The peso is the official currency of Mexico with roots in the Spanish dollar that date back to the 15th century. The first banknotes were issued by Emperor Agustin de Iturbide in 1823, shortly after Mexico’s Declaration of Independence from Spain in 1821. As Mexico transitioned from an empire to a federal republic, these notes were quickly withdrawn in the same year (1823) by the federal government which then issued its own currency. These early paper money issues were unsuccessful, and no additional banknotes were produced until the 1860s. Throughout the 19th and early 20th centuries, banknote production was the province of private banks and local authorities. The Bank of Mexico was established in 1925 and given the exclusive authority to issue paper money.
