The Mexican peso (MXN) is the official currency of Mexico, introduced in 1863 to replace the Spanish colonial real, and is subdivided into 100 centavos, with banknotes issued by the Bank of Mexico featuring vibrant cultural imagery. Tracing its roots to the 16th–19th century Spanish dollar, the peso once served as a global reserve currency and was legal tender in the United States (until 1857) and China (until 1935), even modeling the U.S. dollar. Today, it ranks as the 16th most traded currency worldwide and the most traded in Latin America. The currency underwent a major revaluation in 1993, changing its code from MXP to MXN (for "new peso"), after being formally defined in gold in 1905. The name "peso" means "weight" in Spanish, reflecting its historical silver and gold coinage roots, and is also used by several other countries like Argentina, Chile, and the Philippines.