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When five is more than 50,000

November 5, 2012 in Coins, Collecting, Gold, Gold Coins, Mexico Coins, Precious Metals, Silver, Silver Coins

John Hazlehurst Mon, Nov 5, 2012 (Colorado Springs Business Journal http://csbj.com)

I save stuff – old coins, letters, stamps, campaign signs, newspapers and anything else that seems interesting. I enjoy my unintended and untended “collections,” but it’s dismaying to think that my spouse and/or kids will have to sort through all this junk when I shuffle off this mortal plane.

Hoping to dispose of some stuff, I emptied out a basement drawer– and found treasure!

Crumpled in a corner was an undated Mexican 50,000 peso note. From a recent trip, I knew that the present peso/dollar exchange rate is about 12.5 to 1, so 50,000 pesos would be…$4,000. Could I be looking at $4,000 big ones? Oh, happy day – but it wasn’t to be.

Severe inflation had hollowed out the peso during the ’70s and ’80s. Once the currency stabilized, the government called in the large-denomination notes, and replaced them with smaller denomination notes of equal value. Each new peso is worth 1,000 old pesos, so my 50,000 peso note is worth about four bucks…oh, well.

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