Estimated quantities issued

Dávila's original decree (núm. 2) of 19 February 1915 authorised $1,000,000 - 500,000 $1 notes, 70,000 $5 notes and 15,000 $10 notes. This sum was increased to $3,000,000 by his decree núm. 5 of 10 July 1915 - now 1,500,000 $1 notes, 150,000 $5 notes, 45,000 $10 notes and 15,000 $20 notes. Finally, on 8 November 1915, by his decree núm. 6, Dávila added 14,000 $50 notes and 3,000 $100 notes.

It has no doubt been widely assumed that Rosovsky (1974) was correct in stating that approximately 6.9 million notes were produced, based on the highest serial numbers seen for each denomination. By this logic, more 5, 10 (about 1.9 million each) and 20 pesos (1.6 million) notes were produced than the roughly 1.5 million 1 pesos. This hardly makes sense in terms of what one might expect the requirements to be, and certainly is not reflected by what seems to now be available to collectors. Nor would such an irresponsibly inflationary avalanche of currency, approaching $66 million pesos (counting the 5,000 50 pesos notes), be in keeping with the essentially conservative character of the Oaxacans. There is a 15 September 1915 report by Governor José Inez Davila (quoted, but dismissed by Rosovsky) which says that as of that date the quantities put into circulation were: 618,000 1 pesos, 78,000 5 pesos, 21,000 10 pesos and only 3,000 of the 20 pesos. Serial numbers through the issue dated 3 September 1915 were around: 790,000 I pesos, 810,000 5 pesos, 700,000 10 pesos and 800,000 20 pesos.

The author believes Davila's report was accurate (perhaps allowing for the possibility that not all of the 3 September notes had been placed in circulation by 15 September), and that far fewer notes were produced than the huge quantity proposed by Rosovsky. What Rosovsky failed to consider was the possibility that the four denominations produced by the Imprenta Tipografia Julian S. Soto (1-20 pesos) shared the same sequence of serial numbers, so that the same number will not be found on two bills, even if they are different denominations. This possibility is, in fact, confirmed by the recorded ranges of serial numbers for each issue. Thus, 00001-05000 (or so) were the 5 pesos J series, while the next 5,000 or so serial numbers were applied to the 1 peso U series, and so on. This explains many things, such as why there are no recorded 1 peso notes with serial .numbers below 05000, no 5 pesos notes between 025000 and 140000, and why the recorded 10 and 20 pesos' serial numbers all fall within narrow, widely separated ranges. A total quantity less than 1.9 million notes was produced - my guess is approximately 1.65 million. There are some significant gaps in recorded serial numbers prior to Governor Davila's 15 September report which may, in fact be blocks of numbers that were never utilized which may, at least in part, explain the discrepancy between Davila's saying that 720,000 notes of all denominations combined is 90,000 shy of the highest serial number at the end of the 3 September series (about 810,000) some larger jumps in serial numbers during and after the 15 November printings totalling about 240,000-250,000. Perhaps the intention was to reserve blocks of serial numbers for 1 peso notes which, as it turned out, were never produced. Here follows a rough estimate of the quantities produced, by denomination:

Hopefully, a more precise idea will be achieved as more serial numbers are recorded which extend the ranges of numbers associated with each issue.

The following present the order of numbering of the various issues as well as the currently recorded ranges of serial numbers for each.