Escondido, a retailer based in the DUMBO district of Brooklyn, announces that it will begin to accept the Mexican peso as payment at its store as of October 1.
“This is both a vote of confidence inMexico, as well as recognizing the ascendance of Mexicans in theUnited States,” proprietor Dr. Maurice Shrem said.
“We have found that an increasing number ofNew Yorkclients open their wallet and have both U.S. dollars and Mexican pesos, and we naturally began to accept either currency – or combinations of both – for payment, so this is a natural evolution for us,” he added.
“It’s a natural response to the laws of market forces.”
Accepting Mexican pesos is consistent with American history. The Mexican peso, which was often called the “Spanish dollar,” was widely used in theUnited States, by decree, from July 6, 1785 until February 21, 1857. The value was established based on its weight in silver.
“For almost three-quarters of a century, the Mexican peso was legal tender in the U.S.,” Dr. Shrem said. “We are choosing to use it once more.”
Escondidocarries artisanal and artistic objets d’art, including a wide selection of works of art by the famed Oaxacan artist Francisco Toledo as well as pieces by Mexican designer Sami Hayek, brother of glamorous Mexican actress Salma Hayek.
“If using the Mexican peso was good enough for George Washington, Thomas Jefferson and Benjamin Franklin, it certainly is good enough for us,” Dr. Shrem added.
Escondidono longer accepts the European Monetary Unit, or Euro, for payment.
