Adolfo de la Huerta

As Governor of the northern state of Sonora, Adolfo de la Huerta led the Revolution of Agua Prieta, which put an end to the presidency of Venustiano Carranza, who was killed during the revolt. It was then that de la Huerta was appointed interim President by Congress. When Alvaro Obregón was declared the victor of the 1920 presidential election, de la Huerta stepped down and became the Secretario de Hacienda y Crédito Público.

In 1923, when Obregón endorsed Calles as his successor, de la Huerta started a revolt. He won the support of Catholics, conservatives and a considerable portion of the army officers but with his superb organizing ability and popular support, Obregón crushed the rebellion and forced de la Huerta into exile. On 7 March 1924, de la Huerta fled to Los Angeles and Obregón ordered the execution of every rebel officer with a rank higher than a major.

Potential note issue

In December 1923 the firm Vickers, representing some Mexican agency, approached the London office of Bradbury, Wilkinson & Company, an ABNC subsidiaryThe original company was established in the 1850s by Henry Bradbury and begin printing banknotes in 1856. Bradbury then died in 1860. In 1873–74 the firm built an imposing six-storey workshop, for engraving printing plates, in Holborn, London at 25 and 27 Farringdon Road. In 1903 the company was acquired by the American Bank Note Company. In 1917 it moved to New Malden in Surrey still operating as Bradbury-Wilkinson as a wholly owned subsidiary of ABNC., for a quote for twelve million notes in nine denominations. When informed, the New York office tried to get their agent in Mexico City to find out who was placing the order, and he replied that the enquiry was not from the government or any bank and suggested that it must be coming from Adolfo de la Huerta, in Veracruz. The ABNC replied to their Mexican agent that “they would not offer to make bank notes for any unrecognized government party”ABNC.

Bond issue

On 10 February 1924, while at Frontera, Tabasco,in an attempt to finance his revolt de la Huerta authorised an issue of Bonos de la Revolución de 1923. There was to be $5m, carrying an interest of 5%, acceptable in payment up to 50% of federal taxes, and redeemable within three years. Though they were al portador, they were not to be considered as money or legal tender but this is a moot point, as they would not have been issued.

It is easy to see that 12 million pieces in nine denominations could equate to five million pesos. This would mean that many of the bonds were for values less than a peso, but de la Huerta's aim might have been less to raise money from large investors and more to give his supporters the opportunity to back his revolt with a financial contribution.