Why don’t some people use 20 peso coins?
According to studies from the Bank of Mexico Although 87% of the population recognizes 20 peso coins, only 53% know that they commemorate an important event. Furthermore, when asking about the designs, 81% do not remember any or do not know which ones exist, which reflects a low knowledge of their characteristics.
These studies also point to an increasingly visible phenomenon: 20 peso coins hardly circulate because many people keep them as collectors’ items, which limits their everyday function as cash.
Regarding its use, 79% consider the currency useful, but those who think otherwise, around 6%, argue that “they do not accept it”, “no one wants it” or “they prefer the bill”. Of these, half would even agree to withdraw it from circulation.
The preference for the bill also explains part of its limited use: 64% of the population prefers the 20 peso bill because it is more comfortable, lighter and practical, while 25% prefers the coin, highlighting that it is more durable, does not break or get lost easily. Only 9% consider that both are equally valid, since they are “worth the same.”
These data show that, although 20 peso coins are legally equivalent to the bill, their convenience and public perception, along with the habit of collecting them, influence many people to choose not to use them on a daily basis.
(Bank of Mexico)
All 20 peso coins have value, even the oldest ones
He Banco de México has emphasized that all coins issued since the entry into force of the new pesos in 1993, including 20 pesos and commemorative editions, have full legal value and must be accepted as any other form of cash.
Currently, some 20 peso coins are in the process of being withdrawn. This means that they still retain their value and can be used to make transactions; However, banks must separate them upon receiving them and send them to the Bank of Mexico, where they will not be delivered to the public again.
In other words, although some antique pieces no longer return to circulation, their denomination is still valid, and all businesses and users are obliged to accept them as cash.
Senate endorses reform of the 20 peso currency; changes are advancing to boost daily use
The federal Executive presented an initiative to modify the characteristics of the 20 peso coin with the aim of promoting its daily use, facilitating its identification and preventing it from continuing to be treated as a collector’s item. The approach proposed a more practical, safe and recognizable design.
The proposal included a dodecagonal shape, a reduction in diameter from 32 to 30 mm, a lower weight (from 15.9 to 12.7 grams), a new bimetallic composition, as well as security elements such as a latent image, microtext and discontinuous striated edge. On the reverse, the Temple of Kukulkan in Chichén Itzá would be maintained, along with the value of “$20” and the legend “TWENTY PESOS”, while on the obverse the National Shield would continue.
This project advanced quickly in Congress. He Plenary session of the Senate of the Republic approved the minutes sent by the Chamber of Deputies to reform and add various provisions of the Monetary Law of the United Mexican States, in order to define the characteristics of both the 10 and 20 peso coins.
The minute relating to the 10 peso coin was approved with 89 votes in favor and 16 against, while that corresponding to the 20 peso coin received 91 votes in favor and 14 against. Both opinions were sent to the Federal Executive.
For the 20 peso coin, the Senate confirmed that it will be dodecagonal, with a silver nickel silver center and a bronze-aluminum ring. On its reverse, the Temple of Kukulkan will be preserved, accompanied by identifiers of value and year of minting, in addition to the microtext “CHICHÉN ITZA, TEMPLE OF KUKULKÁN-CULTURAL HERITAGE”. Its obverse will bear the National Shield and the legend “United Mexican States.”
The discussion was not without criticism. Senator Carolina Viggiano Austria (PRI) questioned the addition of “scheduled” issues without the Parliamentary Groups knowing the content or complying with the legislative procedure: “a practice has already been done, I find it very regrettable,” she accused.
With the approval of the Senate, the reform to update the 20 peso coin moves towards its final publication and is aimed at meeting the initial objective: that the piece once again circulates on a daily basis and does not remain stored as a collector’s item.
(Photos: banxico.org.mx l Courtesy)
