The Bank of Mexico is responsible for the issuance of the country’s bank notes. As part of this remit, the bank is also responsible for ensuring that the country’s paper currency is fit for purpose and kept safe from fraudsters. As printing technology advances, banks around the world continue to introduce new security measures to ensure that bank notes remain hard to forge.
The first of a new series of banknotes
On August 28, 2018 the Bank of Mexico announced the first in a brand-new series of bank notes, starting with a redesigned $500 peso bill. The new design, which features Mexico’s first president Benito Juárez on the front will eventually replace the current $500 bill featuring the iconic artists Diego Rivera and Frida Kahlo.
The current $20 peso bank note also features Benito Juárez. It too will be replaced by a new note and be supplemented with a series of $20-peso coins.
As with previous replacement programs, the bank intends to update other denominations in coming years: a new $200 peso note 2019; a new $1,000 peso note in 2020; a new $100 peso note in 2021; and a new $50 peso note in 2022. Its program brief also mentions the possibility of a new $2,000 peso note should one be needed.
It takes time for new bank notes to enter physical circulation and the current $500 peso bill will remain legal tender until further notice. After the Bank of Mexico withdraws a bank note from circulation, genuine notes can be exchanged at retail banks for a while, and indefinitely afterwards at the Bank of Mexico itself.
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