Item number: A2160

Year: AD 1978

Material: Silver (.720)

Size: 38.9 x 38.9 x 2.7 mm

Weight: 27.75 g

Manufactured by: Mexico Mint

Provenance: Da Chen Stamps and Coins Collection 2015

This silver 100 pesos coin was minted by the Casa de Moneda de México and issued by the Banco de México in AD 1978.

The obverse features the national emblem of Mexico at its centre: a golden eagle perched upon a cactus growing from a rock emerging from a lake, with a serpent clutched in its beak. This emblem originates from an Aztec myth, in which the rock represents the original site of Tenochtitlán, the present-day Mexico City. Below the eagle, oak and laurel branches—symbols of victory in Greco-Roman mythology and frequently associated with republican ideals—are intertwined. Surrounding the design is the inscription “ESTADOS UNIDOS MEXICANOS,” the official name of the Mexican Republic.

The reverse depicts a front-facing bust of José María Morelos, wearing a cloak and headscarf, with a slight turn towards his right. Morelos, a Catholic priest, was also a national hero of the Mexican War of Independence. To the left of the portrait is the inscription “CIEN PESOS,” denoting the coin’s denomination. To the right is the year of issue, “1978,” and above it appears the mint mark “Mͦ,” signifying the Casa de Moneda de México. Along the bottom edge is the legend “PLATA PURA 20 Gr. LEY .720,” meaning “pure silver, 20 grams, 720‰ fineness,” indicating that the coin contains 20 grams of silver with a fineness of 72%. The coin has a reeded edge.

In the mid-1970s, the discovery of several oil fields propelled Mexico into a period of economic expansion. The government increased public expenditure, promoted infrastructure and investment projects, and achieved rapid real GDP growth, in part by borrowing abroad against projected future oil revenues. However, this growth was accompanied by mounting fiscal expenditure and credit expansion, which in turn led to rising inflation. Optimism regarding future revenues encouraged continued deficit spending, wage increases, and sustained subsidies, thereby fuelling a self-reinforcing cycle between price rises and money supply expansion. Monetary policy remained largely accommodative, resulting in low or even negative real interest rates, which discouraged savings and drove capital into real estate, foreign currencies, or other safe-haven assets. Consequently, the financial system faced capital flight, narrowing interest margins, and resource misallocation, which further undermined the investment climate. The issuance of a high-denomination silver coin such as the 100 pesos—explicitly marked with its silver content—may be interpreted as one of the government’s attempts to stabilise currency value and prices amidst inflation. The high face value reflected the erosion of real wages and purchasing power, rendering low-denomination currency impractical, while the explicit indication of precious metal content underscored a growing lack of public trust in the credibility of monetary policy.

José María Morelos (AD 1765–1815) was a key leader of Mexico’s independence movement. Originally a priest, he took up the cause following the uprising initiated by Miguel Hidalgo y Costilla and proceeded to lead a more organised military and political campaign. He advocated for the abolition of racial inequality, privileges of the elite, and slavery. In AD 1813, he proclaimed the “Sentimientos de la Nación” (“Sentiments of the Nation”), a foundational document that called for national independence, the separation of powers, and the protection of civil rights, laying the groundwork for Mexico’s constitutional development. Captured and executed in AD 1815, Morelos became a martyr, and his vision and actions left a lasting influence on the course of Mexican independence, earning him enduring recognition as a national hero.

物件編號: A2160

年代: 公元 1978 年

材質: 銀 (720‰)

尺寸: 38.9 x 38.9 x 2.7 mm

重量: 27.75 g

製造地: 墨西哥造幣廠

來源: 大城郵幣社 2015

此為墨西哥造幣廠(Casa de Moneda de México)所製造，墨西哥銀行(Banco de México)於公元1978年所發行的100披索銀幣。

金幣正面的中央是墨西哥國徽，為一隻叼著蛇的雄鷹佇立在一棵從湖中的岩石長出的仙人掌上。國徽取自阿茲特克人的神話，而神話中所敘述的岩石，便是特諾奇蒂特蘭城的原址，也就是如今的墨西哥城。下方的橡葉與月桂在希臘羅馬神話中象徵著勝利，也因此經常作為共和制的象徵。周圍的西班牙文「ESTADOS UNIDOS MEXICANOS」則為「墨西哥合眾國」的官方名稱。

銀幣背面中央為荷西·瑪麗亞·莫雷洛斯(José María Morelos)的正面半身像，身著風衣，頭戴頭巾，微側向人物的右手側。莫雷洛斯為一神父，同時也是墨西哥獨立戰爭中的民族英雄。人像左側為西班牙文「CIEN PESOS」，即幣值「100披索」。人像右側「1978」為發行年。發行年上方「Mͦ」為墨西哥造幣廠之註記。下方環繞西班牙文「PLATA PURA 20 Gr. LEY .720」，即「純銀，20公克，銀含量720‰」，意為「本銀幣銀含量720‰，合含純銀重20克」。幣稜為細齒(Reeded)狀。

公元1970年代中期，多個油田的發現，使墨西哥經濟一時進入榮景，政府擴大公共支出，推動基礎建設與投資計畫，實質國內生產毛額快速成長，並透過對外舉債預支未來的石油收益。然而，隨著財政支出與信貸擴張不斷加劇，通貨膨脹也日益嚴重。對未來收益的樂觀，導致政府財政赤字擴大、工資政策上調與補貼持續發放，使得物價上漲與貨幣供給之間形成惡性循環。貨幣政策多為被動因應，使得實質利率偏低甚至為負，削弱儲蓄誘因，導致資金轉往不動產、外幣或其他避險資產，金融體系出現資金外流、利差壓縮與資源錯置等問題，進一步衝擊投資環境。100披索的高面額銀幣，另直接標示銀含量，或許便是通貨膨脹中，政府嘗試穩定幣值與物價的措施之一。高面額暗示了通膨對實際工資與購買力的侵蝕，使低面額貨幣已不敷使用；貴金屬含量的直接標示，反向證明了政府貨幣政策的信用正在逐漸喪失。

荷西·瑪麗亞·莫雷洛斯(生卒公元1765至1815年)，是墨西哥獨立運動的重要領袖，原為神父，接續伊達爾戈(Miguel Hidalgo y Costilla)的起義後展開更具組織性的軍事與政治行動。他主張廢除種族不平等、特權階級與奴役制度，並於公元1813年發表《國族的信念》(Sentimientos de la Nación)，提出獨立建國、三權分立與民權保障等理念，為墨西哥憲政奠定基礎。公元1815年遭捕後殉道，但其思想與行動對日後獨立運動影響深遠，被尊為國族英雄。