The crisis of 1943

In 1943, during the Second World War, Mexico was again faced with a silver crisis (there was a combination of reasons: anticipation of a rise in the price of silver; the Mexican government’s agreement to sell practically its entire silver production to the United States for its military industry; and a boom in the Mexican and US jewellery industries). On 21 August it imposed a heavy export tax on silver products, to make it unprofitable to melt down silver coins to ship as bullion, and temporarily suspended a contract which promised all surplus silver production to the United States. However because of a shortage of fractional coinage, especially the fifty centavos denomination, it was compelled to authorise banks to issue cheques with printed denominations of twenty-five and fifty centavos. All these issues were quickly withdrawn.

We know of a 50c cheque of the Cámara Nacional de Comercio de Campeche drawn on the Banco Nacional de México, S. A., dated 18 December, with facsimile signatures of Miguel Ferrer Martínez as Presidente and Emilio de la Peña D. as Tesorero.

Miguel Ferrer Martínez
Emilio de la Peña D. De la Peña had form, having been secretario of the Cámara in April 1935 when it had previously issued cheques.

The design is similar to 50c cheque drawn by the Cámara Nacional de Comercio de Yucatán on the Banco de Yucatán, S. A. dated 19 November, also printed by Todd-Yelmo of Mexico City.