Mexican Peso - Banknotes - First Peso

First Peso

The first banknotes issued by the Mexican state were produced in 1823 by Emperor Iturbide in denominations of 1, 2 and 10 pesos. Similar issues were made by the republican government later the same year. Ten-peso notes were also issued by Emperor Maximilian in 1866 but, until the 1920s, banknote production lay entirely in the hands of private banks and local authorities.

In 1920, the Monetary Commission (Comisión Monetaria) issued 50-centavo and 1-peso note whilst the Bank of Mexico issued 2-peso notes. From 1925, the Bank issued notes for 5, 10, 20, 50 and 100 pesos, with 500 and 1000 pesos following in 1931. From 1935, the Bank also issued 1-peso notes and, from 1943, 10,000 pesos.

Production of 1-peso notes ceased in 1962, followed by 5 pesos in 1971, 10 and 20 pesos in 1977, 50 pesos in 1984, 100 pesos in 1985, 500 pesos in 1987 and 1,000 pesos in 1988. 5,000-peso notes were introduced in 1981, followed by 2,000 pesos in 1983, 20,000 pesos in 1985, 50,000 pesos in 1986 and 100,000 pesos in 1988.