Banco de México will redeem all obsolete banknotes, issued by the Bank, and that are not used anymore in trade.
For notes issued between 1932 and 1992, because of the hyperinflation that occurred in those days, the Bank will accept the note and redeem it in current pesos, that is, with three zeros less (a $10,000 peso note of those days will become $10 current pesos, or $100 pesos from those days, will become 10 cents).
The notes from the New Pesos period (1992-1996) will simply be exchanged on a 1:1 basis (100 new pesos note from 1995 is 100 pesos from 2013).
And taking about coins: coins in cents and pesos are legal tender for all PRIVATE debts as long as they aren't in excess of 100 pieces of each denomination (say, you can pay someone with 100 pieces of $5 and 100 pieces of $10). All government offices (taxes, customs, and so on) are obliged to accept coins in any amount (it would be nice, just to bother, to pay them with 20000 pieces of 10 cents).