10 pesos 1903
Market Prices
About This Note
This is a 10 pesos banknote from the Banco Peninsular Mexicano (Yucatan Peninsula Bank) dated October 5, 1903, issued during Mexico's early 20th-century regional banking period. The note features classical allegorical engravings by the American Bank Note Company and displays significant aging with tan discoloration, multiple creases, and circulation wear consistent with VF grade. The red overprinting identifying it as 'Banco Peninsular Yucateco' and serial number 140696 are clearly visible, making this an interesting example of Mexican regional currency from the pre-Revolution era.
Common. While this specific Pick number (P-S459e) represents a regional issue with limited geographic circulation, the catalog data and eBay pricing indicate regular examples trade at accessible prices ranging from $99.95 to $450.00 USD depending on condition grade. The VF grade specimen observed falls well within the typical valuation range for circulated examples of this note. Regional Mexican banknotes from the 1903-1904 period were produced in substantial quantities by the American Bank Note Company, and while not abundant, they remain commonly available to collectors at modest price points. The presence of multiple price listings suggests consistent market availability.
The Banco Peninsular Mexicano issued currency during a period of decentralized banking in Mexico (1897-1904) when regional banks maintained the right to print their own notes under federal oversight. The allegorical imagery—featuring Minerva with laurel wreath, robed female figures representing national emblems, and a man feeding a horse—reflected classical republican iconography popular in late 19th-century Mexican design. This note was produced during the final years of the Porfiriato era, just a decade before the Mexican Revolution would fundamentally alter the nation's banking and currency systems.
The obverse features an ornate design with allegorical representations typical of Mexican currency design of the period. The left side displays a female figure (Minerva No. 3) wearing a laurel wreath, symbolizing wisdom and peace. The center contains a robed female figure holding a caduceus (winged staff), representing commerce and national emblems. The right side shows an additional robed figure, with a landscape vignette depicting buildings and architectural elements in the center. The reverse presents an intricate geometric and floral security pattern rendered in green tones, featuring repeating sunburst motifs, ornamental cartouches, and the bank name within a central frame. Large denomination numerals '10' appear in all four corners on both sides. The entire design is framed by complex decorative borders with geometric and floral elements characteristic of American Bank Note Company's security printing standards.
FRONT: 'YUCATECO' (From Yucatan); 'Banco Peninsular Yucateco' (Yucatan Peninsula Bank); 'Diez Pesos' (Ten Pesos); 'PAGARE' (Promissory Note); 'A LA VISTA AL PORTADOR EN EFECTIVO' (Payable on demand to bearer in cash); 'Nº 140696' (Serial Number 140696); 'MERIDA 5th Octubre de 1903' (Merida, October 5th, 1903); 'El Interventor' (The Auditor/Inspector); 'Gazero' (Cashier); 'El Director' (The Director); 'American Bank Note Co. New York' (American Bank Note Company, New York). BACK: 'BANCO' (Bank); 'YUCATECO' (Yucatecan); 'PESOS' (Pesos); 'DIEZ' (Ten); 'American Bank Note Company, New York' (American Bank Note Company, New York).
This banknote was produced using fine line engraving, the primary method employed by the American Bank Note Company for security printing in this era. The visual analysis confirms multiple engraved elements including the allegorical figures, architectural vignettes, intricate border patterns, and geometric security designs on the reverse. Red overprinting was applied separately for the bank identification and serial number. The complexity of the interlocking geometric patterns on the reverse, combined with the fine line work throughout, exemplifies the anti-counterfeiting security measures standard to professional security printers of the period.
This note is identified as variety 'e' within the P-S459 Pick designation, indicating it is one of several printing variations of the 10 pesos Banco Peninsular Mexicano note. The catalog reference indicates this is from the 1897-1904 regular issue period, with an engraved date of October 1, 1903 on the plate, though the specimen shown is dated October 5, 1903. The red overprinting reading 'Banco Peninsular Yucateco' distinguishes regional variations. The note exhibits no branch-specific overprint beyond the red bank identification. Serial number 140696 is within the typical range for notes from this issuing period.
