The $20 notes

The $20 value was added in Dávila’s second authorisation, decree núm. 5, on 10 July 1915, which provided for 15,000 notes. Then decree núm. 18, on 12 January 1916, authorised a further issue, without specifying the exact amount of $20 notes.

Twenty pesos notes are quite a bit scarcer than the lower denominations. So far, I have not examined many and am unable to add much to what Eduardo Rosovsky reported in his 1974 article other than recording some serial numbers and treasury seal positions.

The underprint is gray or greenish gray. Most of the text and the Donaji seal are printed in gray-black or brown-black, while "Veinte Pesos", "20", and the Juárez portrait, etc. are in green. The series letter and signatures are black, and the serial number is red on notes numbered under 1-000000 and in green on those over. The notes are printed on cloth which Rosovsky identifies as being henequen or, possibly, agave, a native plant fiber. The back is printed directly on the cloth while the front is often printed on paper that was laminated to the cloth.

The treasury seal is either red or green. Positions are referred to by number as shown in the "map" for the 10 pesos credit bonds.

10 seal

10 August 1915

Oaxaca 20 A 586364

Oaxaca 20 A 5836364 reverse

Series Seal colour/pos. Printed on from to total
A red, 8 Oilcloth  585001       includes numbers 585096 to 586364

3 September 1915

Series Seal colour/ pos. Printed on from to total
P red, 3 Oilcloth 750001       includes numbers 750680 to 751788


Supposedly a Series D exists for this date, but this has not been confirmed by the author or his consultants. It would have to be an extremely small printing.

24 September 1915

Oaxaca 20 D 1035814

Oaxaca 20 D 1035814 reverse

Oaxaca 20 D 1147677

Oaxaca 20 D 1147677 reverse

Series Seal colour/ pos. Printed on from to total
D(1) red, 8 Oilcloth 921000 924000 3,000 60,000  includes numbers 921040 to 923714
D(2) green, 7 Paper (front) on cloth          includes numbers 1-035149 to 1-036119
D(3) red, 10 Paper (front) on cloth          includes numbers 1-147525 to 1-148968

15 November 1915

Oaxaca 20 Z 1597758

Oaxaca 20 Z 1597758 reverse

Oaxaca 20 Z 1598506

Oaxaca 20 Z 1598506 reverse

Series Seal colour/ pos. Printed on          
Z(1) red, 2 Paper (front) on cloth  1-310001 1-312000  2,000 40,000  includes numbers 1-310127 to 1-311387CNBanxico #11803
Z(2) red, 4 Paper (front) on cloth 1-375001  1-377000 2,000 40,000  includes numbers 1-375098 to 1-376751
P red, 9 Paper (front) on cloth          includes numbers 1-485376 to 1-486252
Z(3) , 3  Paper (front) on cloth     1-599000       includes numbers 1-598032 to 1-598864
red, 9 very thick ledger paper      includes numbers 1-598121 to 1-598506

The Very thick ledger paper has three different colored lines or double lines, including purple. These notes are very rare (and valuable) - so far, only four have been recorded (per Ken Tabachnick). Treasury seals come in various shades of red.