2 Peso Mexico Gold Coin | 1919-1948

2 Pesos, Mexico

1.666 g gross, 900 fine, 1.50 g of pure gold, 13 mm across. The smallest coin in the Mexican gold series.

Specifications

There is no Hidalgo on this coin

The 5 Pesos and the 2.5 Pesos carry the bust of Miguel Hidalgo. The 2 Pesos does not. Its reverse shows the denomination inside a wreath with the date and the Mo mintmark, and nothing else. A number of dealer guides describe a Hidalgo portrait on this coin; there is none.

The obverse is the same as the rest of the series: the arms of Mexico, the eagle on a cactus devouring a serpent, with ESTADOS UNIDOS MEXICANOS.

Restrikes, and why the date matters

Mexico restruck these coins for decades with a frozen date, at the Casa de Moneda in Mexico City. Most examples on the market carry that one date and were struck years after it. They are official government issues, not copies, and they contain exactly the gold stated — but they are not scarce, and they should not be priced as though they were.

If you want a genuine circulation-era piece, the date on the coin is what tells you.

The smallest of them all

At 13 mm and one and two thirds of a gram, this is close to the lower limit of what can be struck as a circulating coin. The premium per gram is the highest in the Mexican series, and that is simply the cost of buying gold in this quantity.

Exactly 900, and why that matters

HMRC’s test for gold bullion is a fineness of not less than 900 thousandths. This coin is exactly 900. It clears the threshold, but with nothing to spare — a coin a shade below that line would attract VAT as a collectable rather than being treated as bullion gold.

VAT and UK capital gains tax

HMRC treats a coin minted after 1800 as bullion gold if it is at least 900 thousandths fine, is or has been legal tender in its country of origin, and normally sells at no more than 180 per cent of the open market value of its gold (VAT Notice 701/21A). The 2 Pesos is 900 fine, was Mexican legal tender and is sold close to the gold price, so it meets all three tests.

Capital gains tax is a separate matter. The UK exemption follows sterling legal tender, so it covers Sovereigns and Britannias but not a Mexican coin. This is a statement of the published rule, not tax advice — your own position depends on your circumstances.

Questions buyers ask

Is Hidalgo on this coin? No. The 2 Pesos shows the value in a wreath. Only the 5 and 2.5 Pesos carry the Hidalgo portrait.

How much gold does it contain? 1.50 g of pure gold in a 1.666 g coin.

Are restrikes genuine coins? Yes. They were struck at the Mexican state mint from official dies.

Which date will I receive? A mixed date as available. Most stock carries the restruck date.

Authenticity checked at GoldInvest24 before dispatch. Other sizes are on the historic gold coins page. Live quotes on the precious metals prices page.