In recent years, it is increasingly rare to find coins of 10, 20 and 25 cents in Mexico. And although many people use them to pay for transportation or leave tips, the question that arises is: Are pennies in Mexico going to disappear?
A little history
The Bank of Mexico (Banxico) stopped ordering the manufacture of 10 and 20 cent coins in 2019while 5 cents were discontinued in 2002.
Currently, 10-cent coins are the most widely circulated in the country, with a total of 11 billion coins in circulation, representing a value of 100 million pesos.
However, what will happen to pennies in the future?
The truth is that Banxico ordered the Mint to mint 2 thousand 285 million coins for this year, of which 507 million are 50 cents. So while it may seem like pennies are disappearing, the reality is that new coins continue to be minted.
On the other hand, Alejandro Alegre, head of the General Directorate of Issuance and Main Cashier of Banxico, reported that banks and dependencies have the obligation to receive any penny, regardless of the amount. So if you come to a place to make a payment and you only have pennies, don’t worry, they will be accepted.
And what happens with the pennies that are recovered by the banks and dependencies?
these pennies they must be separated and deposited in Banxico, so that they do not circulate in the market again. That is why it is increasingly difficult to find low-denomination coins on a day-to-day basis.
What to do with unused pennies?
If for some reason you do not want to use your cent coins, but you do want to exchange them, the banks have the obligation to accept them, with a limit of three thousand pesos in coins of 5, 10, 20 and/or 50 cents.
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