“This Ministry has considered that the metallic composition of the center of the one, two and five peso coins proposed by the Bank of Mexico is the most appropriate,” the Ministry of Finance published this morning in the Official Gazette of the Federation (DOF).
What are the materials of coins?
The 1, 2 and 5 peso coins are made of a bronze and aluminum alloy. The Bank of Mexico proposes that these materials be replaced by bronze-coated steel.
The decree establishes that the change in materials will be in the central part of the coins, which means that starting next year there will be new coins in circulation.
Banxico must begin the process of designing the coins and once approved, the Mint will be commissioned to manufacture them.
Will coins disappear?
A change in the design of coins or banknotes does not mean that they will disappear. The decree published on Thursday indicates a change in the components of the coins, not an exit from circulation.
Even if new currencies come into circulation, the ones we know do not lose their value and will continue to circulate and maintain their purchasing power for the purchase of goods.
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