The Bank of México (Banxico) began circulating a new $20-peso coin commemorating the 100th anniversary of the Mexican army. The coin is 3.2 cm. in diameter and has a bi-metal design similar to that of most other Mexican coins. At present time, there is another $20-peso coin in circulation, commemorating Mexican Nobel laureate, Octavio Paz. However, these coins are not as common as those of smaller denominations, such as the ubiquitous $10-peso coin. Other coins presently in use include $5, $2, $1 pesos, and ¢50, ¢20, ¢10 cents. The new coin will remain in circulation until February 5, 2017.
The Bank of Mexico is Mexico’s central bank, monetary authority and lender of last resort since its foundation on September 1, 1925. Its main function is to provide domestic currency to the Mexican economy and its main priority is to ensure the stability of the domestic currency’s purchasing power.