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I have been researching Mexican paper money for several decades and obviously many people have helped me over the years, including the staff of numerous archives. I am especially grateful to Elmer Powell and Cory Frampton for sight of their collections and permission to use images, to Ken Tabachnik, Clyde Hubbard and Rick and Kent Ponterio for letting them study documents and to the major dealers in Mexico, Duane Douglas, Bob Briggs and Angel Fregoso and to Huston Pearson in the US.

In establishing this website I began with some low-hanging fruit by cannibalising articles from the USMexNA journals and from the USMexNa online library. I have tried to acknowledge others’ contribution within the text, and where I have lifted articles substantially intact, as in the case of Cedrián López-Bosch or Nicholas Follansbee, I have given them their own byline.

During his time as a dealer and researcher Dick Long amassed a copious amount of information on the banks of issues (bancos) which he handed over to Cory Frampton, so we need to add his name to the roll of honour. Dick's work has been cross-referenced with the American Bank Note Company's order book (which Dick did not have) and checked against the notes held in the collection of the Banco de México. In addition to spending thousand of hours recording serial numbers etc. Dick also produced the tracings of the signatures that I have reproduced on these pages.


As well as images from Elmer Powell’s extensive collection of revolutionary notes and the images from Mexican Paper Money I have occasionally lifted images from the internet. Generally I have not bothered to detail their provenance but in the case of Heritage Auctions I have used enough, particularly of high-quality high-denomination bancos, for them to warrant a particular mention.

People who have consciously sent me images for this website include Ricardo de León Tallavas, Duane Douglas, Cedrián López-Bosch, Robert Perigoe, Nicholas Follansbee, José Juan Cabuto Vidrio, Miguel Zea and Johann Sánchez Tellez.

I shall try to ensure that all contributions are acknowledged and apologise to anyone who has been overlooked or feels slighted.


Over the years I have visited numerous archives in the United States and Mexico, some several times. In the beginning I had to take photocopies and make handwritten notes, usually transcribing documents in full in case, in summarizing, I missed nuances. Nowadays I can speed the process up with a digital camera and a laptop but these have allowed me to become even more anal.

I have to acknowledge the patience and helpfulness of people in Mexican archives who, when confronted with someone who can speed-read old documents in Spanish but has difficulty in putting together a coherent sentence, never failed to go out of their way to be helpful.

I have made as much use as I can of primary sources but the results are necessarily patchy, among other reasons because it seems that when revolutionaries were not busy printing or restamping money they were busy sacking archives. Often only documentation from the victorious side survives.

Archives are referred to by the following abbreviations.

AAguas Archivo Histórico del Estado de Aguascalientes      

Fondo Juan Barragán Rodríguez  
ABCS Archivo Histórico “Pablo L. Martínez”      
ABNC       Papers of the American Bank Note Company
ACamp Archivo General del Estado de Campeche

Calle 12 No. 159,
Centro Histórico,
24000 Campeche, Campeche


ACoah Archivo General del Estado de Coahuila

Juan Aldama 381 esquina General Cepeda,
Zona Centro,
25000 Saltillo,

(844) 490-30-16 and 488-53-49

ADur Archivo Histórico de Durango      
AGN Archivo General de la Nación     The Fondo Antiguos Bancos de Emisión contains records from the Bancos de Aguascalientes,  Chiapas, Minero de Chihuahua, Comercial de Chihuahua, Coahuila, Durango, Guanajuato, Guerrero, Oriental de México,  Querétaro, San Luis Potosí, Tabasco, Mercantil de Veracruz and Zacatecas.
AHAGN Acervo Histórico del Archivo General de Notarías del Distrito Federal, Mexico      
AHBanamex Archivo Histórico Banamex      
Archivo Histórico del Ciudad de México

República de Chile  8 esquina con Donceles,
06010 Ciudad de México

0155 55108582   
AHEA Archivo Histórico del Estado de Aguascalientes

Calle Juan de Montoro 215,
Zona Centro,
20000 Aguascalientes, Aguascalientes

+52 449 918 5521

AHEC Archivo Histórico del Estado de Colima      
AHEM Archivo Histórico del Estado de México      

Archivo Historico del Estado de Sonora

Garmendia 157 Sur, entre Serdán y Elías Calles,
83000 Hermosillo,


AHEZ Archivo Historico del Estado de Zacatecas      
AHLagos Archivo Histórico de Lagos de Moreno, Jalisco
Casa de Cultura
Miguel Leandro Guerra y Rinconada de Capuchinas
47400 Lagos de Moreno,
AHMAut Archivo Historico Municipal de Autlán

Casa de la Cultura,
Av. Hidalgo 187,
48900 Autlán de Navarro,

  Many thanks to the staff, particularly Martha Corona, who gave me a copy of Carlos Martín Boyzo Nolasco, La Emisión de Papel Moneda durante la Revolución Mexicana en la Región de Autlán, Jalisco (Guadalajara, 2013)
AHME Archivo Histórico Municipal de Etzatlán      
AHMI Archivo Histórico Municipal de Irapuato Allende 170,
36500 Irapuato, Guanajuato
AHMLeón Archivo Histórico Municipal de León
Justo Sierra 216
37000 León,
AHMM Archivo Histórico y Museo de Minería

Javier Mina 110,
42000 Pachuca de Soto,

+52 771 715 0976

  You need to register as an investigator (36 hours notice) before you can study documents
AHMMal Archivo Histórico Municipal de Malinaltepec      
AHMTla Archivo Histórico Municipal de Tlapa de Comonfort

Hidalgo, esquina con Miranda Fonseca s/n
41304 Tlapa de Comonfort

AHMTlal Archivo Histórico Municipal de Tlaltenango      
AHPJH Archivo Histórico del Poder Judicial del Estado de Hidalgo      
AHSDN Archivo Historico de la Secretaría de la Defensa Nacional      
AHTeq Archivo Histórico de Tequila, Jalisco
Interior del Museo de Tequila
Ramón Corona 34
46400 , Tequila,
AHTlax Archivo Histórico del Estado de Tlaxcala

Privada Luis Donaldo Colosio 1,
San Pablo Apetatitlán,
90600 Tlaxcala,

+52 246 464 5612

AHV Archivo Histórico Municipal de Veracruz

Avenida Landero y Cos esquina Esteban Morales s/n,
91700 Veracruz,

AHX Archivo Histórico Municipal de Xalapa

Clavijero 10 Altos,
91000 Xalapa,

AIF Acervo Isidro Fabela

Centro Cultural Isidro Fabela – Museo Casa del Risco
Plaza de San Jacinto No. 5 y 15
San Angel Delegación Alvaro Obregón
Ciudad de México

+52 (55) 56 16 27 11
+52 (55) 55 50 92 86 Housed in a wonderful building in San Angel, Mexico City.
AJ Archivo Histórico del Estado de Jalisco

Av. prolongación Alcalde 1855,
44280 Guadalajara,


AMCol Archivo Histórico del Municipio de Colima

Independencia 79, Colonia Centro.
28000 Colima,

(312) 312 28 57   
AMGuad Archivo Municipal de Guadalajara Salvador Gómez García

Esmeralda 2486,
Col. Verde Valle ,
44550 Guadalajara, Jalisco

(33) 1201 7999, 3122 6581

AMMat Archivo Histórico Municipal de Matamoros

Museo Casamata,
Santos Degollado s/n esq. Guatemala,
87360 Matamoros,  Tamaulipas

(868) 813 59 29 gracias a Martín Rodríguez Arellano
AMMon Archivo Municipal de Monclova
Hinojosa 208,
25700 Monclova, Mexico

(866) 633 8836
AMMont Archivo Histórico del Municipio de Monterrey      
AMMor Archivo Histórico Municipal de Morelia

Galeana 302,
58000 Morelia,

(443) 322 9530  
AMO Archivo Histórico Municipal de Orizaba “José María Naredo”

Sur 9 núm. 224
 94300 Orizaba, Veracruz

(272) 728 96 25

AMOax Archivo Histórico Municipal de la Ciudad de Oaxaca

Privada de Reforma No. 107
68000 Oaxaca de Juárez,


AMPar Archivo Municipal de Hidalgo del Parral     The best setting in Mexico for an archive
AMPue Archivo Municipal de Puebla      
AMQ Archivo Municipal de Querétaro

Blvd. Bernando Quntana,
Centro Sur,
Querétaro 76090

(442) 238 77 00

AMS Archivo Municipal de Saltillo Juárez y Leona Vicario, s/n.
Col. Zona Centro,

(844) 414-43-70   
AMSC Archivo Histórico Municipal de San Cristóbal de Las Casas

Plaza 31 de marzo, s/n. 
Palacio Municipal, Colonia Centro,
San Cristóbal de Las Casas,
Chiapas 29200

AMT Archivo Municipal de Tampico      
AMTor Archivo Municipal de Torreón "Eduardo Guerra"

Calle Manuel Acuña 140,
27000 Torreón,

(871) 716 0913

AMTol Archivo Histórico Municipal de Toluca      
AMZac Archivo Histórico del Municipio de Zacatecas

Calzada Héroes de Chapultepec 1110,
Lázaro Cárdenas,
98040 Zacatecas, Zacatecas

AMZam Archivo Municipal de Zamora “Arturo Rodríguez Zetina"

Hidalgo No. 291,
59600 Zamora,

(351) 51 5 43 53

ANL Archivo Histórico de Nuevo León      
ANT Archivo General de Notarías del Estado de Tlaxcala      
AO Archivo General del Estado de Oaxaca

Calle Los Pinos esquina Av. Canteras S/N,
Santa María Ixcotel,
Santa Lucía del Camino,
71228 Oaxaca,

951 132 71 44  
APCalles Archivo Plutarco Elías Calles      
APGonzález Archivo Pablo González Garza      
APorfirioDíaz Archivo Porfirio Díaz Universidad de las Américas Puebla    
AQ Archivo Histórico del Estado de Querétaro

Madero núm. 70,
Centro Histórico,
76000 Querétaro

(442) 227 1800  
ASalamanca Archivo Histórico Municipal de Salamanca

Andrés Delgado 216, Centro,
36700 Salamanca,

ASalvatierra Archivo Histórico Municipal de Salvatierra

Calle 16 de Septiembre 311,
Zona Centro,
38900 Salvatierra,

   okay dokay
ASLP Archivo Histórico del Estado de San Luis Potosí, Lic. Antonio Rocha

Mariano Arista 400,
Centro Historico,
78000 San Luis Potosí,

(444) 814 2669  
ATreviño Fondo Jacinto Blas Treviño in Archivo UNAM  

Archivo General del Estado de Veracruz

Hermenegildo Galeana s/n esq. Venustiano Carranza,
Col. Francisco I. Madero,
91070 Xalapa,
AY Archivo General del Estado de Yucatán Calle 86 No. 499-B Interior Hospital O'Horán, entre la Facultad de Enfermería y el CREE,
97000 Mérida,

999 928 3110

AZ Archivo de Emiliano Zapata in Archivo UNAM      
CCCC papers Cananea Consolidated Copper Company records

Arizona Historical Society
Arizona History Museum
949 E. 2nd Street, Tucson,
Arizona 85719


CEHM Archivo Centro de Estudios de Historia de México     Important collections include
LG papers  Lázaro de la Garza papers

Nettie Lee Benson Latin American Collection
Sid Richardson Hall,
2300 Red River St,
Texas 78712

SD papers Records of the Department of State Relating to Internal Affairs of Mexico, 1910-1929      


Periódicos Oficiales

Each state had its own Periódico Oficial, the official bulletin for the text of important local and national decrees, statutory notices, judgements and, occasionally, an eclectic range of local and international news, historical episodes, informative articles and homilies. They tried to maintain continuity so whenever a rival faction took over it would publish its own version, but with the obvious disruptions and the lack of newsprint there are unfortunately gaps. In addition different factions sometimes produced competing versions.

States were meant to send a copy to the Biblioteca Nacional in Mexico City but, apart from the states neighbouring the capital, this stopped between the removal of Huertista governors and the re-establishment of some kind of order under the Carrancistas.

In the footnotes where a reference is given as Periódico Oficial this means the official bulletin of the particular state in question (the provenance should be obvious from the text) unless specifically stated otherwise.


The Secretaría de Hacienda y Crédito Publíco published annual Memorias (available to download from Less well known is the fact that from the 1880s through to the first decades of the twentieth century it also published annual Memorias de las Instituciones del Crédito. These recorded its oversight of the banks and included legislation, correspondence and the half-yearly reports of the Interventors of the various banks. Some reports are very cursory (for example, those for the Banco de Sonora) but others are very meticulous, recording dates and details of issues and incinerations and other problems with the banks.

All in all, these Memorias are a priceless source of knowledge but also extremely difficult to find.

It is worth digressing with an anecdote. In 2010 I was in Mexico City researching then just the banks of Sonora and Chihuahua. I went to the Secretaria’s library, the Biblioteca Miguel Lerdo de Tejada, and finally managed to persuade them of the differences between the commonplace Memorias and these Memorias de las Instituciones del Crédito. Unfortunately it transpired that the latter were to be found in another part of the library, the Capilla Rosa within the National Palace, and this was closed for long-term refurbishment. Nonetheless, they were willing to open up the Capilla for me and for a couple of days I worked in glorious isolation, photographing all the pages that I wanted, watched by a minder from the Secretaría. I wish I could remember his name, and that of his boss, for a gesture that I doubt I would have received from any British or American institution.


At times Mexico had a vibrant press but during the revolution partiality, official or self-imposed censorship, and (in some areas) lack of paper, meant that, with the exception of Mexico City, newspapers were rare, and one had more chance of learning of the fortunes of the Allies on the Western Front than of any fighting nearer to home.

Incomplete (and increasingly fragile) collections of many local newspapers are in local archives, which means the avid researcher has to travel, but the Biblioteca Nacional holds the national collection and has put many titles online (

As a result of my research I have built up sizeable files, sometimes up to a couple of hundred pages, recording the mention of paper currency in state, municipal or private archives, newspapers or Periódicos Oficiales. If you are interested in a particular archive, please contact me.