Mexican “Cap and Rays” Silver Peso

The “peso” is the name of the 8-real coins issued in Mexico by Spain. Peso was in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century. After Mexico gained its independence in 1821, the paper money issued and denominated in pesos. In 1863, Mexico`s centavos, worth one hundredth of the peso. Thus centavos were changed by coins denominated “one peso” in 1866. In 1905, the gold content of the peso was reduced by 49.3% but the silver content of the peso remained initially unchanged. Thus the first silver dollar of the Mexican Republic contains more silver than classic U.S. Mint silver dollars. For decades it was legal tender in the U.S.A. and continued to circulate informally - especially in the South and West - later in the 19th century. One side of Mexico peso presents the liberty cap (symbol of hard-won freedom) used on early U.S. coins, and added intense rays as a passionate expression of freedom. Powerful rays of enlightened freedom burst from a liberty cap. The reverse shows the Mexican Eagle destroying a snake on a cactus, evoking the ancient Aztec legend that Mexico City was founded at the site of such a scene. Elegant laurel wreaths appear on both sides of the coin. It is known two variation of the Mexico peso. The “Short Ray” and a “Long Ray” type, referring to the length of the sun’s ray on the lower left side. The “Short Ray” is a carry-over from the 1910 dies and it is unclear how many coins were produced before new dies with the lengthened ray were placed in service.

Mexico’s new Peso put a beautiful coin on the world stage, unchallenged by comparable years of Morgan dollars. The New Mexico silver coin had a great popularity in China and other Asian countries.

By the end of the Revolution, the value of the Peso could not keep up with the value of its silver content. Starting in 1918, coin size and silver fineness decreased accordingly. Reference to silver content on coins pretty much was eliminated after 1950, at least in the Un Peso, and eventually all silver content would disappear in 1970 when a cupro-nickel Peso was introduced.

The silver Peso between 1918 and 1945, with the “Cap and Ray” design, continued the Mexican tradition of beauty and numismatic craftsmanship.

This is an unusual time in numismatic history because the US had minted the Morgan Silver Dollar between 1878 and 1921, with a notable break in production taking place between 1905 and 1920.