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.
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.
|February 1880||$1||150,000||A||1||150000||$ 150,000|
|August 1881||$5||30,000||A||30001||60000||$ 150,000|
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.
|Trinidad 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.
|Antonio Villamil joined the firm on 6 March 1851 and became Contador on 13 September 1875.|
|Josê Elías Rangel joined the firm on 10 September 1852.|
|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|
|$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.