The Golden Eagle is the official bird and symbol of Mexico, and its imagery dates back to pre-Colombian codices of the Aztecs. However, it is very likely that the actual bird is the Northern Caracara, a falcon.
In 1968, the summer Olympics were held in Mexico City, and this coin was issued to commemorate that event. Did it circulate at the time? Not likely, although, it does have a fair amount of silver in it so I am sure it was used to pay for something somewhere.
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