Banxico Introduces New MX$20, MX$10 Coins

The Bank of Mexico (Banxico) began circulating six commemorative coins honor of the 700 years since the lunar foundation of Mexico City-Tenochtitlan, the historical memory of Mexico-Tenochtitlan and the bicentennial anniversary of Mexico’s independence. Banxico will put into circulation three bimetallic MX$20 (US$1) coins and three silver MX$10 (US$0.5) coins, according to a press release.

“Banxico joins the programmed commemorations of the year 2021, which recognizes the greatness of our pre-Hispanic past, the wealth of indigenous communities and Mexico as an independent nation,” said the bank in the press release.

The three new MX$20 coins will be dodecagonal in shape and have an image latent and micro text as security elements. According to Banxico, the innovative design will be the first to display an image in the shape of a reflection on its reverse, which will allow the observer to see two different points of view depending on the orientation of the coin. The reverse of the first coin commemorates the 700 years of the lunar foundation of Mexico City-Tenochtitlan, while the second edition refers to the 500 years of historical memory Mexico-Tenochtitlan. Finally, the third coin commemorates the bicentennial anniversary of Mexico’s independence, showing Miguel Hidalgo, Jose Maria Morelos and Vicente Guerrero. The three different editions of the new MX$10 coins will be circular, contain an ounce of silver and mirror the events portrayed in the MX$20 coins.

The MX$20 coins will be 65 percent copper, 10 percent nickel and 25 percent zinc, and the perimeter ring of the coin will be 92 percent copper, 6 percent aluminum and 2 percent zinc. While the MX$10 coins will be made 100 percent of pure silver, which would put the coin’s value at US$20.6 (MX$419) at today’s price of silver. 

Mexico’s Congress determined the characteristics of these coins in accordance to Banxico’s Decree published in the Official Gazette of the Federation (DOF) in June 2021. The MX$20 coins will be legal tender but the silver coins are limited edition, and will be available to the public through Credit Institutions, the Mint of Mexico and the Interactive Museum of Economics (MIDE).