On The Changing of Mexican Pesos

smilecu
Posted: 25 Jul 2005
4:51pm

FYI/Heads-Up. If you get mexican peso notes from an ATM in Cancun or Mexico City, make sure all notes say "pesos" and
not "nuevo pesos" in the bottom right corner. They would not accept ones the read "nuevo pesos" at CADECA at
Jose Marti Airport last week.

+++++++++

Could anybody with recent experience comment on the above post? Is CADECA still NOT accepting mex peso notes that read
"nuevos pesos"?

This is for a friend now travelling in Mexico and bound for Cuba soon.

Thanks!

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<hr>Could anybody with recent experience comment on the above post? Is CADECA still NOT accepting mex peso notes that read "nuevos pesos"? <hr></blockquote>
I don't have any recent experience exchanging Mexican Pesos for CUC in Cuba, but I am very familiar with Mexican currency. After the Oil Crisis of the late 1970s, Mexico defaulted on its external debt in 1982, and experienced several years of inflation and devaluation of its currency. On January 1, 1993, the Bank of Mexico introduced the nuevo peso which was equal to 1,000 of the devalued pesos as part of the Salinas government's economic stability initiative. On January 1 1996, nuevo was dropped from the name and new coins and banknotes – identical in format to the nuevo peso – were put into circulation.

Banks, ATMs and currency exchange businesses in Mexico do not issue nuevo peso bills, which is understandable since none have been printed for 11 years. I have no idea how you got hold of nuevo peso bills but I don't think this is an issue for most travellers.

Geez... did someone get scammed on currency, in Mexico.

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<hr>did someone get scammed on currency, in Mexico.<hr></blockquote>
Did the OP get scammed?? The whole scenario sounds a little suspect to me. It is my understanding that the nuevo pesos were gradually pulled from circulation by the Bank of Mexico. I don't know if the nuevo pesos are still legal currency, but I can't imagine there are many of them still floating around. This sounds like a problem for the OP and not anyone who has Mexican currency to spend or wants to exchange it for CUC.

Reminds me of one time when I went to exchange $20 for CUP at a Cadeca in Havana. I counted the cash, had the receipt and left. (Never been scammed exchanging for CUP).

Eventually, as I was going through the 240 cup, paying for items, a vendor noticed that one of the notes was an older, now discountinued, 20 cup note. Oh well, no big deal as far as money lost. I still have it.

Altahabana, very valuable and complete info.

No I did not get scammed (not sure about the OOP, so to speak). I have never been to Mexico (not yet), and have never seen a new peso (or any MEX peso note for that matter).

I was searching the site for info on MEX peso exchange, on behalf of a European friend who will soon cross CUN - HAV and was wondering which currency to bring.

The post dated 25 Jul 2005 sounded sort of problematic, that is why I asked.

I gather my buddy will have no problem exchanging his pesos for CUC.

So many thanks!

Your post said that a CADECA at Jose Marti would not convert nuevo pesos last week. Nuevo pesos probably haven't been in circulation for at least 6-7 years which is why Gres wondered whether you had been scammed. Anyone who converts from a foreign currency to pesos will get standard pesos.

Your friend from Europe should carry his money budgeted for Cuba separate from his Mexican cash and bring it in Euros. There is no way a double conversion from Euro to Mexican Pesos to CUC will be beneficial.

The two best currencies to bring to Cuba to exchange into CUC's are Euros and Canadian dollars.

#6, #7 Thanks again.

Altahabana, the original post is not mine and is dated 25 Jul 2005 :o). Hence the confusion. Apologies.

My friend, the lucky bastard, has been in South America for too long (over a year) to have Euros in cash now.

While in Mexico, should he withdraw Euros instead of Mex Peso to use for exchange into CUC?