As one of the oldest currencies in North America, the original Mexican Peso followed the design of the Spanish silver dollar and eight-piece. It was an official legal tender in both USA (until 1857) and Canada (until 1854). The Peso was the descendant of the original eight pieces that the Spanish government had issued in Mexico, which Mexico continued to use as currency after independence. Originally a stable and safe currency, it helped inspire the design of the American Dollar, which was released at par with the Mexican Peso. In 1993, after several years of inflation and devaluation, the Bank of Mexico changed its monetary policies and introduced a new currency called the Nuevo Peso (New Peso). The value changed with 1,000 old Pesos becoming one Nuevo Peso. In 1996, the term 'Nuevo' was dropped, and it is now simply referred to as the Mexican Peso (MXN).