Later state bonds

1921 bonds

By 1921 there was not enough money to pay the salaries of public employees and so Interim Governor Francisco S. Elías decided to pay only 90% of most such salaries with the remaining 10% being covered by bonds (Bonos por Empleados Públicos). The bonds were to bear interest, would be payable to the bearer and easily transferable, and redeemed once the state’s finances had improved. They were to be signed by the Governor, Secretary of State and Treasurer GeneralBoletín Oficial, 18 August 1921.

1923 bonds

In 1923 the then Governor, Adolfo de la Huerta, authorised (decree núm. 90) an issue of bonds to liquidate the debts that had arisen from outstanding wages, the 1921 bonds, and the 67% of teachers’ salaries withheld in the previous year. The issue was to be of $350,000 in bonds of three values between ten and one hundred pesosAlcance to Boletín Oficial, 11 May 1923. Originally there were 500 Series A $100 bonds numbered 1 to 500; 2,000 Series B $50 bonds numbered 501 to 2500 and 20,000 Series C $10 bonds numbered 2501 to 22500 but as the Series B were found to be in least demand and the Series A were used up 10,000 of the $10 bonds (numbered 12501 to 22500) were cancelled and another 1,000 Series D $100 bonds (numbered 12501 to 13500) issuedThe changes were authorised by a regulation on 27 June 1923 (AGHES, Fondo Oficialidad Mayor, tomo 3560).

ValueSeries Number range
$10 C brown 2501-12500
$50 B blue 501-2500
$100 A yellow-green 1-500
D yellow-green 12501-13500

By 25 August 1923 $284,770 worth had been issuedAmounts of less than $10 were covered by certificados. By 11 July 1923 the following bonds had been issued:
Series C $10 2501-2880, 2882-3606, 3608-3991, 2892bis, 3437bis $7,670
Series B $50 501-2191 $84,500
Series A $100 1-494, 194bis, 236bis $49,600
Series D $100 12501-12900 $40,000
$181,770
but others followed, e.g. $10 C 4723 on 18 August 1923 (AGHES, Fondo Oficialidad Mayor, tomo 3560)
. On 6 October 1923 312 $10 bonds were issuedthe numbers were 6258, 8100 – 8103, 8590 – 8592, 8618 – 8703, 8726 – 8877, 8885 – 8908, 9009 – 9045, 9089 – 9093 and 9581, all with two coupons and the text that they were payable to the beneficiary or their legitimate representative (pagará al beneficiario o a quien legítimamente lo represente en los términos del Decreto). However as any attempt to transfer these bonds generated a mass of correspondence they cannot be considered easily negotiable.