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. According to current rate of exchange, 50 pesos = $2.59. Total $5.18 Current rate of exchange, 2000 pesos = $103.44. Total $310.32 Current rate of exchange 50,000 pesos = $2,586.00 US 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.
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
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!
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
The first time I went to Mexico it was 600 pesos to the dollar. None of that currency is worth anything now.
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.
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.
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!
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.
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.
