12102018Mon
Last updateFri, 07 Dec 2018 11am

New 500-peso bill sees light of day

Tuesday, Mexico debuted a new 500-peso bill featuring the image of President Benito Juarez that has some citizens concerned it may be confused with the 20-peso note.

pg5aNot to worry though, Banxico (Mexico’s central bank) has also revealed that the blue 20-peso bill is to be phased out gradually, and replaced by more 20-peso coins.

The possibility of confusing the two bills, however, is remote, considering the new 500-peso bill will still be larger than the reduced size 20-peso variety.  In addition, its unique cotton fiber material will distinguish it from the plastic bill.

More difficult to forge, the new 500-peso bill will change color from green to blue when tilted, and a second image of Juarez can be seen when held up to the light. Various physical elements have been introduced for quick checking for counterfeit bills.

Counterfeiters falsify more 500-peso bills than any other denomination, according to Banxico.

The reverse side of the new bill shows two whales swimming in the El Vizcaino biosphere reserve in Baja California.

The current 500-peso bills featuring the images of military hero Ignacio Zaragoza and artists Diego Rivera and Frida Kahlo will be phased out eventually, Banxico says.

Up until now, 20-peso coins — similar to, but larger than the 10-peso variety — have been issued solely a commemorative coinage. Once the go-ahead is given, Banxico is expected to begin minting them in significant numbers and retiring the bills.

Banxico Director of Emissions Alejandro Alegre said the new 500-peso bill will be the “most secure in the world.”

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