Countries that Use Pesos 2024
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What is a peso?

A peso is a unit of currency, similar to the dollar, pound, franc, and euro, which is common throughout North America and South America. The word peso translates to "weight" in Spanish. In many countries, both pesos and US dollars are accepted as a medium of exchange for goods and services. Although the dollar and the peso are two separate currencies with vastly different values, both use the $ sign and the words peso and dollar may be used interchangeably in some regions, which can be confusing to travelers.

What Countries Use the Peso?

Pesos are the primary form of currency in several Spanish-speaking countries in the Americas, as well as the Philippines. Each country mints its own version of the peso. Argentine pesos, for example, have a different appearance and value than Mexican, Cuban, or Chilean pesos.

Countries that Currently Use Pesos:

CountryCurrencyISO 4217 code$1 USD (15 Nov 2022) =ArgentinaArgentine pesoARS162.12 ARSChileChilean pesoCLP885.60 CLPColombiaColombian pesoCOP4,805.98 COPCubaCuban pesoCUP24.01 CUPDominican RepublicDominican pesoDOP54.25 DOPMexicoMexican pesoMXN19.38 MXNPhilippinesPhilippine pesoPHP57.25 PHPUruguayUruguayan pesoUYU40.02 UYU

Where did the peso come from?

The original pesos were silver coins minted in Spain in 1497, with a weight roughly equivalent to 25.56g of fine silver. Spanish explorers brought the peso to Latin America, where a simplified manufacturing process was adopted: Silver was formed into a bar, which was then sliced into small pieces that were then hammered into rough, irregular coins. The peso manufacturing process was standardized and mechanized by Spanish laws in 1728 and 1730, which slightly reduced the amount of silver in a peso to 24.809g and created a perfectly round, officially minted coin. This updated peso was known in North American colonies by names including a piece of eight, Spanish dollar, and Mexican dollar.

Although it was the world's most popular coin for international trade in the 1700s, the peso gradually fell out of use in Europe in the 1800s, and was eventually replaced in Spain by the peseta in 1868. The coin retained its popularity in the Americas, however, from which it had spread across the Pacific to the Philippines. In fact, the "Spanish dollar" was accepted as legal currency in the United States until 1857.

Countries that previously used the peso

Multiple countries used the peso at some time in their history, but have since switched over to another form of currency. As previously mentioned, Spain invented the peso, but eventually replaced it with the peseta in 1868, which itself gave way to the euro in 2002. Additional countries that previously used the peso include Panama, Costa Rica, and Nicaragua.

CountryPeso TypeYear ReplacedCurrent CurrencyISO 4217 codeBoliviaBolivian peso1986Bolivian bolivianoBOBCosta RicaCosta Rican peso1896Costa Rican colónCRCEcuadorEcuadorian peso1884US dollarUSDEl SalvadorSalvadoran peso1919US dollar/BitcoinUSD/BTCEquatorial GuineaEquatorial Guinean peso1975Central African CFA francXAFGuatemalaGuatemalan peso1925Guatemalan quetzalGTQGuinea-BissauGuinea-Bissau peso1997West African CFA francXOFHondurasHonduran peso1931Honduran lempiraHNLNicaraguaNicaraguan peso1912Nicaraguan córdobaNIOParaguayParaguayan peso1943Paraguayan guaraniPYGPeruPeruvian peso1863Peruvian solPENPuerto RicoPuerto Rican peso1900US dollarUSDSpainSpanish peso1869EU euroEURVenezuelaVenezuelan peso1874Venezuelan bolívarVEF

Is the Peso Worth a Lot of Money?