[pey-soh; Spanish pe-saw]
noun, plural pesos [pey-sohz; Spanish pe-saws] .
a coin and monetary unit of Chile, Colombia, Cuba, the Dominican Republic, Guinea-Bissau, Mexico, and the Philippines, equal to 100 centavos.
a coin and monetary unit of Uruguay, equal to 100 centesimos.
a former monetary unit of Argentina, equal to 100 centavos: replaced by the austral in 1985.
a former silver coin of Spain and Spanish America, equal to eight reals; dollar; piece of eight; piaster.

< Spanish: literally, weight < Latin pēnsum something weighed, noun use of neuter of pēnsus, past participle of pendere to weigh Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
peso (ˈpeɪsəʊ, Spanish ˈpeso)
n , pl -sos
1.  the standard monetary unit, comprising 100 centavos, of Argentina, Chile, Colombia, Cuba, the Dominican Republic, Mexico, and the Philippines; formerly also of Guinea-Bissau, where it was replaced by the CFA franc
2.  the standard monetary unit of Uruguay, divided into 100 centesimos
3.  another name for piece of eight
[C16: from Spanish: weight, from Latin pēnsum something weighed out, from pendere to weigh]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

"Spanish coin," 1555, from Sp., lit. "a weight," from L. pensum, properly pp. of pendere "to hang, to cause to hang" (see pendant). Formerly either of silver (peso de plata) or gold (peso de oro).
Online Etymology Dictionary, © 2010 Douglas Harper
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Encyclopedia Britannica


the monetary unit of several Latin American countries and the Philippines; it is divided into 100 centavos. The peso was introduced into Spain by the monarchs Ferdinand and Isabella, who reformed the Spanish coinage system in 1497; it did not come into common use, though, until the time of Charles I (the emperor Charles V)

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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Example sentences
By that time, the weak peso had created a growing tourism boom that had infused
  the city with new energy.
Third comes the peso convertible, a piece of scrip with a value pegged to that
  of the dollar.
So almost everyone scrambles to make an extra buck or peso.
The government's policy of keeping the peso artificially cheap means that wages
  in dollars are low, checking the inflow.
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