The Mexican Peso is the official currency of Mexico. It is made up of 100 centavos and is denoted by the symbol $ or Mex$ and the currency code of MXN. The currency traces its history to the country's colonization by the Spanish in 1519 making it one of the oldest currencies in North America. At the time, the peso was popularly known as the Spanish dollar (equivalent to 8 reals), until 1863 when the first centavo coins were issued. The Bank of Mexico has the sole responsibility for overseeing the monetary policy across the Mexican territory. It issues six different kinds of banknotes and nine coins of different value. The banknotes are available in denominations of $20, $50, $100, $200, $500, and $1000 while the coins are in values of .05, .10, .20, .50, 1, 2, 5, 10, and 20. The most commonly used bills are the 50, 100, and 200 peso notes.
The Mexican peso ranks as the third most traded currency in both Latin America and North America. The most popular exchange rate involving the Mexican peso is the USD to MXN. Trade between the United States and Mexico has an influence upon the USDMXN exchange rate as indicated by trade changes proposed by President Trump.