The currency abbreviation for the Mexican peso (MXN), the currency for Mexico. The Mexican peso is made up of 100 centavos and is often presented with the symbol $ or Mex$. The name peso comes from the Mexican word "pesos", which means "weights", and refers to gold or silver weights. 



|||Following a period of hyperinflation and currency devaluation in the 1980s that occurred after Mexico defaulted on it external debt as a result of the 1970s oil crisis, the government of Mexico created a new peso, or "nuevo peso", to replace the original peso in 1993. The new peso replaced the old peso at a rate of 1:1000.