According to About.com, Mexican coins include several different denominations of peso, as well as centavo coins, representing fractions of pesos. The most common denominations are the 50 centavo coin as well as the 1, 2, 5 and 10 peso coins. There are a number of additional denominations, as well as a series of commemorative coins struck through the years, but these are much rarer to find in everyday circulation.
A centavo is one-hundredth of a peso, much like the American penny's relationship to the dollar. There are 5, 10, 20 and 50 centavo coins in circulation as legal tender, although the smallest denominations are rarely encountered and disliked due to their relatively small value. Peso coins come in denominations of 1, 2, 5, 10, 20 and 50, although it is rare to find 20 and 50 peso coins used in daily transactions.
Mexico has twice issued a 100-peso commemorative coin, but these often find their way into the hands of collectors. Many Mexican coins bear an image of the Sun Stone, the Aztec calendar stone on display at the National Museum of Anthropology in Mexico City.
For large cash transactions, Mexicans usually use paper money, with bills denominated up to 1000 pesos.