Collecting a BANCO DE MEXICO Small Notes Series Denomination Set

as engraved by the

American Bank Note Company

Mexican Banknotes Values

Unlike obsolete US Currency which has never been demonetized, Mexican Banknotes from past eras are literally no longer worth the paper they’re written on, but some have numismatic value depending on their rarity. The series dates of the examples in this program indicate that most are fairly common and still are very inexpensive even in Gem CU condition. And there’s the beauty of it. So much history, culture and artistry for very little cost.

Founding of the Bank of Mexico

While the idea of creating a federalized Mexican Banking System had been broached as far back as 1857, the realization of this concept did not occur until 1925. On August 29 of that year El Banco de Mexico S.A. (“Sociedad Anonima”, meaning ‘incorporated’) opened for business with sufficient gold reserves to support a capitalization of 100 million pesos.

El Banco de Mexico and the American Banknote Company

Since its inception the Bank of Mexico is the only agency to issue Mexican paper money for all the various states that make up the United States of Mexico.

The role of the American Banknote Company went beyond printing just United States currency. It also made banknotes for several foreign countries including Mexico going back to the late 19 century. The ABNC produced artistic portraits and scenic vistas (i.e., vignettes) relative to the period of issue for the private, state and eventually the federal Bank of Mexico continuing well into the 1970’s.

The Bank of Mexico in Mexico City

The earlier large size Mexican federal currency is expensive today but the small notes which began with the 1936 issues are much more affordable.

Originally there were supposed to be ten denominations of federal Mexican banknotes placed in circulation; one of them being a Series 1920 2 Pesos note in the large size format but while some specimen notes exist and are pricey today, these were never released. The denominations that were issued were the 1 Peso, 5 Pesos 10, 20, 50, 100, 1,000 and 10,000 pesos and all are collectible in Gem CU from the late 1950’s through the 1978 series.

The One Peso Banknote

The face of the 1 Peso note shows the Aztec Calendar. The Issue displays the exact day each series went into effect.

This note represents Series November 8, 1961

Three signatures appear on these banknotes.

The Aztec calendar was arranged in two formats; agricultural and ritual. The former was a 365 days cycle based on the sun and the latter was a day

cycle of 20 days representing a month consisting of a 260 day year with the combination of both

representing a 52 year ”century”.

The Back of the 1 Peso note

Shown at center is the Independence Monument.

This appears on several Mexican banknotes.

Both sides of the 1 Peso Note

The 5 Pesos Banknote

The face of the 5 Pesos note shows what appears to be a Gypsy woman

festooned in jewelry.

Who was the woman on the 5 Peso note?

Rumors suggest that the woman

On the 5 Pesos note was Gloria

Faure, a Catalonian entertainer

who was an active performer in

1925. She may have been the

mistress of the Finance Minister, Alberto J. Pani and even that of then Gloria Faure

Mexican President Plutarco Elias Calles.

In actuality, the engraving was based on Robert

Savage’s “Ideal Head of an Algerian girl” in 1910.

The back of the 5 Pesos Note

The back displays the same Independence Monument as on the 1 Peso note.

Both sides of the 5 Pesos note

This note represents Series May 20, 1959

The 10 Pesos Banknote

A Tehuana woman is shown on the 10 pesos note but there is a story behind this as well.

Who was the woman portrayed on the 10 Pesos note?

The woman has been identified as Miss Estella Ruiz Velaquez who was a beauty queen posing in a traditional Tehuana outfit in 1936. She

was a school teacher by profession, idolized for a time by her fans but never married. She died penniless at the age of 92 in 2004.

The back of the 10 Pesos note

The back of the 10 Pesos note depicts the road to Guanajuato in 1828

Both sides of the 10 pesos note

Series date January 25, 1961

Frida Kahlo, Mexico’s greatest female artist in 1944 sitting beside her self portrait as a Tehuana woman.

The 20 Pesos Banknote

The woman portrayed on the 20 Pesos notewas Josefa Ortiz de Dominguez

(AKA “La Corregidora”)

Who was Josefa Ortiz de Dominguez?Josefa Ortiz (1768-1829) was

orphaned in infancy but as a daughter of an army captain who died in battle was given an excellent education in a prestigious school, later rising to prominence as an intellectual thinker and benefactor. In 1791 she wed Miguel Dominguez who became the magistrate in the city of Querétaro; thus becoming “La Corregidora”. Sympathetic to the Independence movement, she was able to warn Father Miguel Hildago, leader of the insurgency in 1810 that the Spanish officials were preparing to round up their arms and all the rebels living in the area. She was betrayed, then arrested and spent the next eleven years confined in a strictly run convent before being released after independence was won in 1821. Today “La Corregidora” is honored as “the heroine of Mexico.”

The back of the 20 pesos note

The back features theCourtyard of the Federal Palace.

Both sides of the 20 Pesos Banknote

Series of May 10, 1967

The 50 Pesos Banknote

Ignacio de Allende appears on the face Of the 50 Pesos Banknote

Who was Ignacio Allende?

Ignacio José de Allende y Unzaga (1769-1811) was a Captain in the Spanish Army but became sympathetic to the Independence Movement, attending secret meetings arranged by Josefa Ortiz de Dominguez. He succeeded Hildago after his death but was himself captured in Chihuahua and executed by Spanish authorities there,

The Back of the 50 Pesos note

The back of the 50 Pesos note again features the Independence Monument

Both sides of the 50 Pesos note Series July 22,1970

The Face of the 100 Pesos Note

Michael Hildago, father of the Mexican Independence Movement

Hidalgo is regarded as the Father of the Mexican War of Independence but from whom?

Miguel Hidalgo y Costilla (1753-1811) was a father as a Priest who also fathered two daughters out of wedlock and later came to be known as the father of his country. With the help of Captain Ignacio Allende, he built up a peasant army of over 100,000 and won several victories over Loyalist Spanish forces before finally being betrayed, captured, and executed. Ironically, he initially intended to get rid of the Spanish forces in Mexico loyal to Napoleon Bonaparte and not the deposed Spanish King Ferdinand VII.

The back of the 100 Pesos Note

The featured vignette is a depiction of

the 1921 100 Pesos gold coin.

Both sides of the 100 Pesos noteSeries - February 17, 1965

The 500 Pesos Banknote

The front of the 500 Pesos features the portrait of José Morales

Morales was another hero of the Mexican War of Independence

José Maria Morelos (1765-1915) an ordained Priest since the age of 33, decided to join Hidalgo’s Independence movement becoming an active leader and tactician of the Rebel forces. After the death of Hidalgo he rose to the rank of Generalissimo, winning several strategic battles. He also made a number of liberal reforms before being captured in 1915, tried and shot.

The back of the 500 Pesos note

The large building on the 500 Pesos note is the Palace of Mining

The Actual Palace of Mining

The palace of mining is an masterful example of Neoclassic architecture. Situated in Mexico City, it was built in 1808. The sketch dates from 1840.

Both sides of the 500 Pesos note Series January 18, 1978

A 500 Pesos Specimen Note

What is a Specimen Note?

A specimen note is essentially a trial example of a new design or modification of an existing design type. As such it is not intended for circulation. There are no signatures or serial numbers above zeroes and most are holed in three places as shown. At the time, I was unable to find a 500 Pesos except for this Specimen note shown on the previous slide.

Specimen and Circulation 500 Pesos notes

The 1,000 Pesos Banknote

Cuauhtémoc appears on the 1,000 Pesos

Who was Cuauhtémoc?Cuauhtémoc (Falling Eagle) 1502-1525) was only 18 when he became the Aztec ruler in 1520 and 1521. He fought bravely despite the overwhelming military technology of Cortez’s men and was defeated. Cortez respected him as a brave warrior but some of the conquistador's advisors wanted Cortez to execute him which occurred after extended torture in 1525.

The back of the 1,000 Pesos

The back shows the famed Chichenitza Pyramid located not very far from Cancun.

Both sides of the 1,000 Pesos Series date - Feb. 18, 1977

The face of the 10,000 Pesos Banknote

Matias Romero appears on the 10,000 Pesos, Mexico’s highest denomination.

This is a specimen note.

Who was Matias Romero?Matias Romero

Avendano (1837-1898) had an extensive career as Mexico’s Finance Minister and served as Secretary of the Treasury in the Mexican government three times. He also served as a major diplomat to the United States meeting with Abraham Lincoln, U.S. Grant and members of the McKinley administration. He was a supporter of liberal causes for the Mexican people throughout his life. He died while in New York City in 1898.

The back of the 10,000 Pesos note

The back features Mexico’s National Palace.

The National Palace, located on the Plaza of the Constitution on the main square in

Mexico City.

Both sides of the 10,000 Pesos Specimen Note

Cost factor compared with Obsolete US Notes

Unlike obsolete US notes, large or small size which still retain their face value, many foreign currencies have demonetized their bank notes due to inflation or merely a change in design type. If many of these have already been printed prior to the new issue, the unused now worthless obsoletes will flood the numismatic market driving down the cost to the collector. As a result a complete Gem CU set of Mexican small size note should average no more than $5.00 per note except for the Specimen trial notes which saw limited production.

-The End-