Mexico to Introduce Environmentally Friendly Coins

Mexico will introduce a new environmentally friendly MX$1 coin in December as part of a broader effort by the Mexican Mint to shift toward more sustainable production practices, according to Banxico. The initiative details a transition toward coins made with bronze-plated steel cores to replace the current bronze-aluminum alloy.

Victoria Rodríguez, Director, Banxico, said the new MX$1 coin is the first step in a larger rollout that will include MX$2 and MX$5 denominations next year. She said the shift will reduce production costs through lower metal acquisition expenses and support environmental objectives tied to responsible sourcing and circular-economy practices. “In essence they are the same: they have the same weight, the same dimensions, the same design and are prepared to be accepted in all equipment that accepts coins,” Rodríguez said.

Banxico’s roadmap notes that other institutions using bronze-plated steel, such as the Royal Canadian Mint, the European Central Bank, and national central banks in the eurozone, have incorporated similar materials to reduce their carbon footprint and promote sustainable supply chains. 

In 2024, the Royal Canadian Mint completed the successful manufacturing scale-up of bronze plated circulation products through an electroplating process that avoids the use of toxic chemicals such as cyanide chemistry.  This new process does not require strong oxidizers, which makes the electroplating process safer, more efficient and cost effective in terms of wastewater treatment and chemical management.

According to Rodríguez MX$3.2 trillion in coins and banknotes currently circulate in the country, an 8% increase from the same period a year earlier. The governor said the figure confirms that Mexico does not face a cash shortage, though the bank continues campaigns encouraging the public to use coins already in circulation.

“It is a campaign that invites people to use forgotten coins, the ones left in drawers or pockets. It is not the first time Banxico has launched these campaigns. There is no shortage of coins; it is simply an invitation to use those already in circulation,” Rodríguez said. She also addressed speculation on social media regarding a possible MX$2,000 banknote, reiterating that there is no plan in place for such a release.