La Nacional Monte de Piedad

Pedro Romero de Terreros arrived in New Spain in 1732. Wealthy but philanthropic, after many business successes he founded the Nacional Monte de Piedad on 25 February 1775, by royal decree of King Charles III dated 2 June 1774. The first building occupied by this institution was located on San Ildefonso Street and it subsequently was moved to the location it presently occupies at the northwest corner of the central plaza of Mexico City, which before the time of the conquest was the ancient Palace of Axayacatl, later occupied by the Aztec Emperor Moctezuma.

Monte de Piedad

The Nacional Monte de Piedad grew in scope and by 1849 a banking department of deposits and savings had been opened paying an annual interest rate of 5% on savings. Later, it began to operate on an international scale placing money in accounts in European banking institutions.

On 6 September 1879 the Nacional Monte de Piedad was authorized to issue Certificados Confidenciales de Depósito (Confidential Certificates of Deposit) which were receipts used in commercial transactions and were made out to the bearer. In 1881 the Monte was granted the right to issue certificates as notes of voluntary circulation in the amount of 9,000,000 pesos.

American Bank Note Company print run

The American Bank Note Company produced the following notes for the Nacional Monte de Piedad. It made vignettes of Pedro Romero de Terreros (C 19) for the faces and of the bank (C 56) for the reverses.

Monte 1 A 76415

Monte 1 A 76415 reverse

Monte 5 A 42012

Monte 10 A 50491

Monte 20 A 54983

Monte 50 A 19113

Monte 100 A 10752

Monte 500 A 2293

Monte 1000 A 1863

Date Value Number Series from to Total value
February 1880 $1 150,000 A 1 150000 $   150,000
$5 30,000 A 1 30000  150,000
$10 15,000 A 1 15000  150,000
$20 7,500 A 1 7500  150,000
$50 9,000 A 1 9000  450,000
$100 4,500 A 1 4500  450,000
$500 1,000 A 1 1000  500,000
$1,000 1,000 A 1 1000  1,000,000
          $3,000,000

 

Date Value Number Series from to Total value
August 1881 $5 30,000 A 30001 60000  $   150,000
$10 85,000 A 15001 100000  850,000
$20 50,000 A 7501 57500  1,000,000
$50 20,000 A 9001 29000  1,000,000
$100 10,000 A 4501 14500  1,000,000
$500 2,000 A 1001 3000  1,000,000
$1,000 1,000 A 1001 2000  1,000,000
          $6,000,000

Signatures

The known signatories were Trinidad García as Director, Antonio Villamil as Contador and J. E. Rangel, as TesoreroEl Siglo Diez y Nueve, Novena Epoca, Año XXXIX, Tomo 78, Núm. 12645, 12 August 1880.

Director

Trinidad GarciaTrinidad García was born in Sombrerete, Zacatecas on 28 May 1831. Having worked and studied in Zacatecas and Durango he became involved in mining. He was the owner of La Esmeralda Mining Company and patented many important copper mining techniques (1861-1865).
He was the jefe politico of Fresnillo, Zacatecas in 1867 -1868, and served as a justice of the Supreme Court and governor of Zacatecas. He supported Díaz and served as his Ministro de Gobernación (1877) and Ministro de Hacienda ( 1879-1880). When Manuel González took over the presidency he resigned and was then director of the Monte de Piedad.
He was a federal deputy for Zacatecas (1869-1870), for the Federal District (1886-1898),for Oaxaca (1898-1902) and for Veracruz (1901-1908).
He died on 18 February 1906.
 

Contador

Antonio Villamil joined the firm on 6 March 1851 and became Contador on 13 September 1875.  

Tesorero

Josê Elías Rangel joined the firm on 10 September 1852.  

Issues

  Date of issue Date on note Series from to Director Contador Tesorero
$1   12 July 1880 A     García   Villamil   Rangel  
  1 September 1880    
  18 September 1880    
  7 January 1881    
  1 February 1881    
  17 February 1881    
  12 March 1881    
  26 March 1881    
  9 May 1881    
  9 June 1881    
  15 October 1881    
  24 June 1882    
$5   12 July 1880  A     García Villamil Rangel
  17 January 1881    
  15 July1882    
$10   12 July 1880  A     García Villamil Rangel
$20   12 July 1880  A     García Villamil Rangel
$50   12 July 1880  A     García Villamil Rangel
$100   12 July 1880  A     García Villamil Rangel
$500   12 July 1880  A     García Villamil Rangel
$1000   12 July 1880  A     García Villamil Rangel

 

By 1882 difficult economic times and bad financial policies of the board of directors put the bank in a dangerous financial position. By 1884 the economic depression in Mexico became a crisis and the Monte could not redeem all notes presented for collection. The newly formed Banco Nacional de México took over the payment of 80% of the face value of these notes while the federal government agreed to accept the other 20% in payment of taxes.