Steph writes: Recently found a Mexican coin and was wondering if it had any value. The front of the coin says 1988, Madero and $500 with the oM (best I can do it with a typewriter). On the back it says “Estados Unidos Mexicanos” with an eagle standing on a cactus with a snake in it’s mouth and also talons around the snake. Local coin dealer said it’s worth about $3, but I’d like a second opinion. Thanks!
You have a 1988 Mexico 500 Pesos. The coin shows the characteristic eagle with a snake in its mouth, the legend ESTADOS UNIDOS MEXICANOS (United States of Mexico), the reverse shows a bust of Francisco Madero, the Mexico City mint mark is to the right, the denomination, 500 Pesos, is below.
This coin was struck between 1986 and 1992 in copper-nickel. It was during a high inflationary period in the Mexican economy. In 1992, the government removed three zeros which meant that the Francisco Madero 500 pesos translated to a new 1/2 peso (50 centavos). These coins are still legal tender and will spend as a current 50 centavos (about U.S. 5 cents). Collectors pay about $2 for uncirculated specimens. Circulated pieces are worth face value.
Two presentation pieces exist in proof. These are in high relief, have highly mirrored fields and frosted devices but only two are known. Value:??