Seems like, all around, naming your currency “Peso” is not a recipe for wealth creation.
(They could rename it to something with a bit more clout. I believe “Deutschmark” is currently free for the taking.)
I think you're on to something. Maybe they should have called it the 'Pepe'.
If you look into the derivation of so many currencies, modern and ancient, you see that the come from a designation of weight. The British 'Pound', the Italian Lira, the Biblical Talent as well as the Peso all started with a concept of a weight of precious metal. Then along come governments who inflate and devalue the concept into meaninglessness!
An interesting factoid for non-numismatists, the reeded edges of US Coins greater than the Nickel, were an anti-devaluation guard against 'shaving' of silver & gold coins. Prior to this minting technique, a bit of money could be 'made' by shaving (lightening) a large number of bullion coins. With the reeding, the marred coin is obvious and unacceptable.
Reales worked pretty good...