Notes in circulation

In accordance with its concession the bank had to publish an abbreviated balance sheet every month in the official bulletins of both state and federal governments. We therefore have the following details for the value of notes in circulation.

The value of notes in circulation was the value of notes issued to date, less the sum in the bank’s own holding, less the value of multilated notes withdrawn and destroyed.

For the first few months of its existence the bank had to rely on coins as it did not have notes to put into circulation until the end of March 1898. When the bank finally issued its first notes they were so eagerly accepted that the bank, at first, could not satisfy demand and in October 1898 had to ask its shareholders for their second call^{AGHES, Fondo Oficialidad Mayor, tomo 1790}. By 1900 the rate of increase in issue dropped, because the bank was approaching its then limit of $1,500,000.

Incinerations

Notes that had been mutilated or deteriorated were taken out of circulation and destroyed. Thus, on 20 December 1904 $300,000 in notes were incinerated.

After the revolution the bank withdrew and destroyed its notes, though records are patchy. On 14 December 1921 $515,000 was incinerated at the Banco de Sonora headquarters in Hermosillo in the presence of bank and government officials^{Tucsonense, 15 December 1921} and another half million pesos was destroyed in the same way on 14 April 1922^{Tucsonense, 15 April 1922}.