The crisis of 1943

In 1943, during the Second World War, Mexico was again faced with a silver crisis. 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 - caused the price of silver to rise and silver coins to be hoarded. On 21 August Mexico 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. while it arranged for the production of new coins.

In Colima the local Cámara de Comercio issued 25c and 50c cheques drawn on the Banco Nacional de México, S. A., dated 17 September. The 25c notes (Serie B) are signed by Carlos L. Olenbourg, Jr. and Jorge T. Assam and the 50c notes (Serie A) by Miguel Andrade and Octavio Macchetto.