20 pesos 1915
About This Note
This is a VF-grade 20 pesos note issued by the Tesoreira General del Estado de Oaxaca on November 15, 1915, during Mexico's Revolutionary period. The note displays period-appropriate aging with foxing, creasing, and faded printing characteristic of early 20th-century Mexican currency, yet retains good legibility of the green and brown color scheme and the distinctive circular landscape vignette on the obverse. The reverse features a notable bearded portrait rendered in green tones, accompanied by legal text establishing the note's forced circulation status within Oaxaca, making it a compelling example of state-issued emergency currency from a transitional period in Mexican numismatic history.
common. While this represents an interesting regional Mexican Revolutionary-era issue, state currency from Oaxaca in 1915 was produced in substantial quantities for circulation within the state. The Pick catalog number P-S959d indicates it is a documented variety within a larger series of Oaxaca state notes from this period, suggesting multiple printings and varieties exist. The VF condition grade and Series Z designation indicate this was one of several production runs. No evidence suggests limited print runs, recall, or scarcity that would elevate this beyond common status in the collector market.
This note was issued during the Mexican Revolution (1910-1920) when regional governments, including Oaxaca, exercised monetary authority and issued their own emergency currency due to central government instability and currency shortages. The November 15, 1915 date places this within a period of active state independence in financial matters, reflected in the decree reference (Decreto No. 5 del 10 de Julio de 1915) and the explicit declaration that the note held forced circulation and unlimited legal tender status exclusively within Oaxaca's borders. The use of local printer Artes Gráficas de Julián S. Soto indicates regional self-sufficiency in currency production during this fragmented period of Mexican governance.
The obverse displays a landscape vignette in a circular frame positioned on the left side, depicting a mountainous terrain with water features (likely referencing Oaxaca's topography), with denomination numerals '20' prominently placed in opposite corners. The central design emphasizes the state's treasury authority with formal text in brown and green inks arranged in a hierarchical layout. The reverse features a portrait of an unidentified bearded male figure shown in profile facing rightward, rendered entirely in green tones—a common practice for security purposes. The reverse design incorporates an ornamental text box labeled 'Este Título de Crédito' with decorative borders and an official red seal or stamp, alongside black-printed legal language establishing the note's monetary status. The overall layout follows traditional 19th/early-20th century Mexican regional currency design standards with emphasis on authority symbols and legal declarations rather than elaborate security features.
FRONT: '20' (denomination in numerals); 'SERIE Z' (Series Z); 'LA TESORERIA GENERAL DEL ESTADO DE OAXACA' (The General Treasury of the State of Oaxaca); 'PAGARA VEINTE PESOS' (Will Pay Twenty Pesos); 'al portador en efectivo' (to bearer in cash); Serial number '1598519'; Date and location: 'Oaxaca de Juárez, 15 de Noviembre de 1915' (Oaxaca de Juárez, November 15, 1915); Printer: 'ARTES GRAFICAS DE JULIAN S. SOTO. OAX.' (Graphic Arts of Julián S. Soto. Oaxaca). BACK: 'Este Título de Crédito' (This Credit Title); 'es de circulación forzosa y tiene poder liberatorio ilimitado dentro del territorio del Estado de Oaxaca' (is of forced circulation and has unlimited liberatory power within the territory of the State of Oaxaca); 'DECRETO No. 5 DEL 10 DE JULIO DE 1915' (Decree No. 5 from July 10, 1915); Printer attribution: 'ARTES GRAFICAS DE JULIAN S. SOTO. OAXACA'.
The note exhibits characteristics of letterpress (relief) printing combined with lithographic color application, typical of Mexican regional currency production in 1915. The crisp registration of multiple colors (brown, green, red, and black), the clarity of fine line work in the ornamental borders, and the rendered portrait technique are consistent with lithographic methods augmented by letterpress for text elements. The printer, Artes Gráficas de Julián S. Soto of Oaxaca, was a local establishment capable of such combined techniques. The visible aging and fading patterns suggest the original inks were period-appropriate dyes without modern permanence characteristics.
This note is identified as variety 'd' (P-S959d) within Pick's catalog, indicating it is one of several known varieties of the 20 pesos Oaxaca 1915 issue. The Series Z designation is notable; other series letters (A, B, C, etc.) likely exist for this denomination and date. The serial number 1598519 falls within a sequential numbering range that varied by series. The signature varieties and presence of the red seal on the reverse represent distinguishing characteristics for this specific variety. Collectors should note that Pick's designation of varieties 'a' through 'd' (or potentially beyond) indicates multiple distinct printings or signature/seal combinations; this cataloging reflects the reality of emergency currency production with multiple authorized signatories and printing runs throughout 1915.
