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Currency Conversion (Mexican Pesos to US Dollare)


Capt Joe

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With the vast knowledge and experiences of the folks on this forum, I think this is a good place to ask about converting Mexican pesos to US dollars.

 

First, a little background as to how I obtained these pesos. I am in the process of cleaning out and rearranging my office here at home to make room for a new gun safe. In going through all the 'stuff', I found a Samsonite briefcase that probably had not been opened in the last 15 years or so. When I took a look inside, I found 3 peso bills paper clipped to the dividers inside... there were 2 1000 bills and 1 500 bills. I have no recollection of placing them there however, over past years (up until around 2000) I was fortunate to have been able to traveled a fair amount on fishing and hunting trips in Mexico, South America, Bahamas as well as in the USA so I certainly could have had these bills from one of these trips.

 

Anyway, in doing a bit of research on the Mexican Peso online, I found some information about revaluation on the bills over the past years and don't really know how that may affect the value of the ones I have. I called a couple of local banks but unless you have an account with them they won't help you. I did get one bank to tell me that 2500 Mexican pesos would be worth about $162 and they would charge a customer a fee of $25 to convert them.

 

I'm wondering if anybody has a good web site where I might be able to figure out what to look for on my bills to determine the series value or anything else that could help in determining how much they are worth. While I'm not real concerned with the actual value of a 'found' bit of pesos, it looks like there may be enough value to warrant the effort to convert them and buy my wife and me a couple of nice dinners. :-)

 

Any and all help and suggestions would be greatly appreciated.

 

Capt Joe

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$162 and change

 

Got that by asking Google to do the conversion: 2500 mexican pesos in us dollars

 

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&es_th=1&ie=UTF-8#q=2500%20mexican%20pesos%20in%20us%20dollars&es_th=1

 

Google converts a lot of stuff if you ask it! For example: 1 mile = 3520 cubits

 

 

 

Find a friend heading for Mexico or somewhere close to it and get them to take it off your hands for $150, it looks like it is trending down in value (Google's chart) so holding it is a gamble.

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Unless you need the denero I would just hold onto them until you run across someone that is heading over the fence. I wouldn't have any problem selling them for current face value. After all.. you would be saving them a $25 bank processing fee. Fewer and fewer banks even offer currency exchange any more. It's generally cheaper to always "buy" in country, but the B&S rates are fairly close between Mexico and the U.S. so much so that it really doesn't make a difference for the amount you're talking about.

 

Wherever you go to buy or sell.. shop around. Hotels and banks are about the worst when it comes to fees or adjusted exchange rates.

 

Value of Old Mexican Banknotes

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Hi, guys, I live in Mexico (Mazatlan) though I'm not there right now. The exchange rate has definitely been in my favor for many months, and it looks like it's going to stay that way for the time being. One thing you need to determine if you plan on converting those peso bills to USD is whether they are the the NEW currency designated as in MXN as of Jan 1, 1993, or OLD money, designated MXP. If they are the old currency, they have no value now. For a period of time after the change in currency, the Mexican banks would change the bills at 1,000 to 1... but now, as far as I know, banks won't exchange them, and I've been told that banks are instructed to keep and send them to the Treasury Dept if found. Don't know if that's factual, but thought I'd pass it on. If, in fact, the bills are MXN (after 1993), the street value for them is usually a few points less than the posted XE or other currency exchange companys' rates, which is based on bank-to-bank million-dollar transactions. Within the last month, folks who brought US$ to use while visiting Mazatlan were getting 12 MXN to the US dollar. The only way I can come even close to the XE posted rate is to use the one ATM I've found that doesn't charge more than 19 MXN for the transaction. Then, of course, I have to ante my own bank's fees. Just some information for you to chew on... I hope you do find that you have the new pesos rather than old currency! Lee

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