President Claudia Sheinbaum sent two reform initiatives to the monetary law of the United Mexican States, in order to modify the 20 and 10 peso coins. The first proposes redesigning the 20-peso note, while the second proposes changing the configuration of the 10-peso note to reduce its production costs.
The President’s project seeks to create a universal design for the 20-peso coin, as well as commemorative issues dedicated to events of national importance such as 500 years of historical memory of Mexico-Tenochtitlan and the 200th anniversary of independence. The intention is to boost their circulation, as many people prefer to keep them as collectors’ items, as happened with the 50-peso banknote containing an illustration of an axolotl called “Gorda”.
The new proposal contains an image of the Temple of Kukulkan, located in the archaeological area of Chichen Itza, in the state of Yucatán. The Mayan god, who was represented in the form of a feathered serpent, was worshiped in the pyramid. “It is an iconic symbol of the cultural and historical wealth of Mexico, recognized throughout the world. In addition, it highlights the architectural and spiritual heritage of the Mayan civilization, enhances national pride and consolidates the cultural identity of the country in an item of daily use such as currency,” the draft law published in the Parliamentary Gazette said. Meanwhile, the national coat of arms remains on the obverse of the coin. The initiative also proposes to increase the size of the category number and text to make it easier to distinguish its value, especially for people with visual impairment and the elderly.
In the case of the 10-peso coin, Sheinbaum’s proposed reform maintains the existing design with the sunstone—representing Tonatiuh with a fire mask—but modernizes its composition by replacing the nickel-silver alloy (composed of copper, zinc, and nickel) with nickel-plated steel in the central portion. This change will allow production costs to be reduced compared to the current version. This initiative is supported by a study conducted by UNAM that confirms that both materials share similar characteristics in terms of surface finish, definition of patterns, and uniform diameter of the minted pieces, with a slight difference in weight. The use of this material will also allow the electromagnetic signature to be integrated as a new security element.
The reforms introduced by the executive are already in the House of Representatives, waiting to be transferred to committees for analysis and discussion.