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1888 concession for El Banco Minero

On 22 May 1888 the bank, represented by Enrique Creel, and the Banco Mexicano, represented by Miguel Salas, celebrated a new contract with the Secretaría de Hacienda. This new concession was limited to fifteen years; the banks lost their right to issue notes payable in legal tender but payable in silver at an 8% discount, and all such notes then in circulation were to be withdrawn and destroyed before 30 June 1889; the banks were authorised to issue notes payable in silver (en moneda de plata) in denominations of 25c, 50c, $1, $2, $5, $10, $20, $50, $100 and $500; and the notes payable in silver already in circulation had to be changed for a new issue, with different designs, within a year. The banks had to have a capital of at least 500,000 pesos and at least five shareholdersEl Norte, 5 July 1900. This contract was approved by the Mexican Congress on 4 June 1888.

The bank therefore issued a new series of notes, with the legend ‘Banco Minero’, from 1888 onwards.