I may have struck it rich

Discussion in 'Paper Money' started by Mountain Man, Oct 13, 2019.

  1. Mountain Man

    Mountain Man Well-Known Member

    I'm just now getting around to checking out my foreign currency and think I may have found a small gold mine.
    I can't remember when or where I got these, but my grandfather made many trips to Mexico while I was growing up in L.A. so they may have come from him. After just looking up my China currency and finding 25,000 yuan bill only worth a couple of dollars, I didn't have high hopes when I started looking into these.
    Mexican currency, 50 pesos front.jpeg
    According to current rate of exchange, 50 pesos = $2.59. Total $5.18
    Mexican currency, 50 pesos back.jpeg

    Mexican currency, 2000 pesos front .jpeg
    Current rate of exchange, 2000 pesos = $103.44. Total $310.32
    Mexican currency, 2000 pesos back  .jpeg

    Mexican currency, 50,000 pesos front.jpeg
    Current rate of exchange 50,000 pesos = $2,586.00 US
    Mexican currency, 50,000 pesos back  .jpeg
    Total of all currency, $2,901.49 US

    Please tell me I'm right. Now, where do I exchange them for US currency. No B of A in Montana.
     
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  3. SteveInTampa

    SteveInTampa Always Learning

  4. hotwheelsearl

    hotwheelsearl Cheap edited

    Unfortunately, Mexican money was devalued by removing 3 zeros from the value.

    You can't use these in normal circulation. However, you can exchange them at a bank for the current value, basically $2.90.

    Sorry for being the bearer of bad news
     
    paddyman98, Derek2200, NOS and 3 others like this.
  5. hotwheelsearl

    hotwheelsearl Cheap edited

    It's actually pretty interesting, though. Mexico's economy has always been relatively stable, and every bank note issued by El Banco de Mexico is still valid, legal tender (but can't be circulated).

    Not many other countries can boast that.

    You can take a 100-year old Bank of Mexico note to a bank and get the current value back!
     
  6. hotwheelsearl

    hotwheelsearl Cheap edited

    Your 50,000 peso notes are worth now 50 pesos, or about $2.50.

    This should be enough for 3 24 oz beers at any street convenience store in Mexico :)
     
    paddyman98 and Inspector43 like this.
  7. Inspector43

    Inspector43 70 Year Collector

    The first time I went to Mexico it was 600 pesos to the dollar. None of that currency is worth anything now.
     
  8. QuintupleSovereign

    QuintupleSovereign Active Member

    Oh inflation; how cruel art thou.
     
    CaptainMK likes this.
  9. Legomaster1

    Legomaster1 Cointalk Patron

    Your 50 peso notes are still legal tender- worth approx. $2.50 each.
    @hotwheelsearl is right- three zeros were dropped from the former peso, so, you have older notes worth 56 new pesos. Apparently the 50000 peso has a bit of collector value, as they sell for around $8-$10 on ebay.
    Sorry to dash your expectations.
     
    paddyman98 likes this.
  10. Mountain Man

    Mountain Man Well-Known Member

    Well, darn it. Had my hopes up for buying more of my favorite coins. Bubbles get burst and that's life. Thanks to all of you for the input, I appreciate it.
     
  11. hotwheelsearl

    hotwheelsearl Cheap edited

    I have several thousand francs that USED to be worth a couple hundred USD. However, once the Euro hit, and the transitionary period passed, those old francs are now nearly worthless.

    Shoulda cashed out back then!
     
  12. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Well-Known Member

    All of the high denominated notes from Mexico are obsolete. They only have a collector value (dependent on condition as well) to someone else online.

    Anything dated from 1993 to now is the "new Peso" which has an exchange of almost 20 Pesos per 1 USD (they dropped zeroes from their currency like Turkey and Venezuela have been doing).

    So their current series of coins/notes goes something like this... (Centavos) 10/20/50 > (Peso bi metal) 1/2/5/10/20 > (Peso Notes) > 20/50/100/200/500. I believe 500 to be their current highest denomination, but I'm not 100% sure about that. So those 80's notes a lot of people have on ebay, banks won't accept.

    I recently sold a bunch of my bi metals for a little under exchange but still have hoards of the centavos (into the thousands of coins). They're cool to have.
     
  13. hotwheelsearl

    hotwheelsearl Cheap edited

    In my understanding, you can cash out obsolete banknotes at Bank of Mexico for the CURRENT value - in other words, although the notes are not legal tender, they can still be exchanged at a bank, by removing 3 zeroes from the denomination.

    Similar to how German Deutschmarks can still be exchanged at German banks for Euros.
     
    xCoin-Hoarder'92x likes this.
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