The Bill Board, a Numismatic Journey with Banknotes

Tim Baker
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We will explore a wide number of topics, all dealing with banknotes. For individual banknotes, we will explore the history around the issuance of the banknote, including the series it belongs to, the images on the obverse and reverse, and their history, social, and numismatic implications. We will review all the key numismatic information, including the security details, the composition, serial and other identification numbers, and the latest market information. The goal is to appreciate what each banknote means and represents, not just the collecting value.

  1. Jul 21

    Mexico: Gobierno Provisional de Mexico 2 Pesos Banknote (1916)

    By late 1915, Venustiano Carranza's Constitutionalist faction had achieved military dominance over a majority of the republic. However, his government inherited an economy paralyzed by hyperinflation and a populace deeply distrustful of any paper currency. Recognizing that political legitimacy required monetary stability, the Carranza administration engineered a sweeping financial reform intended to unify the currency and restore public confidence. First was the decree of July 21, 1915 setting forth the establishment of The Infalsificables (uncounterfeitables) series. Second, to orchestrate this massive macroeconomic transition, Carranza issued a foundational monetary reform decree on April 3, 1916, which established the Comisión Monetaria (Monetary Commission) and set a 500 million peso limit for the new fiat currency system. The program legally dictated that these new banknotes would be released into the hands of the public starting May 1, 1916, and they entered massive circulation throughout May and June of that year.The primary objective of this rollout was to unify the chaotic, fragmented money supply by absorbing older, highly counterfeited provisional currencies—such as the massive 599 million peso Veracruz issue and the 25 million Ejército Constitucionalista issue—and replacing them with the new, highly secure American Bank Note Company (ABNC) prints. On July 24, 1916, Carranza decreed that older, deposited revolutionary issues would be exchanged for the new Infalsificables at a highly discounted rate of ten to one. To assist the poorer classes, the government also issued a circular on June 5, 1916, specifically authorizing local treasury offices to exchange older 20, 50, and 100 peso notes for Infalsificables at a rate of eight to one (up to a maximum of 100 pesos), while lower denomination old notes were exchanged at the standard ten to one ratio. The Role of the 1916 "Gobierno Provisional" Interim Notes (Pick S-711) This specific banknote was not an older currency that needed to be exchanged for the Infalsificables. Rather, it was an integral, parallel component of the exact same 1916 monetary stabilization program. The Carranza administration faced a severe logistical nightmare. While the ultimate plan was to supply the entire economy with the magnificent, steel-plate intaglio Infalsificables printed in New York, the physical delivery, accounting, and massive distribution of these notes took significant time. To satisfy the pressing, immediate demand for fractional currency needed to pay troops, federal goverment employess and maintain basic daily commerce on the mandated May 1, 1916 release date, the government authorized the domestic printing of these 1 and 2 Peso "Gobierno Provisional" notes, which is the subject banknote. These domestically printed interim notes carried the exact same legal weight and theoretical guarantee of 20 centavos of national gold per paper peso as the ABNC Infalsificables.

    Mexico: Gobierno Provisional de Mexico 2 Pesos Banknote (1916)

  2. Jul 18

    Mexico: Early policies on non-neutrality of money and confidence for economic growth, Alberto J. Pani: Monetary multipliers in Mexico, 1925-1940

    For those deeply interested in monetary policy,. The economic recovery of Mexico following the Great Depression was primarily driven by deliberate, expansionary internal policies spearheaded by Secretary of Finance Alberto J. Pani between 1932 and 1933. This analysis challenges the traditional historiographical view that recovery was a byproduct of the external sector (exports). Instead, it demonstrates that Pani’s recognition of the "non-neutrality of money"—the idea that monetary supply directly impacts the real economy—was the catalyst for growth. By reversing the deflationary "Plan Calles" of 1931, Pani implemented a series of legal and financial reforms that restored public confidence, expanded the money supply through silver coinage and bank rediscounts, and funded public spending through seigniorage without increasing debt or tax rates. The result was a dramatic shift from a 14.8% GDP contraction in 1932 to a 10.9% expansion in 1933. Central to this success was the restoration of "confidence," which allowed fiduciary currency to be accepted and bank deposits to increase, effectively raising the monetary multiplier during the critical recovery years.

    Mexico: Early policies on non-neutrality of money and confidence for economic growth, Alberto J. Pani: Monetary multipliers in Mexico, 1925-1940

  3. Jul 18

    Mexico: Why Mexico's 1916 unfalsifiable banknote failed by Monica Gomez and Luis Anaya

    A review of the paper written by Monica Gomez titled Why Mexico's 1916 unfalsifiable banknote failed by Monica Gomez and Luis Anaya (El Infalsificable y el fracaso de la estabilización monetaria en el carrancismo. México, 1916) In 1916, the Constitutionalist government of Venustiano Carranza attempted to resolve Mexico's monetary chaos through the introduction of a new paper currency known as the Infalsificable (Unfalsifiable). Intended to unify more than 20 disparate revolutionary issues and establish economic stability, the reform sought to move the country toward a mixed metallic-fiduciary regime. The program ultimately failed within six months due to a combination of technical design flaws, insufficient metallic reserves, and deep-seated social distrust. The government’s inability to maintain convertibility led to a rapid depreciation of nearly 90% by November 1916. Consequently, the Carranza administration was forced to abandon fiduciary experiments and return to a strictly metallic circulation by December 1916. This economic failure left a lasting negative imprint on Carranza’s historical image and significantly influenced the Mexican lexicon, associating the revolutionary leadership with financial speculation and "theft."

    Mexico: Why Mexico's 1916 unfalsifiable banknote failed by Monica Gomez and Luis Anaya

  4. Jul 16

    Mexico: La Tresoria General del Estado de Oaxaco 5 Pesos (1916) Bonus History of Oaxaca

    This has added content of the social, political and economic history of Oaxaca from 1850s to 1920s, as it is my first introduction to the state. The study of regional Mexican currency during the decade-long civil conflict of 1910 to 1920 provides an unparalleled lens through which to view the macroeconomic collapse and political fragmentation of a modernizing nation. Among the most historically significant numismatic issues of this era are those originating from the State of Oaxaca. In 1915, to insulate itself from the factional violence tearing through the republic, the Oaxacan government declared state sovereignty.1 This political maneuver necessitated immediate financial independence. The 5 Pesos banknote issued by the Tesorería General del Estado de Oaxaca serves as a prime example of emergency fiat currency. This monetary instrument functioned simultaneously as a medium of daily exchange, a mechanism for state-building, a tool for military funding, and a physical declaration of regional autonomy. This analytical report provides an examination of the 1916 Oaxaca 5 Pesos banknote, focusing specifically on the Series Z specimen dated February 28, 1916. The analysis synthesizes the historical context of its issuance, the political economy of the State of Oaxaca during the revolution, the technical and physical specifications of the series, the biographical contexts of its imagery, and a precise valuation based on current market metrics and third-party grading standards.

    Mexico: La Tresoria General del Estado de Oaxaco 5 Pesos (1916) Bonus History of Oaxaca

  5. Jul 14

    Mexico: The Presidential Succession of 1910 by Franciso Madero

    The 2012 publication by the Instituto Electoral y de Participación Ciudadana del Estado de Jalisco serves as both a historical preservation of Francisco I. Madero’s seminal work, The Presidential Succession of 1910, and a pedagogical tool for modern civic education. The text honors the legacy of Mexican democratic thinkers who challenged absolute power and militarism, arguing that their stoic defense of republican values laid the necessary groundwork for the country's current institutional legitimacy. Within the excerpts, Madero reflects on his own transition from an indifferent businessman to a revolutionary leader, fueled by a conviction that the Mexican people were ready for representative democracy and an end to the Porfirian dictatorship. Ultimately, the source frames the effective suffrage and no re-election movement as an ongoing moral obligation, emphasizing that public instruction and active citizenship are the primary defenses against despotism.

    Mexico: The Presidential Succession of 1910 by Franciso Madero

  6. Jul 4

    Mexico: Banco Nacional de Mexico 5 Pesos Banknote (1910)

    The 5 Pesos banknote issued by El Banco Nacional de México, dated March 1, 1910 (Pick number P-S257c), is a critical artifact of financial history that encapsulates the economic maturation, political centralization, and societal complexities of late 19th and early 20th-century Mexico. The issuance of this specific banknote was not an isolated event but rather the culmination of decades of legislative maneuvering designed to modernize a fractured and highly localized agrarian economy into a unified, capital-driven state capable of attracting foreign investment. The legal framework authorizing the creation and continued circulation of these banknotes was firmly rooted in the financial policies of the Porfiriato—the era of President Porfirio Díaz's rule. Prior to the late 19th century, Mexico suffered from a severe lack of standardized currency. Various states and private entities issued their own notes, leading to a chaotic system of exchange rates and widespread mistrust of paper money. To remedy this, the Mexican government, largely under the guidance of Finance Minister José Yves Limantour, sought to implement a cohesive national banking structure.1 This effort culminated in the General Institutions of Credit Law (Ley General de Instituciones de Crédito) of 1897. This sweeping legislation formalized the rules for banks of issue (bancos de emisión), requiring them to hold specific metallic reserves—usually gold and silver—to back their circulating notes.1 Under this model, the government permitted a plural issuance system where each state in the Republic was allowed at least one private banknote issuance bank.2 However, the law was structured to heavily favor established monopolies. While the 1897 law restricted most provincial and state banks to issuing notes with a minimum denomination of 5 pesos, El Banco Nacional de México was granted a highly lucrative and unique exemption allowing it to issue notes in denominations of 1 and 2 pesos.1 The thought process behind the design and creation of this series was deeply entwined with the desire to project an image of European-style stability and modernization. The Mexican banking elite contracted the American Bank Note Company (ABNC) of New York to design, engrave, and print the currency.3 The ABNC was the premier security printing firm of the era, known for its intricate geometric lathe work and high-quality intaglio printing. By utilizing the ABNC, the Mexican government and the directors of El Banco Nacional de México ensured that their currency would be visually imposing, practically difficult to counterfeit, and aesthetically aligned with the currencies of global superpowers. The decision to employ classical allegories and standardized portraiture was a deliberate ideological choice, reflecting the prevailing philosophy of Positivism embraced by the Díaz regime, which valued order, progress, and scientific rationalism.

    Mexico: Banco Nacional de Mexico 5 Pesos Banknote (1910)

  7. Jun 19

    Bermuda: Bermuda Monetary Authority 5 Dollar Polymer Banknote (2024)

    The Bermuda 5 Dollars banknote, formally introduced into circulation in the fall of 2024, represents a pivotal technological evolution for the territory's currency system. Operating under the legal framework of the Bermuda Monetary Authority Act 1969, the Bermuda Monetary Authority (BMA) retains the exclusive mandate to issue and redeem the island’s national currency. Under this legislative authorization, the BMA periodically updates the physical medium of exchange to ensure structural integrity and public confidence.4 The 2024 issuance is a direct exercise of this authority, shifting the physical currency from traditional cotton-paper substrates to modern SAFEGUARD® polymer. The decision to redesign and issue this specific banknote was driven by the BMA's strategic goal to modernize the island's cash infrastructure.3 Polymer banknotes are manufactured from a thin, flexible synthetic plastic, typically biaxially oriented polypropylene (BOPP).2 The primary reason for this transition was economic and practical: polymer notes are estimated to last up to two and a half times longer than their cotton counterparts because they are highly resistant to moisture, dirt, and mechanical tearing. The thought process behind the specific design was heavily influenced by a desire to maintain public familiarity while upgrading the underlying technology. To achieve this, the BMA launched the "Same look, Smarter design" campaign, explicitly communicating that while the notes would feel different and contain advanced security protocols, the vibrant color palettes and vertical reverse orientations of the beloved 2009 series would remain largely intact. The note subsequently garnered international acclaim, winning the International Bank Note Society’s (IBNS) “Bank Note of the Year Award” for 2024, as well as the Best New Banknote award at the High Security Printing (HSP) Latin America conference.

    Bermuda: Bermuda Monetary Authority 5 Dollar Polymer Banknote (2024)

  8. Jun 17

    Mexico: Carranza and Pancho Villa, A Review of the Relationship

    Exploring the relationship and history of the two men during the Revolution including the numismatic impact

    Mexico: Carranza and Pancho Villa, A Review of the Relationship
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About

We will explore a wide number of topics, all dealing with banknotes. For individual banknotes, we will explore the history around the issuance of the banknote, including the series it belongs to, the images on the obverse and reverse, and their history, social, and numismatic implications. We will review all the key numismatic information, including the security details, the composition, serial and other identification numbers, and the latest market information. The goal is to appreciate what each banknote means and represents, not just the collecting value.

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