Mexican Gold Peso Details
Mexican Gold Pesos have been minted in a variety of sizes and weights, starting with the 2 peso and going up to the 50 peso. In total, there are six different denominations: the Mexican (2) Gold Peso, the Mexican (2.5) Gold Peso, the Mexican (5) Gold Peso, the Mexican (10) Gold Peso, the Mexican (20) Gold Peso, and the Mexican (50) Gold Peso. The coins display different designs on the obverse (front) side, depending on their denomination and mintage year. These designs often show an image of the Roman Goddess of Victory, Nike, as well as iconic landmarks in Mexico: the Iztaccihuatl and Popocatepetl volcanoes. The reverse (back) sides of the Mexican Gold Peso coins bare a rendition of Mexico's coat of arms, with an eagle perched on a cactus, holding a snake in its beak. Some also show a portrait of Don Miguel Hidalgo, a beloved figure in Mexican history, who was a primary leader in Mexico’s fight for independence from Spain.
Mexican Gold Pesos have a gold metal content of 90% gold and 10% copper. Each denomination has different gold bullion content. The 2 peso coin has a gold bullion content of 0.0482 Troy oz., or 1.50 grams. The 2.5 peso coin has a gold bullion content of 0.062 Troy oz., or 1.87 grams. The 5 peso coin has a gold bullion content of 0.1205, Troy oz., or 3.75 grams. The 10 peso coin has a gold bullion content of 0.2411 Troy oz., or 7.50 grams. The 20 peso coin has a gold bullion content of 0.4823 Troy oz., or 15 grams. Finally, the 50 peso coin has the highest gold bullion content of all, with 1.2057 Troy oz., of gold, or 37.5 grams.
Each version of the Mexican Gold Peso gets larger in diameter as the face value increases. The 2 peso coin has a diameter of 13 millimeters; the 2.5 peso coin has a diameter of 15.5 millimeters; the 5 peso coin has a diameter of 19 millimeters; the 10 peso coin has a diameter of 22.5 millimeters; the 20 peso coin has a diameter of 27.5 millimeters; and the 50 peso coin has a diameter of 37.08 millimeters. These Mexican Gold Peso coins are about 20% larger than their American Gold Eagle counterparts, due to the copper alloy (10%). The copper alloy also makes these coins more durable than other similar sized gold coins, which in turn makes them more appealing to many people, especially collectors.
The Mexico City Mint is the oldest mint in the Western Hemisphere. It has been minting coins since the 1500s. In 1521, Hernan Cortez led the conquest of Mexico for Spain, conquering the Aztec city of Tenochtitlan, now known as Mexico City. Soon after, the Spaniards realized that the wealth of "New Spain" was gold and silver, and that coins were the most effective form to transport the metal. This resulted in the creation of the Mexico City Mint, which was established in 1535. The Mexico City Mint was under Spanish rule for nearly 300 years until 1810, when it began minting Mexican coins.
Mexican Gold Peso Coin History
The Mexico City Mint coined the historical eight-reales silver coin of New Spain and Mexico. Most coin aficionados are familiar with the terms “two bits,” “four bits,” “six bits,” and “eight bits.” The “bit” is an informal way to measure a coin’s worth in different economies around the world, though was a more common term during the colonial era. In the U.S., a bit is worth 12.5 cents, or 1/8 of a dollar. This is why the United States quarter is sometimes referred to as “two bits.”
The eight-reales coin, also known as the piece of eight, was a Spanish coin worth 8 reales. The eight-reales coin was one of the world’s most used coins at one point, and was legal tender in the United States until 1857. The pieces of eight were originally struck as early as 1497 in Spain, but it was not until sometime after 1572 that Casa de Moneda, now known as Mexico City Mint, struck them. The mint mark has remained the same throughout the centuries.
Another historical coin term many coin collectors may be familiar with is "cob coin." A cob coin is a term used for coins minted prior to 1734. These coins were minted at the Mexico City Mint, which is the first mint in the Americas. The gold and silver used to mint these cob coins was collected from the native Aztecs of Tenochtitlan.
Investing in Mexican Gold Pesos
Mexican Gold Pesos have some of the lowest premiums over gold’s spot price among gold bullion. This is because the pesos are not currently being minted, and the production cost has been absorbed by the market. This allows investors to collect the maximum amount of gold for the lowest cost. Gold pesos are also sought out by coin collectors because they were minted on and off between 1905 and 1972. The key is to know which ones to buy according to your needs. Mexican Gold pesos minted prior to 1949 are typically a collector’s top choice, especially the 1921 and 1931 Mexican Gold Pesos, while Mexican Gold Pesos minted between 1950 and 1960 are a better option for those looking to invest. ITM Trading offers a variety of Mexican Gold Pesos in different denominations; browse our product pages to see what is currently available.