The 1988 Mexican 1000 peso coin is significant in the numismatic history of Mexico. It’s the first in the nation’s series of peso coins with the renowned Sor Juana Inés de la Cruz on the reverse. The series was the final 1000 peso coin series before the famous revaluation of Mexican currency.
But now that the Mexican peso has a different value, how much is an old 1988 Mexcan 1000 peso coin worth today? Is it obsolete and does it hold absolutely no value now?
Today, we’re going to talk about the 1988 Mexican 1000 peso coin value and history. If you want to learn more about this lovely coin, keep reading.
|1988 Mexican 1000 Peso Coin Value Chart|
|Mint Mark||Very Fine||Extremely Fine||MS60 Uncirculated||MS63 Select Uncirculated|
|1988 “MO” Mexican 1000 Peso Coin Value||$0.90||$2||$4.25||$5.75|
History of the 1988 Mexican 1000 Peso Coin
The 1988 Mexican 1000 peso coin is a massive, aluminum-bronze coin with a diameter of 30.5 mm and a thickness of 2.81 mm. It’s satisfyingly heavy at 15.17 grams, thanks to its composition of copper, aluminum, and nickel.
This series was minted from 1988 to 1992, right before the Mexican peso was revalued into the “nuevo peso.” That means the 1988 issue was the very first of its kind.
Here on Coin Value Checker, we usually talk about U.S. history and how it affects the mintage of the nation’s coins. But today, let’s take a deep dive into the tumultuous history of Mexican currency to explain why the Mexican 1000 peso coin only ran for five years.
In the 1980s, Mexico, along with other Latin American countries, fell into more and more debt. This Put their economy under a lot of pressure. The country was forced to borrow even more foreign money to make up for these debts.
As a result, their home currency, the Mexican peso, became insanely overvalued. Its exchange rate become too high in comparison to other foreign currencies—higher than what it was actually worth.
In 1993, the Mexican government announced that it was going to revalue the Mexican peso and introduced the “nuevo peso” in an attempt to fix its economic problems.
This new monetary currency removes three zeroes from the old one. So, what was once 1,000 Mexican pesos (MXP) would now be valued at just one nuevo peso (MXN). Today, that is equal to about $0.05 in USD.
This is why the Mexican 1000 peso coin that first ran in 1988 concluded its series in 1992—the year before the official devaluation of MXP.
1988 Mexican 1000 Peso Coin Design
Now that you know why the 1988 Mexican 1000 peso coin is no longer in use, let’s delve into how this beautiful coin looks.
1988 Mexican 1000 Peso Coin Obverse
In U.S. coinage, a coat of arms is typically seen on the reverse of a coin. However, it’s quite the opposite in Mexican coins. The Mexican coat of arms is seen on the obverse of most if not all the country’s coins, including the 1988 Mexican 1000 peso coin.
The obverse of the coin shows the national emblem or coat of arms of Mexico. A golden eagle sits perched on a cactus as it powerfully devours a rattlesnake.
This symbol is a visual representation of an old legend that the Aztec people will claim the land where they see an eagle biting a snake over a lake.
The bottom of the obverse side shows a wreath of half laurel and half oak. At the top, “ESTADOS UNIDOS MEXICANOS” is written. This can be translated to “United Mexican States.”
1988 Mexican 1000 Peso Coin Reverse
Now, we turn to the reverse of the coin. The reverse side is where Mexican coins differ. On the 1988 Mexican 1000 peso coin, we see a portrait of Sor Juana Inés de la Cruz, also known as Sister Joan Agnes of the Cross. Under her portrait, her name “Juana de Asbaje” is written.
Sor Juana Inés de la Cruz is a renowned nun and feminist icon in Mexico for her literary works. These include a poem called “First, I Dream” published in 1692, as well as plays like “Love is a Labyrinth” and “The Divine Narcissus,” both written in the 1680s.
To her left, we see the denomination $1,000 and the year of mintage 1988. And to her right, we see the mint mark “MO,” which represents La Casa de Moneda de México—the Mint that has been producing the nation’s coins since the 1500s.
Check out how this beautiful coin looks on the obverse and reverse (and other cool fun facts about its history) in this clip by The Coin Dictionary: https://www.youtube.com/watch?v=4CFZBLQzaFg
1988 Mexican 1000 Peso Coin Value
Over 229 million Mexican 1000 peso coins were minted in 1988, making it a popular coin in people’s pockets as change.
If the coin were still in circulation today, its new face value would be $1 MXN, which is equal to five cents in the U.S. But because this is an old, historic coin, its value has increased today. They’re not worth just five cents—that’s for sure.
In very fine condition, the 1988 Mexican 1000 peso coin is worth around $0.90 USD today. That’s 18 times its face value if it were adopted into modern-day MXN currency! And in extremely fine condition, this price more than doubles at $2 USD.
Of course, in mint-state condition, a 1988 Mexican 1000 peso coin will be worth a greater value. An uncirculated MS60 1000 peso coin with beautiful luster but with some noticeable contact marks can be sold today for around $4.25 USD.
Meanwhile, an MS63 uncirculated coin with little to no contact marks and hairline scratches is priced at $5.75 USD.
These values may sound very small to some, but remember that MXN is lower in value than USD, and MXP is even lower than that. At MS63, the value of a 1988 Mexican 1000 peso coin is over 100 times its face value!
These values are astonishing considering this coin has been out of circulation for 30 years now, especially if you think about its face value which is equal to just five U.S. cents.
Proof issues of the Mexican 1000 peso coin will be more expensive. Some of the rarest coins in this series were minted in 1990. That year, only two Mexican 1000 peso proof coins were struck. Today, these two pieces are the most expensive in the entire series at over $500 apiece.
1988 Mexican 1000 Peso Coin Grading
Do you have a 1988 Mexican 1000 peso coin sitting around at home? The best way to go about checking how much it costs today is by getting it coin-graded by a professional. Circulated coins are less valuable and uncirculated, mint-state ones are where the money is at.
However, this can be quite expensive. If you have a knack for assessing coins, you can estimate its grade on your own. Here are some notes on each coin grade category to help you find your 1988 Mexican 1000 peso coin’s accurate grading:
- Circulated: These coins were in public circulation until 1992. They will be well-worn with light to heavy wear. Some of the design elements may look flat and indistinct.
- About Uncirculated: These are the halfway mark between circulated and uncirculated. They will have a few traces of wear, but for the most part, the design will be intact and bold. Wear will be visible only at the high points of the coin, like Sor Juana Ines’ nose.
- Uncirculated: These coins will have their original mint luster intact, giving them a glistening shine. The design elements will have bold, distinct lines. You won’t see any flattening of the elements here, even those with high points. There might be one or two contact marks.
1988 Mexican 1000 Peso Coin Errors
There are currently no known errors for the 1988 Mexican 1000 peso coin. Although it had quite a high mintage and has been collected by numismatists for years, no one has come across a noticeable mint error—or at least one that captured the attention of the coin-collecting community.
What is a 1000 peso coin worth?
Back when it was in circulation, this coin was worth $1,000 MXP. However, after the Mexican peso was revalued into the “nuevo peso,” the value of this 1988 1000 Mexican peso coin became equivalent to $1 MXN only, which is about $0.05 in USD today.
What is a 1000 peso coin made of?
Although the coin had a shiny, gold hue, the 1988 Mexican 1000 peso coin was actually made of aluminum-bronze. It comprised 92% copper, 6% aluminum, and the remainder was nickel.
Does Mexico still use coins?
Yes, after the introduction of the nuevo peso (MXN) as the new currency of Mexico, Mexican coins were introduced into the monetary system. They have four different coins for 5-50 cents. There are also one-peso, two-peso, five-peso, ten-peso, and 20-peso coins today.
Is Philippine peso the same as Mexican Peso?
No. Although the Philippines and Mexico both call their currency the “peso,” they are not the same in value. One Mexican peso (MXN) is worth around 3.24 Philippine pesos (PHP).