Translate / Traducir

The crisis of 1943

In 1943, during the Second World War, Mexico was again faced with a silver crisis (there was a combination of reasons: anticipation of a rise in the price of silver; the Mexican government’s agreement to sell practically its entire silver production to the United States for its military industry; and a boom in the Mexican and US jewellery industries). On 21 August it imposed a heavy export tax on silver products, to make it unprofitable to melt down silver coins to ship as bullion, and temporarily suspended a contract which promised all surplus silver production to the United States. However because of a shortage of fractional coinage, especially the fifty centavos denomination, it was compelled to authorise banks to issue cheques with printed denominations of twenty-five and fifty centavos. All these issues were quickly withdrawn.


By mid September the Cámara Nacional de Comercio in Mazatlán had been authorised to issue 50c cheques al portadorEl Pueblo, Año XVII, Núm. 1552, 18 September 1943. These cheques, drawn on the Banco Comercial del Pacífico, began circulating on 3 October, The initial issue was of $50,000El Informador, Guadalajara, 6 October 1943.

Santiago Ixcuintla

On 24 September the local Cámara de Comercio issued 50c cheques drawn on the branch of the Banco de México in Ruiz, Nayarit, signed by Rafael Tortajada, manager of the Compañía Comercial NayaritaEl Informador, Guadalajara, 30 September 1943.