As you pack your bags for our beautiful seaside, you might be wondering about the local currency. Visitors frequently ask me: Do I need to bring pesos? Should I use dollars or pesos? What’s the best way to get the best exchange rate?

Let’s dive into the world of Mexican money and help you learn some interesting facts about these colorful bills. Did you know our own Pinacate Biosphere is on one of these colorful notes?

A Peso for Your Thoughts:

The peso has a rich history dating back to the Spanish colonial era. The word “peso” originally meant “weight” in Spanish, referring to a specific amount of silver or gold. It comes from the Latin word “pensum,” also meaning “weight.” During colonial times, “peso” was used to describe a specific weight of precious metal, usually silver.

The most famous early form was the “peso de ocho” or “piece of eight,” a silver coin that became one of the world’s first global currencies. Mexico adopted the peso as its official currency in 1823, shortly after gaining independence from Spain.

Interestingly, who knew…but Mexico isn’t alone in using the peso. Several other countries, including Argentina, Chile, Colombia, Cuba, the Dominican Republic, the Philippines, and Uruguay, also use currencies called “peso,” reflecting the lasting influence of Spanish colonization.

So, in town, what’s best to use, dollars or pesos?

While almost every business in Puerto Peñasco accepts US dollars, using pesos can often get you better deals. Local vendors appreciate it when tourists use pesos, and you’ll avoid any confusion over exchange rates at the point of sale.

Most restaurants will list their exchange rate. Check and see if that is the rate of the day if it is not, you may be better off using your plastic pal, aka credit card, as long as you do not have foreign transactions fees. So, verify you have a card with no foreign transaction fees, and if you have to alert your bank that you will be traveling to Mexico.

How do you get the best bang for your buck if you are exchanging your dollars for pesos? When going to an exchange business, they give you the rate, ask them if that is the best rate they can give you. According to my friends, you can negotiate with them. See how that stands up against the daily exchange rate and make your decision from there. When using ATM to withdraw pesos, and the screen ask you (in Spanish) if you accept that rate, hit no and see if you receive another higher rate, then retrieve your pesos.

There are many restaurants in Puerto Peñasco, especially some great local ones, that will only take cash so if you know you’re going to places that you can’t use your card, then you may be better having pesos to pay for your meal. But don’t worry they will always accept your American dollars.

The peso-dollar exchange rate fluctuates daily, so it’s wise to check current rates before your trip. As of 2024, the rate hovers around 17-20 pesos to 1 US dollar, but this can change.

Avoid exchanging money at the airport or hotel, where rates are often less favorable. Instead, use ATMs or banks in Puerto Peñasco for better rates.

So, what is the peso valued on? (Trust me, I learned a lot as I researched the peso, probably more than I ever wanted to know, and way too much for this article.)

Unlike some currencies pegged to the dollar, the Mexican peso floats freely in the foreign exchange market. Its value is influenced by factors like Mexico’s economic performance, inflation rates, and global economic conditions.

Interestingly, Mexico’s central bank, Banco de México, holds significant foreign exchange reserves to help stabilize the peso when needed. In 1993 the Bank of Mexico introduced a new currency the Nuevo peso or MXN. This new peso was equal to 1000 of the obsolete MXP pesos which are now retired.

Mexico also has many different series of the pesos, series B, C, D, D1 are in the process of being withdrawn from circulation, that’s why one MXN$20 peso bill can look different than another MXN$20 peso bill. The most common series, F & G were issued in 2019 and you may be surprised of all the different designs on these bills. From a gray whale, a Mexican crocodile and our own Pinacate Biosphere.

Here are some fun facts to share over margaritas:

1. Mexican coins once contained real silver, making them valuable beyond their face value.

2. The 50 peso note features Diego Rivera and Frida Kahlo, two of Mexico’s most famous artists.

So, pack your sunscreen, brush up on your Spanish, and get ready to dance with the peso in Puerto Peñasco. And who knows? Your newfound peso knowledge might come in handy, bet someone at the bar, which peso has a picture of a grey whale, or the Pinacate Biosphere on the peso, you might win a cerveza.

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“Match the Peso: How many can you get right”

Instructions: For each question, choose the correct peso bill.

1. I’m home to a salamander and colored in magenta. Which peso bill am I?

2. Monarch butterflies flutter across my red surface. Can you identify me?

3. My blue hues showcase a majestic grey whale. What’s my value?

4. The El Pinacate biosphere reserve graces my face. Which bill am I?

5. I’m the highest denomination, featuring a powerful jaguar in gray tones. Who am I?

Bonus question:

6. True or False: The 20-peso bill displays a mangrove in red and green colors.

Check Page 36 for answers

THE DOLLAR DANCE ANSWERS

1. 50 peso bill (magenta, featuring a lake and salamander)

2. 100 peso bill (red, featuring monarch butterflies)

3. 500 peso bill (blue, featuring a grey whale)

4. 200 peso bill (featuring the El Pinacate biosphere reserve)

5. 1000 peso bill (gray, featuring a jaguar)

6. True (The 20 peso bill does feature a mangrove in red and green colors)