historically important Teocalli de la Guerra Sagrada: an archaeological artefact that depicts an eagle on a cactus with a serpent in its mouth—the symbol that is also the country’s national emblem.  The artefact was discovered in the late 19th century, and during excavations in the 1920s was removed for safe keeping to the impressive Museum of Anthropology in Mexico City.  And in the background, a silhouette of the ancient valley of Tenochtitlán is flanked by the mighty snow-capped volcano mountains of Popocatépetl and Iztaccihuatl.

The reverse side of the note features the Axolotl, a species of freshwater salamander native to Mexico. The illustration showcases the Axolotl amidst its natural habitat of rivers and lakes in Xochimilco, now part of southern Mexico City, with chamilpas —canal punts— alongside a canal bank showing off a row of attractive Ahuejote trees—a species of willow found in Mexico and Central America.

The banknote’s physical and security features

Like its predecessor, the new $50-peso bill is printed on polymer —a type of plastic— that makes these lower-denomination notes hard-wearing and thus enables them to circulate for considerably longer than paper versions.  Mexico’s $20, $50 and $100-peso bills are printed on polymer whereas the $200, $500 and $1000-peso bills are printed on security paper.

All of the new banknotes are printed using state-of-the art security features that make the bills harder to counterfeit.  In particular, the new $50-peso bill features tactile reliefs which are obvious when handled; special transparency features, and security ink that changes color when the bill is tilted in the light.

The existing $50-peso bills, featuring José María Morelos on the front and the Monarch butterfly sanctuaries on the reverse remain legal tender until further notice.  Old banknotes can always be exchanged at present value for current versions at retail banks and at the Bank of Mexico itself.

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New $20-peso banknote features dual design style

After the new 100-peso bill drew some badly informed criticism on social media for being designed vertically the central bank and others involved in the concept and design of banknotes appear to have gone for a Solomonic solution: the image on the front of the new bill is horizontal, and the one on the reverse side is vertical.

As is well known, Mexico’s war of independence began on September 16th, 1810 with the Grito de Dolores, the call to arms by Miguel Hidalgo y Costilla. Indeed, the country’s independence is celebrated each year on September 16th, and the bicentennial was marked in 2010.

But it was 11 years later, on September 27th, 1821, that the Ejército Trigarante or Army of the Three Guarantees, led by Agustín de Iturbide, made its peaceful entry into Mexico City.  The three guarantees were religion (Roman Catholic, freedom of worship came many years later), independence, and union. The army was formed by royalist troops under Iturbide (who joined the independence movement) and the guerrilla forces commanded by Vicente Guerrero.

The entry into Mexico City is portrayed on the front of the new 20-peso note. On the back is an image of the Sian Ka’an biosphere reserve in the southeastern state of Quintana Roo.  A Mexican crocodile is swimming in the mangroves, while a crane flies overhead.

Historical reasons aside, the timing of the new 20-peso note is fortunate, as many of the existing notes of that denomination —the blue ones with Benito Juárez on the front and the pyramids of Monte Albán on the back— are getting a bit worn.  The new design is presented in polymer (plastic), the same material used for the existing blue $20-peso bills.

New coins for spenders and collectors

After unveiling the new notes, the central bank issued six new coins on September 27—three 20-peso coins for general circulation and three silver coins for collectors, each weighing one troy ounce, with a face value of 10 pesos; the collectors’ coins are purchasable from banks, the Mexican mint, and at the central bank’s economy museum, MIDE.

The coins commemorate the 200th anniversary of the Ejército Trigarante, the founding of the ancient Aztec capital Tenochtitlan, and the history of Mexico City-Tenochtitlan.

Last year, the central bank put into circulation new 20-peso coins marking the 500th anniversary of the founding of the city and port of Veracruz, and earlier this year another commemorating the 100th anniversary of the death of revolutionary hero Emiliano Zapata.

The idea of using coins made sense as 20-peso notes —worth about US$1— change hands fairly frequently with the corresponding wear and tear.

New spending coins might be hard to come by

The only problem is that people hold on to the attractively designed 12-sided coins once they come into their possession. (The writer confesses to having a couple stashed away.)

More than the expectation that they may become valuable in the future —the metal content certainly won’t— it’s that they are genuinely elegant and it seems a shame to spend them, especially as other people are keeping theirs and who knows when you might get another one. It’s likely the latest coins will also be difficult to come by.

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Benito Juárez, the 19th century president who is a particular favorite of president Andrés Manuel López Obrador, has been upgraded to the 500-peso note from the 20-peso note, and now graces the front of both.  A new 20-peso coin began circulating in April 2020, but is so far hard to come by with people treating them and even offering to sell them as collectors’ items.

In November 2020, the Bank of Mexico unveiled two new banknotes, the 1,000-peso and the latest 100-peso bills.

The new design of the 1,000-peso bill features the images of Francisco I. Madero, Hermila Galindo, and Carmen Serdán; and on the reverse side, the jaguar —the largest of the American cats— and appears to have passed muster with the hawk-eyed and ever-critical users of social media.

Not so the 100-peso note bearing the image of 17th-century poet Juana de Asbaje y Ramírez de Santillana, better known as Sor Juana Inés de la Cruz, or simply Sor Juana. The design of the banknote is vertical, and someone somewhere noticed that a Venezuelan banknote with the picture of South American independence hero Simón Bolivar was also vertical, jumping to the conclusion that the Mexican government was emulating that country and its current misfortunes. (Never mind that the autonomous Bank of Mexico is responsible for the design and the quantity of bills and coins in circulation.)

The record was quickly put straight by a central bank official who pointed out on the same social media that vertically designed banknotes from Canada, Switzerland, and Aruba (a Dutch island just off the coast of Venezuela of all places) have been awarded ‘Banknote of the Year’ prizes in recent times. He recalled, as did others, that the 200-peso note commemorating the bicentennial of Mexico’s independence in 2010 was also vertical. That bill features independence hero Miguel Hidalgo y Costilla, who has now joined another favorite of the independence movement, José María Morelos y Pavón, on the newest 200-peso bill.

Which brings us back to Sor Juana, whose image is on the previous 200-peso bill. (She had been on an old 1,000-peso note in the days before Mexico knocked three zeroes off the currency in January 1993.) The change came around the same time that the feminist movement was carrying out protest marches in Mexico City, and some of the more feisty of the demonstrators had taken it upon themselves to indulge in some vandalism involving, among other things, spray paint. This being the era of the meme, a joke soon appeared on internet of Sor Juana graffitiing the new 200-peso note accusing the central bank of sexist discrimination.  Sor Juana may not have been a feminist, at least not in the modern sense, but she was no shrinking violet.  The best known of her works begins “Hombres necios que acusáis a la mujer sin razón”—You foolish men who accuse women without reason. The central bank might have felt the same way after the latest outburst. In fact, the new $100 peso bill went on to win the IBNS’s 2021 Banknote of the Year award.

New $1,000-peso banknote features

The new $1,000 peso bill is presented in hues of teal and yellow.  The face of the new note shows three protagonists from Mexico’s revolutionary era, Francisco I. Madero, Hermila Galindo, and Carmen Serdán; in the background is a steam-driven locomotive—the principal form of transport during that time.  The reverse side of the new banknote features the sub-tropical jungles of southern Mexico, in particular a protected national park in the state of Campeche, ancient Maya ruins, and a jaguar—the iconic cat of that region.  The new bill is printed on cotton-based security paper, unlike the new $100 peso banknote released in the same month this year that is printed on polymer plastic.

Not commonly seen and used

The $1,000 peso bill is not commonly seen in circulation.  ATMs don’t usually dispense them, and they are notoriously difficult to spend at small shops, independent traders, and market stalls who often refuse to accept the bills, either because they ‘rob’ the trader’s float of change, or due to fear of it being a counterfeit.

Part of a new design series

This is the fourth in a new series of bills being rolled-out by Mexico’s central bank.  On August 28, 2018 the Bank of Mexico introduced a redesigned $500 peso bill. and on September 2, 2019 the latest $200 peso bill was placed into circulation.  Earlier this month, the central bank issued a new $100 peso bill.  A new version of the current $50 peso banknote design is expected in the next year.  The current $20 peso bank note continues to circulate, and the new, 12-sided, $20 peso coin launched in April 2020 has yet to be widely seen in circulation.

Mexico’s banknotes have become increasingly sophisticated over the years in a bid to thwart counterfeiters, and this latest series builds on advances in bank note technology.  You can learn more about the new note on the bank’s website.

It takes time for new bank notes to enter physical circulation and the current $1000 peso bill will remain legal tender until further notice.  After the Bank of Mexico withdraws a bank note from circulation, genuine notes can be exchanged at retail banks for a while, and indefinitely afterwards at the Bank of Mexico itself.

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The $100-peso note design features

The new $100 peso bill is presented in hues of orange and turquoise.  The scholar and philosopher Sor Juana Inés is featured on the note; she was featured on the previous $200 peso note before the current design was introduced in 2019.  The reverse side of the new bill features the bioreserve of Monarch Butterflies that overwinter in Mexico between November and March.  The new bill is printed on polymer (a type of plastic) and, unusually, it’s presented in a vertical format; to now, Mexican bank notes had always been presented in horizontal formats except for special editions.

Part of a new design series

This is the third in a new series of bills being rolled-out by Mexico’s central bank.  On August 28, 2018 the Bank of Mexico introduced a redesigned $500 peso bill. and on September 2, 2019 the latest $200 peso bill was placed into circulation. Other denominations of this new series in coming years will include a new $1,000 peso bill, and a new $50 peso bill.

Mexico’s bank notes have become increasingly sophisticated over the years in a bid to thwart counterfeiters, and this latest series builds on advances in bank note technology.  You can learn more about the new note on the bank’s website.

It takes time for new bank notes to enter physical circulation and the current $100 peso bill will remain legal tender until further notice.  After the Bank of Mexico withdraws a bank note from circulation, genuine notes can be exchanged at retail banks for a while, and indefinitely afterwards at the Bank of Mexico itself.

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Design features of the $200-peso note

The new $200 peso bill is presented in a similar shade of green as the current note and features Miguel Hidalgo and José María Morelos — the two key protagonists of the country’s independence movement — replacing the scholar and philosopher Sor Juana Inés.  The reverse side of the new bill features an eagle flying over El Pinacate bio-reserve in the northern state of Sonora.

Part of a new design series

This is the second in a new series of bills being rolled-out by Mexico’s central bank.  On August 28, 2018 the Bank of Mexico introduced a redesigned $500 peso bill. Other denominations in coming years will include a new $100 peso bill; a new $1,000 peso bill; and a new $50 peso bill.  The existing $20 peso bill, that remains in wide circulation, will eventually be fully replaced by a new $20 peso coin that was launched in April 2020.

Mexico’s bank notes have become increasingly sophisticated over the years in a bid to thwart counterfeiters, and this latest series builds on advances in bank note technology.  You can learn more about the new note on the bank’s website.

It takes time for new bank notes to enter physical circulation and the current $200 peso bill will remain legal tender until further notice.  After the Bank of Mexico withdraws a bank note from circulation, genuine notes can be exchanged at retail banks for a while, and indefinitely afterwards at the Bank of Mexico itself.

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The first of a new series of banknotes

The current series of Mexican bank notes was introduced in 2008—starting with the redesign of the $1,000 peso bill, and smaller denominations following in subsequent years.

On August 28, 2018 the Bank of Mexico announced the first in a brand-new series of bank notes, starting with a redesigned $500 peso bill.  The new design, which features Mexico’s renowned president Benito Juárez on the front will eventually replace the current $500 bill featuring the iconic artists Diego Rivera and Frida Kahlo.

The current $20 peso bank note also features Benito Juárez.  It too will be replaced by a new note and be supplemented with a series of $20-peso coins.

As with previous replacement programs, the bank intends to update other denominations in coming years: a new $200 peso note 2019; a new $1,000 peso note in 2020; a new $100 peso note in 2021; and a new $50 peso note in 2022.  Its program brief also mentions the possibility of a new $2,000 peso note should one be needed.

It takes time for new bank notes to enter physical circulation and the current $500 peso bill will remain legal tender until further notice.  After the Bank of Mexico withdraws a bank note from circulation, genuine notes can be exchanged at retail banks for a while, and indefinitely afterwards at the Bank of Mexico itself.

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