What Is MXN?

MXN is the currency abbreviation or currency symbol for the Mexican peso, the official currency of Mexico. The peso is issued and managed by Mexico's central bank, The Bank of Mexico.

The Mexican peso dates back to the Spanish occupation of Mexico. The country gained independence in 1821, and since then, the peso has been used, although it's been through various reiterations and revaluations over the years due to economic turmoil.

The Mexican peso comes in denominations of banknotes that include 20, 50, 100, 200, 500, and 1,000 pesos as well as coins.

Mexico has struggled economically over the years and has endured inflation as well as debt defaults. The peso is not pegged to the U.S. dollar, meaning it's a free-floating currency with its own exchange rate.

Real World Example of MXN

Over the last several years, the MXN exchange rate has typically traded between 10 pesos to one U.S. dollar to over 20 pesos to one U.S. dollar.

For example, if you were converting 1,000 U.S. dollars to MXN at an exchange rate of 19.0, you would receive 19,000 Mexican pesos.