2 Nuevos Pesos

The 1992 nuevo peso series was introduced as part of a redenomination that dropped three zeros from the old peso — one new peso equaled 1,000 old ones. The reform was a direct response to decades of accumulated inflation that had left the original unit functionally meaningless for everyday transactions. What the redenomination could not fix was the underlying fiscal pressure, and by late 1994 the currency was in crisis again, with the peso collapsing nearly 50% against the dollar in what economists later called the "Tequila Crisis."

The bimetallic format was itself new to Mexican coinage at this point, introduced partly for anti-counterfeiting reasons at a denomination that had become genuinely useful again after redenomination.