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El Banco de Guerrero

A federal concession for a bank in Guerrero was granted on 30 September 1903, but the promoters had difficulty in raising the necesary finance and had to ask for extensions to the time-limit and a reduction in the capital required. The first bank did not actually open until three years later.

On 31 March 1906 a meeting of shareholders was called to choose a Consejo de Administración in Iguala, a Consejo Consultivo based in Mexico City, and two comisarios. The board was composed of Antonio Lavín, Guillermo Mastache and Cándido Nava; the consejo consultivo of Ricardo Honey, Emilio Velasco, Porifirio Díaz (hijo), Joaquín Eguía and Tomás P. Honey, and the comisarios were A. Lozano R. and Enrique Carral. Rogerio L. Hersberger was appointed director and Eduardo W. Dawe, cajero contadorThe Mexican Herald, 15 April 1906.

The bank opened in Iguala, the only town in Guerrero with a rail link to Mexico City, on 2 July 1906 with its offices in a building that had served as the Hotel Universal and had been extensively remodelled“On Monday last the Bank of the State of Guerrero was inaugurated and its doors thrown open to the public. In view of the difficult means of communication between Chilpancingo, the capital of the state, and all important financial centers, the bank was establishes at Iguala, by special authorization from the Government, as that town is connected by rail to the City of Mexico, and therefore better adapted for financial business than Chilpancingo.
Last Sunday Mr. Richard Honey, who is president of the Guerrero bank, left for Iguala on a special car, accompanied by Major Porfirio Diaz, Mr. Luis de la Canal, general inspector of banks, Mr. J. V. Burgos, sub-manager of the International and Mortgage bank of Mexico, Mr. B. Honey, Jr., Mr. W. J. Honey, Mr. H. E. Brooke and several other prominent persons.
At Cuernavaca the governor of the state of Morelos, Mr. Manuel Alacaón, and the manager of the Morelos bank, Mr. J. Carreon, joined the party. Lunch was served on the car soon after leaving Cuernavaca.
A most hearty reception was accorded the visitors on arrival at their destination, many of the prominent people of Iguala being at the depot to receive the party from Mexico. After visiting the bank’s premises and driving around Iguala, the visitors returned to their car to sleep. On Monday morning the bank’s doors were thrown open, amid great enthusiasm, and immediately following the inauguration, all the invited guests were regaled with a sumptuous banquet, during which many appropriate speeches were pronounced.
In the evening a grand ball and supper were offered to the visitors by the leading families of Igual, the enjoyable affair being kept up till the early hours.
The Bank of Guerrero occupies the building formerly known as the Hotel Universal, which was purchased some months ago by the founders of the bank and thoroughly remodelled to meet its present requirements, It is probably the finest building in the state.

The special car bearing the party from Mexico left Igual on Tuesday morning, a most enjoyable time having been spent by all who attended the inauguration of the institution.
Owing to stress of business the governor of the state of Guerrero, Mr. Manuel Guillen, could not attend the opening ceremony, but he telegraphed congratulations and best wished from his capital.
A telegram was also received from the president of the republic, wishing the bank all success and prosperity.” (The Mexican Herald, 7 July 1906)

Banco de Guerrero

Banco de Guerrero managers officeBanco de Guerrero cashiers department

Branch offices were opened in Acapulco and Bravos (Chilpancingo).

On 27 July 1910 President Díaz told Damián Flores,the governor of Guerrero that the bank’s manager, Eduardo L. Antúnes, had given good reason to be arrested but as he was friendly with the judge, Flores should intervened to ensure justice was doneAPorfirioDíaz, Telegramas 1910, folio 2652, telegram Díaz, Mexico, to Damián Flores, governor of Guerrero, Chilpancingo, 27 July 1910. The next day Flores reported that Lantunes (sic), together with Manuel and Carlos Valle. had been arrestedAPorfirioDíaz, Telegramas 1910, folios 2681 / 2716. Ignacio Oléa Daza took over as interim manager.

Following an investigation by the Comisión Reguladora e Inspectora de Instituciones de Crédito the bank's charter was cancelled on 15 December 1915.

Under Obregón decree of 31 January 1921 the bank was placed into Class B (for banks whose assets and liabilities were about equal and which were given a short time in which to obtain the necessary funds to resume) and allowed to resume all customary operations except the issue of bank notesDiario Oficial, 29 June 1921 letter Manuel Padrés, subsecretario, to Ignacio Olea Daza, manager, 16 June 1921. The bank was finally liquidated in 1921.

American Bank Note Company print runs

The American Bank Note Company produced the following notes. They engraved special vignettes of Vicente Guerrero Saldana (C 280)Vicente Guerrero was born in Tixtla, Guerrero on 10 August 1783. He began his military career under Galeana in 1810 and became famous for his heroic battles in the South. He defeated the Royalists José de la Peña, Lamadrid, Armiso and Samaniego. When Morelos was executed, Guerrero was one of the few insurgents who refused amnesty, though he was threatened with the death of his father, to which he replied: “The fatherland is first”.
On 10 January 1821, Iturbide was sent to fight against Guerrero. He sent a letter to Guerrero inviting him to a meeting that resulted in an alliance which consummated the Independence of Mexico. When Iturbide proclaimed himself emperor, Guerrero fought against him until the end of the empire. He was Minister of the Executive Supreme Power during the presidency of Guadalupe Victoria.
In 1828, he was nominated for the presidency. He became President on 1 April 1828 and lost power on December 16 of the same year when deprived of his post by Congress and Anastasio Bustamante. Guerrero fought against Bustamante’s government until January 1831 when he was taken prisoner aboard the brigantine Colombo. He was given a court martial and was executed in Villa of Cuilapan on 14 February 1831.
for the faces, of the church at Taxco (C 942) for the $100 note, and of a view of Acapulco for the reverses.

Guerrero 20 A 00000

Guerrero 20 A 00000 reverse

Guerrero 50 A 00000

Guerrero 50 A 00000 reverse

Guerrero 100 A 00000

Guerrero 100 A 00000 reverse

Guerrero 500 A 00000

Guerrero 500 A 00000 reverse

Date Value Number Series from to
June 1904 $5 40,000 A 00001 40000
$10 20,000 A 00001 20000
$20 15,000 A 00001 15000
$50 10,000 A 00001 10000
$100 2,000 A 0001 2000
$500 200 A 1 200


When the ABNC produced another run of notes at the beginning of 1914 they altered the dateline on the plates from "Iguala__de_____de 190_" to "Iguala__de_____de 19__" .

Guerrero 5 B 00000

Guerrero 5 B 00000 reverse

Guerrero 10 B 00000

Guerrero 10 B 00000 reverse

Guerrero 100 B 00000

Guerrero 100 B 00000 reverse

Date Value Number Series from to
February 1914 $5 50,000 B 40001 90000
$10 25,000 B 20001 45000
$20 15,000 B 15001 30000
$50 10,000 B 10001 20000
$100 7,000 B 2001 9000



RogerioRodrigo according to the report of the interventor, 20 January 1907 (Memoria de las Instituciones de Crédito correspondiente a los años de 1904-1906, tomo I, vol. II) Gilberto Hershberger was born in 1870. By 1901 he was cajero of the Water Pierce Oil CompanyEl Tiempo, 19 December 1901, a subsidiary of Standard Oil, that in 1887 became the first foreign-owned oil company to establish operations in Mexico by engaging in the refining of Mexican crude oil and the sale of its products in the United States.

Hershberger was the first manager but resigned in early October 1906, after just four monthsreport of the interventor, 20 January 1907, Memoria de las Instituciones de Crédito correspondiente a los años de 1904-1906, tomo I, vol. II.

He signed the notes dated 1906.

sig Herschberger

Ignacio Olea Daza took over as manager in July 1910 when the previous manager, Eduardo L. Antúnes, was arrested.

He signed the notes dated 1914.

Olea Daxa was still manager of the bank in June 1921 when it was taken out of liquidationDiario Oficial, núm. 50, 29 June 1921.

sig Daza


Cándido Nava was an Iguala businessman.

Nava was on the town council of Iguala in 1904Periódico Oficial, 8 January 1904 and 1910, and served as a judge (juez de la primera instancia) in 1908.

sig Nava
Emilio Velasco sig E 1906

Richard HoneyRicardo (Richard) Honey emigrated from Cornwall, England to Pachuca, Hidalgo in 1862 at the age of twenty-three. He bought an iron mine in Ixmiquilpan, and established a mine in Pachuca. He built the first iron bridge in Mexico, which crossed the river Tula in Tasquillo. Honey was incredibly successful and used his riches to purchase more iron mines, at La Encarnación, near to Zimapán, 75 kilometres north-east of Pachuca. He also acquired various smelters.

Honey married Emma Jane Phillips, another Cornish immigrant and had four sons and five daughters. His main residence was in Mexico City, where he founded the Jockey Club. He also founded the Reforma Athletic Club in Pachuca.

During an illustrious career Honey was on the board of three state banks (El Banco de Hidalgo, founded in 1902, El Banco de Querétaro, founded in 1903 and this Banco de Guerrero, founded in 1906). He was also president of an iron and steel works, two mining companies, a paint factory and was a director of two railway companies, the Ferrocarril Nacional Mexicano and the Ferrocarril de Pachuca-Tampico.

Honey was known for the treatment of his workers, including always paying 25 centavos a day when the minimum wage was 18 centavos, and his humanitarian efforts to help the indigenous population.

Unfortunately, some of Honey’s investments ultimately failed, the revolution increased his misfortunes and he died on 12 June 1913 practically penniless.

Ricardo Honey signed notes issued in 1906.

sig R Honey

Porfirio Diaz hijoPorfirio Díaz, hijo

Although Porfirio Díaz, hijo, was frequently mentioned in some circles as a possible successor to his father, President Díaz seemed considerably more interested in securing the entrepreneurial position of his son than he was in engineering a political succession. In the process of consolidation of companies to build monopolies, Porfirio, hijo was always in the right place at the right moment. At the end of the regime he was part of sugar, railroad, dynamite, rubber and oil monopolies and was becoming the most important Mexican entrepreneur in foreign controlled companies.

Porfirio Díaz’s hijo took advantage of his position as son of the dictator and acted, very much in his father’s mould, as a power broker with entrepreneurs who wanted contracts and grants from the government. At the same time he developed partnerships, as his father had, with many wealthy and privileged men who were active in industry and other areas of the economy.

Porfirio Díaz hijo was involved in the Banco Internacional e Hipotecario de México, the Banco de Hidalgo, Ferrocarril de Veracruz al Istmo, Compañía Manufacturera de Cigarros el Buen Tono, Compañía Irrigadora y Eléctrica en el Estado de Hidalgo, and Fábricas de Papel San Rafael.

sig Diaz
Antonio Lavín was an Iguala businessman. sig Lavin

Thomas Phillip Honey was born on 4 March 1878, in Ixmiquilpan, Hidalgo, the son of Ricardo Honey (supra).

Honey's main interests were in Hidalgo, where he was on the board of the Banco de Hidalgo and also, during the revolution, signed notes issued by the Compañía de Minas la Blanca y Anexas and the Compañía Minera y Beneficiadora Maravillas y San Francisco.

He died on 7 March, 1957, in Mexico City, at the age of 79.

Honey was the consejero who signed the notes issued in 1914.

sig T Honey


Luis de la Canal y Gual was the Inspector General de Instituciones de Crédito who signed the bank's notes and presided at its inauguration on 2 July 1906, but by the end of that year Miguel Montúfar had been appointed Interventor.

In 1907 de la Canal was appointed manager of the Banco Germanico de la America del Sur, which was expected to open for business on 1 April, but resigned unexpectedly and to everyone’s surprise in early MarchThe Mexican Herald, 9 March 1907.


sig Interventor 1906

Jorge Berriozabal

Jorge Berriozal was the grandson of General Felipe B. Berriozal, a Mexican hero.

He signed the notes dated 1914.

sig Berriozabal

Other personnel

Ricardo Buen Abad was manager (gerente) from