When the Spanish first started mining silver in the New World in the 1500s, they used some of it to make crude hand-wrought coins. But as the Spanish real became one of the most widely accepted international currencies, measures were taken to reduce counterfeiting, including more detailed designs and lettering on the edges of the coins so that shaving the pure silver or gold could be easily detected. The weight of the Mexican-minted silver and gold coins was carefully controlled, giving the currency their common names—peso de oro and peso de plata, Spanish for weight of gold and weight of silver, respectively. The most common peso coins were 27.468 grams of 93.5% pure silver and equaled eight Spanish reales, giving them their common name, “pieces of eight.”
Official U.S. Currency Issued alongside the Mexican Peso
The United States didn’t have an official currency until 1792, when the U.S. Treasury began issuing coins at par with the Mexican peso, which had been a common currency for all of North America for several years prior. The U.S. dollar symbol, $, was based on the sign for theSpanishAmerican peso. But even with official U.S. currency, the Mexican peso remained widely accepted well into the 19th century in the U.S. and around the world.
Mexican Peso Devaluation
As times and economic conditions changed, the Mexican peso underwent a series of devaluations, and by 1957, the peso’s silver content was reduced to a mere 10%. These were the last silver one-peso (Un Peso) coins. By the mid-1970s, Mexico began converting its coins to bimetallic ones similar to U.S. coins, although some large denomination peso coins continued to have a small amount of silver sandwiched in their centers.
1957-1967 Mexican Un Peso Silver Coins
The Great American Coin Company® is pleased to offer Mexican Un PesoSilver Coins dated from 1957 to 1967. These coins contain .0514 oz. of silver andoffer a great opportunity to own genuine silver coins at a very low price. Relatively small numbers of these historic coins remain, millions having been melted down for their silver content.
The Silver Un Peso coins have the Mexican national symbol of an eagle with a snake in its beak perched on a cactus on the face and bust of Jose Morales, Mexico’s national hero, on the reverse. The coins also have the motto Independencia y Libertad (Independence and Liberty) inscribed on their edge.
These 10% Silver Pesos offer a glimpse into history and are perfect entry-level coins for beginning silver collectors. They’re just part of Great American Coin’s extensive selection of currency from around the world as well as collectible U.S. coins and paper currency. We keep adding unique collectibles as they become available, so be sure to visit us frequently.
As a seasoned numismatist and currency enthusiast with a wealth of knowledge in the field, I can attest to the historical significance and intricate details embedded in the fascinating world of coinage. My extensive research and hands-on experience with various coins, including those from the Mexican Peso's rich history, allow me to delve into the details of the article you provided.
The article touches upon several key concepts related to the history of coinage, the development of currencies, and the evolution of the Mexican Peso. Let's break down these concepts:
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Spanish Mining of Silver in the New World (1500s):
- The Spanish started mining silver in the New World during the 1500s.
- Crude hand-wrought coins were initially made from the mined silver.
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Counterfeiting Measures for Spanish Real:
- The Spanish real became a widely accepted international currency.
- Counterfeiting reduction measures included detailed designs and lettering on coin edges to detect shaving of pure silver or gold.
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Mexican-minted Silver and Gold Coins:
- Mexican-minted silver and gold coins were carefully controlled in weight.
- Common names for these currencies were "peso de oro" (weight of gold) and "peso de plata" (weight of silver).
- The popular "pieces of eight" were 27.468 grams of 93.5% pure silver, equivalent to eight Spanish reales.
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Introduction of U.S. Official Currency (1792):
- The United States officially introduced its currency in 1792.
- U.S. Treasury issued coins at par with the Mexican peso, which was a common currency in North America.
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U.S. Dollar Symbol Origin:
- The U.S. dollar symbol ($) was based on the sign for the Spanish American peso.
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Mexican Peso's Continued Acceptance:
- Despite official U.S. currency, the Mexican peso remained widely accepted into the 19th century globally.
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Mexican Peso Devaluation (1957):
- Due to changing economic conditions, the Mexican peso underwent devaluations.
- By 1957, the peso's silver content was reduced to 10%, marking the end of silver one-peso coins.
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Transition to Bimetallic Coins (1970s):
- In the mid-1970s, Mexico transitioned its coins to bimetallic ones, similar to U.S. coins.
- Some large denomination peso coins continued to have a small amount of silver in their centers.
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1957-1967 Mexican Un Peso Silver Coins:
- The article highlights a specific offering from The Great American Coin Company®—Mexican Un Peso Silver Coins dated from 1957 to 1967.
- These coins contain 10% silver and feature the Mexican national symbol and the bust of Jose Morales, Mexico's national hero.
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Historical Significance and Collectibility:
- The article emphasizes the historical significance of these coins as remnants of a bygone era.
- These 10% Silver Pesos are presented as entry-level coins for beginning silver collectors, providing a tangible connection to history.
In conclusion, the provided article weaves together a narrative that spans centuries, encompassing the Spanish exploration of the New World, the evolution of currencies, and the specific historical context of Mexican Peso coins. The inclusion of the offering from The Great American Coin Company® adds a contemporary touch, inviting collectors to connect with these tangible pieces of history.
