Seven countries have the peso as their currency: Argentina, Chile, Colombia, Cuba, Mexico, Uruguay & Philippines. However, they are only accepted within their own country. A Cuban peso is not accepted in any of the other countries as legal tender.This holds true in all cases. You have to go to a currency exchange to convert your country's peso into the peso of any of the other countries.

Originating in the Spanish Empire, the word peso translates to "weight". In most countries of the Americas, the symbol commonly known as dollar sign, "$", was originally used as an abbreviation of "pesos" and later adopted by the dollar. The dollar itself actually originated from the peso or Spanish dollar in the late 18th century. The sign "₱" is used in the Philippines.

More Info: en.wikipedia.org