El Banco de Michoacán

This bank was founded in the city of Morelia in 1902, with an initial capital of 500,000 pesos. Joaquín Casasús negotiated the concession on behalf of José Castellot, Francisco Elguero, Ramón Ramirez, Deodoro Videgaray, Manuel Montaño Ramiro, Felipe Iturbide, Joaquín Esteban Oseguera and Mariano Laris Contreras, and Adolfo Hegewish, the representative of the Compañía Banquera Anglo-MexicanaEl Tiempo, México, 16 May 1902. The bank commerced operations on 5 January 1903.

It seems that despite the generous concessions offered to the first bank to be chartered in each state, Michoacan could not support its own bank of issue and due to the financial crisis in 1907/08 it converted into a banco refaccionario on 1 March 1909, giving up the right to issue banknotes. Holders of banknotes were given until 1914 to redeem them at the Banco Nacional de México.

American Bank Note Company print runs

The American Bank Note Company printed the following notes. As well as using stock vignettes the ABNC engraved special vignettes of José Maria Morelos (minus his trademark bandana) (C 258) for the $5, Brigadier José Mariano Michelena (C 257)  for the $20, Vasco de Quiroga (C 256) for the $100, and engraved the Cathedral in Morelia for all the reverses.

Michoacan 5 specimen

Michoacan 10 specimen

Michoacan 20 specimen

Michoacan 50 specimen

Michoacan 100 specimen

Date Value Number Series from to
July 1902 $5 50,000 A 1 50000
$10 25,000 A 1 25000
$20 15,000 A 1 15000
$50 10,000 A 1 10000
$100 2,000 A 1 2000


In June 1906 the ABNC produced $500 and $1,000 notes.

Michoacan 500 specimen

Michoacan 1000 specimen

Date Value Number Series from to
June 1906  $500 1,000 A 1 1000
$1,000 1,000 A 1 1000


These $500 and $1,000 notes were never issued and were destroyed in July 1910informe of Interventor Esparza, 13 January 1911 in Memoria de las Instituciones de Crédito 1910.

On 22 October 1931 Charles Blackmore, the ABNC’s resident agent in Mexico City reported that, as the bank was liquidated many years before there was no one from whom they could secure the authorization for the cancellation of the plates. According to Mexican law (Law of Prescription of 31 May 1901) all files of records and correspondence could be destroyed after ten years if there was no need to keep them, and no claim was valid if no action has been taken during the following ten years, so he felt that the ABNC could destroy the plates without any fear of a claim being made against themABNC


All notes have the signature of Nemesio Ponce as Gerente and M. C. Núñez as Interventor, but five directors shared the duty of signing as Consejero: Felipe Iturbide, Eduardo Iturbide, N. Laris Contreras, Joaquín E, Oseguera and [               ].


Nemesio Ponce sig Mora


M. C. Núñez sig Nunez


Felipe Iturbide  sig F Iturbide 
Eduardo Iturbide  sig E Iturbide
Mariano Laris Contreras sig Contreras
Joaquín Esteban Oseguera sig Oseguera
[identification needed] sig Consejero n


Control numbers

Dick Long pointed out the the sum of the two control numbers turns out to be a number ending in 01 and decided that the letter and total related to the consejero who signed thus: $5 - A 101 E. Iturbide and  B 301 Oseguera, $10 - A 101 E. Iturbide and  B 301 Oseguera, $20 D 701 F. Iturbide, $50 E 901 Contreras and $100 F 1101 [       ].