I have a 1000 peso coin and 500 peso coin from Mexico worth $50 and $25, respectively, according to the Bing search below, where the exchange rate is 20 to 1. However, Numisfa says the 1000 peso coin is worth between 67 cents and $1.59. What is going on here? https://en.numista.com/catalogue/pieces3138.html https://www.bing.com/search?q=Excha...=9280F3DA861A4C5EBAC3E71978B7352E&ajf=reqfail
Who said they are worth that much? They are no longer in use and cannot be exchanged. I have tons of those denomitized coins and they are worthless. You can't go by the exchange rate on coins no longer in circulation. Maybe a very small premium for collectors of old foreign coins.
On january 1 1993 Mexico switched to the new peso. This is where the problem is. Those coins are old pesos. It's a different valuation system. When the system was reformed they removed 3 zeros, so the 1989 1000 peso coin is equal to 1 current peso or approximately 5 -10 cents depending on the exchange rate on any given day. The new peso version of the $1000 peso is worth about $50 in exchange.
OK, thanks. I just did a search and read that the outgoing president of Mexico took half the country's money and left, so the new President demonitjzed all their money! That had to hurt everyone.
We used to put these in a cigar box at the shop and sell them for 10 cents. On the bright side Mexico does mint some beautiful coins.
Called revaluation. Rented a small garage apartment for $70 a month in 1967 - $70 in today's money is about $600. I've often thought that there should be a US currency revaluation, like maybe 1 new dollar = 10 old dollars. Too many digits now days, and I can't count too high anyway.
When I was in Uruguay 1966-1968, we rented an apartment from a bank manager. He gave us a tip that if we had some U.S. Dollars, to go to the bank and buy the Uruguayan pesos. The exchange rate changed almost every day. My companion and I had a few hundred dollars in cash then (until we received a check from our parents.) and we each took $100 to the bank. The exchange rate that day was $1 for 200 pesos. So we each walked out of the bank with 200 pesos. The night, the manager told us to take our pesos and cash them into the bank for dollars. So, the next day we took our pesos in to cash them in for dollars. The exchange rate was now 100 pesos for a dollar. So we each walked out of the bank with $200. I'm sure if the bank found out our landlord gave us an inside tip, he would be thrown out of the bank and into the jail, but we never told anyone until we got back to the States. We never saw another exchange rate that volatile.
The other day I found a package of Old El Paso taco shells in my cupboard. Believe me when I tell you they aren't good anymore. How this relates to your question I don't know. In my senile brain when you brought up old pesos this is what popped up. I hope you forgive me.
By my math the Dollar Store would become the Five And Dime Store again. (Or just the Dime Store.) I wish China and Japan would do that first. One yuan is 0.15 dollars. And before the Euro, the Italian Lira was so bad, a dollar could buy a new Lamborghini.
