Mexico Plans to Replace the 20 Peso Bill with a Coin
The 20-peso bill, considered the most beautiful in Latin America in 2021, will officially be withdrawn from circulation in 2025 to be replaced by coins, according to the Bank of Mexico (Banxico).
“The banknotes and coins in the withdrawal process still retain their liberating power; that is, they are worth the denomination they indicate, but by resolution of the Bank of Mexico they will be withdrawn from circulation through the banks,” Banxico said in a statement.
The central bank’s determination to start withdrawing this banknote, and replacing it with a coin is due to several factors, one of which is that coins have a longer lifespan than banknotes. Banxico feels that the coins are easier to transport and store without being damaged.
The new 20-peso bill, which was released on September 24, 2021, to honor the 200th anniversary of the country’s independence, won the prize for the most beautiful in Latin America, in the category of Best New Commemorative Bill in Latin America, which was awarded by the company High-Security Printing (HSP).
But last year, Banxico announced that it would stop producing the banknote in 2023, due to a change in plans by the Institution.
Officials say the new 20-peso bill will disappear by the year 2025.
The coins that will replace the 20-peso bills came out at the same time as the commemorative edition, in three designs: 200 years of Mexican independence, 700 years of the Fundación Lunar de México-Tenochtitlan, and 500 years of Historical Memory of Mexico City. https://banderasnews.com/ Sources: El Financiero • Proceso
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