20 pesos 1915

Common. Oaxaca state notes from the 1915-1916 period were issued in substantial quantities to address immediate currency needs during the Revolution. While emergency issues, they were widely circulated within the state and the Pick catalog documents multiple series and denominations from this issuer (P-S959a, P-S959b variants exist). The series designation 'D' and serial number 1147944 suggest this was part of a large production run. State emergency currency from this period, while historically significant, remains relatively accessible to collectors and does not command premium pricing in typical AU condition.

Issued during the Mexican Revolution's most turbulent period, this Oaxaca state note was authorized under Decree No. 5 to address severe currency shortages in the region. The September 1915 date places this note during the height of factional conflict, when local governments were forced to issue their own credit notes with forced circulation status. The note's proclamation of 'unlimited legal tender power within the territory of the State of Oaxaca' reflects the fractured monetary system of Mexico during this epoch, when state and regional authorities operated semi-independently of central federal control.

The obverse features a classical design with the denomination '20' in ornamental numerals positioned in the top-left and bottom-left corners. A prominent circular vignette occupies the left-center portion of the note, depicting a landscape or geographical scene representative of Oaxaca's territory—typical iconography for state treasury notes of this period. The note employs a multi-color printing scheme with brown/tan, purple, green, and cream predominating, creating visual distinction and security through color separation. The reverse contains a formal text block framed by decorative borders, presenting the full legal authority text in a structured format. A faded portrait appears on the right side of the reverse, though identification of the subject is not definitively clear from the visual analysis. An official red/pink stamp or seal impression is prominently displayed on the lower right of the back, serving as the authorizing validation mark. The note bears handwritten signatures of issuing officials at the bottom front, typical of emergency currency issues where personalization enhanced legitimacy.

FRONT SIDE: '20' (denomination in numerals, repeated top-left and bottom-left); 'SERIE D' (Series D); 'VEINTE PESOS' (Twenty Pesos); 'LA TESORERIA GENERAL' (The General Treasury); 'ESTADO DE OAXACA' (State of Oaxaca); 'PAGARA al portador en efectos' (Will pay to the bearer in cash); 'Oaxaca de Juarez, 24 de Septiembre de 1915' (Oaxaca de Juarez, September 24, 1915); Serial number '1147944'; Signatory 'ARTURO GUTIERREZ DE JULIO ROTO' (appears to be official name/title). BACK SIDE: 'Este Titulo de Crédito es de circulación forzosa y tiene poder liberatorio ilimitado dentro del territorio del Estado de Oaxaca' (This Credit Title is of forced circulation and has unlimited legal tender power within the territory of the State of Oaxaca); 'DECRETO No. 5 DEL 10 DE JULIO DE 1915' (Decree No. 5 of July 10, 1915).

The note exhibits characteristics consistent with letterpress printing combined with chromolithography for the multi-color elements. The faded portrait watermark area and the clarity of the text suggest a professional security printer was contracted for production, likely a Mexican or regional printing house experienced in currency work. The layered colors (purple, green, brown) and decorative border work on the reverse indicate separate color passes typical of lithographic production methods of the 1915 era. The handwritten signatures and the manual application of the official seal/stamp confirm this as a semi-mechanized emergency issue combining industrial printing with personalized official authentication.

This note is cataloged as Pick P-S959b, indicating it is the 'b' variety of the 20 pesos from Tesoreira General del Estado de Oaxaca. The designation of 'SERIE D' on the observed note suggests there are multiple series (at minimum A through D). The serial number 1147944 and the specific signatory 'ARTURO GUTIERREZ' may be distinguishing features of this particular variety. Collectors should note that multiple varieties exist within the P-S959 designation, differentiated by series letters and potentially by signatory variations. The exact number of series issued and their relative rarity would require comparison with other documented examples of this issuer.