How silver is priced in Mexico
In Mexico silver is quoted in pesos per troy ounce (onza troy) — the size of the popular Libertad coin — and per gram or kilo for bars and .925 jewellery. The figures on this page are international spot silver converted at today's USD/MXN rate: the metal value before IVA where it applies, bank or dealer spreads, and workmanship.
IVA: Libertad coins exempt, bars and jewellery 16%
Article 9, fraction VI of the Ley del IVA exempts the sale of national and foreign currency, gold or silver pieces that have been currency, and pieces called onza troy. That covers the silver Libertad, a legal-tender coin of the Banco de México. The separate exemption for retail sales of ingots of at least 99% purity (fraction VIII) applies to gold only, as does the 0% rate for gold and gold jewellery not sold at retail. Silver bars, silver jewellery and silverware therefore carry the general 16% IVA when sold by a business.
The Libertad and how banks price it
The Libertad has been struck in silver since 1982 by the Casa de Moneda de México. Every coin is .999 fine silver and has no face value but is legal tender, its value set by its metal content. The 1 oz coin is 40 mm across, and the range runs from 1/20 oz to 5 oz plus a 1 kilo piece. The Banco de México authorises official sellers, and banks such as Banco Azteca and Banorte publish daily compra (buy-back) and venta (selling) prices that follow international silver and the peso–dollar rate, with a spread between the two.
The world's largest silver producer
Mexico mines more silver than any other country. According to the Silver Institute's World Silver Survey 2026, Mexican mines produced about 173 million ounces in 2025 — roughly a fifth of world output, ahead of Peru and China — although production fell for a third consecutive year. Local mining does not create a separate domestic price, however: banks, dealers and jewellers all price silver from the international spot price in dollars, converted at the day's exchange rate, which is why the peso price can rise when the peso weakens even if world silver is flat.
Plata .925 and Taxco
Mexican silver jewellery is usually plata .925 (sterling). Under standard NOM-033-1-SE-2020, in force since June 2022, only articles of at least 925 parts per thousand may be sold as silver, with a tolerance of 10 parts. Pieces must be stamped "925", "Sterling" or "Ag", with a registered maker or importer mark and the country of origin, such as "MX". Taxco, in Guerrero, is the country's silver town: American designer William Spratling opened a workshop there in 1931 that revived the craft, and the Feria Nacional de la Plata is held every November.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.