noun
definition
Currency unit (hundredth of a peso) in Mexico
definition
A similar subdenomination of various other currencies.
Examples of centavos in a Sentence
The silver coins are the peso of loo centavos and its fractional parts of 20, 10 and 5 centavos.
The coinage of Mexico, now concentrated at the mint in the capital (all others having been closed) is based (since November 28, 1867) on the decimal system - the peso being divided into 100 centavos - and consists of gold, silver, nickel and bronze coins, whose weight and fineness are determined by the monetary law of 1904.
The bronze coins are of 22, 2, I, and 2 centavos.
The nickel coins are of;5 and 10 centavos, and the copper i and 2 centavos.
Depending on the distance, the trip costs 90 centavos for the first five kilometers, then 25 centavos for every further kilometer.
Such transactions are made easy by the foreign banks established in all the large cities of the republic. The conversion law of 1899, which gave a fixed gold value to the currency (44 centavos gold for each 100 centavos paper), has had beneficial influence on commercial transactions, through the elimination of daily fluctuations in the value of the currency, and the commercial and financial situation has been steadily improved, notwithstanding heavy taxation and tariff restrictions.
Nominally, the import duties are moderate, so much so that Bolivia is sometimes called a " free-trade country," but this is a misnomer, for in addition to the schedule rates of io to 40% ad valorem on imports, there are a consular fee of i-% for the registration of invoices exceeding 200 bolivianos, a consumption tax of 10 centavos per quintal (46 kilogrammes), fees for viseing certificates to accompany merchandise in transit, special " octroi " taxes on certain kinds of merchandise controlled by monopolies (spirits, tobacco, &c.), and the import and consumption taxes levied by the departments and municipalities.
The silver coins are of the denominations of 1 boliviano, or 100 centavos, 50, 20, 10 and 5 centavos, and the issue of these coins from the Potosi mint is said to be about 1,500,000 bolivianos a year.
This depreciation (10,000) was equivalent to a loss of 99% of the nominal value of the currency, a paper peso of loo centavos being worth only one centavo gold.