Mexico City — Millions of Mexicans are stashing away 50-peso banknotes rather than spending them, pulling an estimated 490 million pesos out of circulation, according to a new survey by the Bank of Mexico (Banxico).
The study found that more than 11 million people regularly collect or save the note, with about 68% of them holding between one and five bills. The main reason cited is the bill’s design, which has captured public interest since its launch.
The 50-peso note, part of Banxico’s G family, features an axolotl and the Xochimilco ecosystem on the reverse, while the obverse depicts the founding of Mexico-Tenochtitlan. Half of survey respondents said they consider it the most attractive banknote currently in circulation in the country.
This preference has led to millions of pesos being stored in homes, albums, drawers, or wallets instead of returning to the financial system through everyday use.
Banxico’s data shows that 93% of those surveyed have at some point held a 50-peso bill. However, only 75% said they use it for payments, while 23% prefer to keep it and another 4% collect it regularly.
Online sales reach millions
The interest has also spilled into e-commerce platforms, where some sellers list the bills at prices far above face value. Listings for consecutive serial numbers or presumed printing errors have reached up to 1.5 million pesos, though actual sale prices are not confirmed.
Since its release in October 2021, the 50-peso bill has earned several accolades. In 2022, the International Bank Note Society named it “Banknote of the Year” for its design, making it a prized piece among collectors and numismatics enthusiasts.
Earlier rumors that Banxico would stop printing the note due to hoarding were denied by the central bank, which said it never planned to discontinue production. The institution continues to issue the 50-peso bill as part of the country’s monetary circulation.
The survey also found that most people who keep the bill do so for personal enjoyment or as a keepsake, with only a small proportion hoping to profit from a future sale.
