Mexican peso worthless?

FAIRBORN, Ohio (WDTN) - Elizabeth Woodward's trip to Texas didn't go according to plan.

"When I went down to Texas I wanted to go across the border but back in February, I don't know if you remember or not and even know there's a lot of drug wars going on." So she decided not to cross the border.

Her grandmother, who she was visiting at the time, felt bad and gave her a Mexican peso.

"That was as close as I could get to anything Mexican and she wanted to give me something for my souvenir."

It's a 2000 dollar peso. Woodward thought she'd cash it in to put some money in her pocket.

"So, I took it to my bank, thinking they would know what it was worth cause I didn't know what it was worth and I thought they could help me cash it. Which they did they gave me the cash right then and there."

It wasn't a small amount of change.

"That Mexican peso in US dollars equals a hundred and forty six dollars and twenty two cents."

Well, that's what her bank told her two months ago when she made the exchange. Some time later, her bank figured out something was wrong with her dinero.

"Friday they gave me a phone call asking me to come to the office and either give them a hundred and forty six dollars and twenty two cents or by the end of the day they would debit my account." Woodward goes on to say, "I had no idea that there was a expiration date on any kind of money."

According to Chase bank, that's not exactly true. In a statement, bank officials say, "The currency is not expired but rather worthless. Mrs. Woodward's $2,000 Mexican Pesos considered 'old' currency (MXP) are worth $0.20. With such a low value, the banks won't buy them anymore." Chase also told me that in the 1990's the Mexican Central Bank changed from El Banco de Mexico to Banco de Mexico. That simple name change, altered the denominations from larger to smaller currency...making this bill worthless.

Chase bank says this was a data entry error. The teller inputted the wrong code resulting in inaccurate pricing. Chase admits it is very difficult to tell the difference between these two similar currencies. When trading foreign currency, it is best to go to a currency exchange store.