Some old Mexican coins are worth a lot, some are worth their silver, and a large share are worth nothing at all. The valuable end is gold: the 50 pesos "Centenario" holds 1.2057 troy ounces of pure gold, approximately $4,820 with gold assumed at $4,000 per troy ounce, and the smaller gold pesos scale down from there. Silver comes next. The big 8 reales and pesos of the 1800s are worth $35-100 or more, and 20th century silver pesos, 5, 10, 25 and 100 peso coins are worth their silver, which ranges from about $2 to $35 depending on the coin and its fineness. The coins most people actually find, the steel, brass and aluminum pesos of the 1970s to early 1990s, were swept away by inflation and a new currency in 1993, and they are worth only a few cents each.
Quick answer
- 1980s and early 1990s pesos are worth almost nothing; most Mexican silver is worth its metal.
- Silver pesos from 1947-1967 drop from 50 to 30 to 10 percent silver, so check the date.
- A gold 50 pesos is worth about $4,800 at $4,000 gold; 8 reales are often faked.
How to check yours, step by step
A scale reading to 0.1 gram, a ruler, a magnet and a loupe will sort almost any Mexican coin.
- Find the denomination and date. On modern coins both are on the reverse, the side opposite the eagle, often with the portrait of a national figure such as Morelos, Hidalgo or Juárez. On 8 reales and older pesos, the denomination is around the cap and rays or the scales, and the date is at the bottom.
- Check for "N$" or "NUEVOS PESOS." Coins marked N$ were issued from 1993 to 1995 after three zeros were removed from the currency. Those and everything after are modern circulation coins worth face value.
- Read the fineness when it is stated. Many 20th century silver coins show it on the coin, for example "LEY .720" or "LEY .500" for 72 or 50 percent silver. If there is no LEY mark, use the date and the table below.
- Weigh the silver and gold pieces. An 8 reales should weigh about 27 grams and measure 38-39 mm. A 50 pesos gold coin weighs 41.67 grams and is 37 mm across. Fakes are usually off by a gram or more.
- Hold a magnet to it. Silver and gold do not react. Many fake 8 reales and plated gold copies are magnetic. Mexico's pure nickel and steel coins also react, which is a quick way to set them aside.
- On 8 reales, read the mint mark and assayer initials. They are in the legend on the reverse near the cap: Mo for Mexico City, Go for Guanajuato, Zs for Zacatecas, Ca for Chihuahua and several others, followed by two initials for the assayer. Certain combinations are scarce.
- Look for chopmarks and damage. Small Chinese characters punched into 8 reales are chopmarks from the 19th century trade in Asia. They are part of the coin's history and many collectors like them, though heavy chopping lowers the price. Holes, solder and polishing do too.
Silver content by coin
The table assumes silver at $40 per troy ounce. To recalculate at another price, multiply the pure silver content by the spot price.
| Coin | Years | Fineness | Weight | Pure silver | Melt at $40 |
|---|---|---|---|---|---|
| 8 reales, Cap and Rays | 1824-1897 | 90.3% | 27.07 g | 0.786 oz | About $31 |
| 1 peso, Cap and Rays or Caballito | 1898-1914 | 90.3% | 27.07 g | 0.786 oz | About $31 |
| 1 peso | 1920-1945 | 72% | 16.66 g | 0.386 oz | About $15 |
| 1 peso Morelos | 1947-1949 | 50% | 14 g | 0.225 oz | About $9 |
| 1 peso Morelos | 1950 | 30% | 13 g | 0.125 oz | About $5 |
| 1 peso Morelos | 1957-1967 | 10% | 16 g | 0.051 oz | About $2 |
| 5 pesos | 1947-1948 | 90% | 30 g | 0.868 oz | About $35 |
| 5 pesos | 1950-1954 | 72% | 27.78 g | 0.643 oz | About $26 |
| 5 pesos | 1955-1959 | 72% | 18 g | 0.417 oz | About $17 |
| 10 pesos | 1955-1960 | 90% | 28.89 g | 0.836 oz | About $33 |
| 25 pesos Olympic | 1968 | 72% | 22.5 g | 0.521 oz | About $21 |
| 100 pesos Morelos | 1977-1979 | 72% | 27.78 g | 0.643 oz | About $26 |
| Onza or Libertad, 1 oz | 1978 onward | 92.5% or 99.9% | 31.1-33.6 g | 1.000 oz | About $40 |
The peso slide from 1947 to 1967 is the trap. A 1947 peso, a 1950 peso and a 1960 peso all show Morelos and look much alike, but the first holds more than four times the silver of the last. The 1957-1967 coins, with only 10 percent silver, look like plain base metal and are worth about $2-4 each.
At $30 silver, multiply the melt figures by 0.75. At $50, multiply them by 1.25.
What Mexican coins sell for
These approximate ranges are for typical undamaged coins with no problems. A dealer buying for resale pays less, close to melt for common silver and gold.
| Coin | Approximate value |
|---|---|
| Pesos and centavos 1970-1992, steel, brass, nickel or aluminum | $0.05-0.50 |
| 1957-1967 Morelos peso, 10% silver | $2-4 |
| 1950 Morelos peso, 30% silver | $5-8 |
| 1947-1949 Morelos peso, 50% silver | $9-12 |
| 1920-1945 peso, 72% silver | $15-25 |
| 8 reales Cap and Rays, common mint and date | $40-100 |
| 8 reales with chopmarks | $35-90 |
| 1898-1909 Cap and Rays peso | $40-90 |
| 1910-1914 Caballito peso, horse and rider | $50-150 |
| Spanish colonial 8 reales, 1772-1821 portrait type | $60-200 |
| Spanish colonial pillar dollar, 1732-1772 | $200-800 |
| 5, 10, 25 and 100 peso silver coins, 1947-1979 | $17-40 |
| Silver Libertad 1 oz | $45-80, more for scarce years and proofs |
| Gold 2 pesos, dated 1945 restrike | About $200 |
| Gold 2.5 pesos | About $250 |
| Gold 5 pesos | About $500 |
| Gold 10 pesos | About $990 |
| Gold 20 pesos | About $1,970 |
| Gold 50 pesos Centenario | About $4,850-5,000 |
Cap and Rays 8 reales
After independence, Mexico kept the old Spanish standard and kept striking 8 reales, the "Spanish dollar" of world trade, now with a Mexican eagle on a cactus on one side and a liberty cap with rays on the other. They were struck at up to a dozen mints from 1824 to 1897, in such numbers that they circulated legally in the United States until 1857 and all over Asia. Common dates and mints are worth a bit above their silver. Scarce mint and assayer combinations, especially from small mints such as Alamos, Hermosillo, Real de Catorce or Oaxaca, sell for hundreds and sometimes much more.
The gold pesos and the Centenario
The 50 pesos was first struck in 1921 for the hundredth anniversary of independence, which is why it is called the Centenario. It shows the winged Victory monument on one side and the national arms on the other, and it holds 37.5 grams of pure gold, 1.2057 troy ounces. Mexico struck large numbers of restrikes from 1949 to 1972 dated 1947, so most 50 pesos coins on the market carry that date. The smaller gold coins were also restruck with frozen dates: 20 pesos dated 1959, 10 pesos dated 1959, 5 pesos dated 1955, 2.5 and 2 pesos dated 1945.
| Gold coin | Pure gold | Melt at $4,000 |
|---|---|---|
| 50 pesos | 1.2057 oz | About $4,823 |
| 20 pesos | 0.4823 oz | About $1,929 |
| 10 pesos | 0.2411 oz | About $964 |
| 5 pesos | 0.1206 oz | About $482 |
| 2.5 pesos | 0.0603 oz | About $241 |
| 2 pesos | 0.0482 oz | About $193 |
Restrikes are worth their gold and a few percent more, not a historic premium. Original dates of the 1920s and some of the 1940s, especially in high grade, sell above melt. Since the 50 pesos holds more than an ounce, its value moves strongly with gold: about $3,620 in metal at $3,000 gold and $6,030 at $5,000.
The Libertad
The silver Libertad has been struck since 1982 in .999 silver and shows the winged Victory with volcanoes on one side. It comes in sizes from 1/20 oz to 1 kilo, and the weight is stated on the coin. A 1 oz Libertad sells above spot, and the premium is larger than for US or Canadian bullion because mintages are smaller. Some years from the 1990s and 2000s have small mintages and sell for well over spot. The earlier Onza from 1978 to 1981 is .925 silver and also contains one troy ounce. Gold Libertads exist in the same sizes and trade on gold content plus a premium.
Why the 1980s coins are worth nothing
From the late 1970s to the early 1990s, Mexico went through years of high inflation, and the coinage grew to absurd numbers: 1,000 and 5,000 peso coins in brass and nickel. In 1993 the government introduced the nuevo peso at 1,000 old pesos, and the old coins lost legal tender status. They exist in enormous numbers, and they sell in bulk for a few dollars a pound. The exceptions are a few silver commemoratives from the period, such as the 1985 and 1986 World Cup pieces, which say LEY .925 on them.
Fakes of 8 reales and gold
Mexican 8 reales, Spanish colonial pieces and gold pesos are among the most faked coins in the world. Many are cast or struck in base metal and sold to tourists, others are old contemporary counterfeits made in the 1800s, and modern Chinese copies of rare dates are common online. Warning signs are a weight well under 27 grams, a coin that sticks to a magnet, a soapy or grainy surface, a seam on the edge, and a rare date or mint in unusually nice condition at a low price. For gold, weigh to 0.01 gram and measure the diameter. The silver testing guide and the gold testing guide cover the methods.
Common mistakes
- Treating every peso as silver. Only the dated silver issues contain silver. Anything from the 1970s onward in steel, brass or nickel is not silver, and the 1957-1967 Morelos peso holds only 10 percent.
- Paying a premium for 1947-dated 50 pesos. Most are restrikes made decades later. They are worth gold value, not a historic premium.
- Assuming a 1,000 or 5,000 peso coin is valuable. The big numbers are a sign of inflation. They are worth cents.
- Trusting a tourist 8 reales. Many sold in markets and online are copies. Weigh it and test it with a magnet before paying silver money.
- Cleaning chopmarked or toned silver. Collectors pay more for natural surfaces. Scrubbing removes value.
- Confusing the Onza and Libertad with circulating coins. They are bullion pieces and are valued by silver weight plus a premium.
What to photograph
Use daylight, no flash, and keep the phone flat above the coin.
- Both sides straight on, with the date, denomination and eagle visible.
- The fineness mark (LEY .720, .500 and so on) if the coin has one.
- The mint mark and assayer initials on 8 reales, in a close-up.
- The edge, which shows reeding, edge lettering or a casting seam.
- The coin on a scale, for any silver or gold piece.
- Any chopmarks in a separate close-up.
When to get it looked at in person
- A local coin dealer can sort a bag of Mexican coins in minutes and quote silver and gold against spot. Most buy gold pesos close to melt.
- PCGS or NGC charge tens of dollars per coin and up, plus shipping and fees. That cost makes sense for scarce 8 reales mints, Spanish colonial pillar dollars, original-date gold pesos and high grade Caballito pesos, because a recognized holder settles authenticity for buyers.
- A specialist in Latin American coins or an auction house that holds regular world coin sales suits rare mints, colonial pieces and full collections.
For the rest of a mixed estate, the foreign coins guide covers other countries, and the US gold coins guide explains how melt and premium work for gold.