The Yucatan, whilst acknowledging Carranza, managed to isolate itself from the war that was ravaging the rest of Mexico. By July 1914, due to the shortage of small change and consequent speculation, the Comisión Reguladora del Mercado de Henequén was suggesting that it be empowered to issue its own paper. On 22 July it wrote to the governor, Prisciliano Cortés, for permission to issue $500,000 in cheques of 10, 20 and 50 centavos, guaranteed by the funds that the cheques themselves would raise Diario Oficial, Yucatán, 17 August 1914. Cortés had just ordered that private vales should be withdrawn but the Comisión (and the Cámara de Comercio) argued that it was a dependency of the state.
By decree núm. 132, on 25 July, Cortés authorized the Comisión to issue up to $1,000,000 in notes of the three values (10c, 20c and 50c), though in the event only 20 and 50 centavos notes were issued,
Later on Alvarado acknowledged only the 50c Series A – ODiario Oficial, Yucatán, Año XIX, Núm. 5647, 4 April 1916 but a Series P (1 -100000) seems to have been issued (the printing of the letter ‘P’ is poor).
Thesewere printed in the Tipografía "Guerra" and had a vignette of henequen cultivation. They stated that the Tesorería General would pay to the account of the Comisión and were signed by Prisciliano Cortés as president (Presidente) and Idefonso Gutiérrez as general manager (gerente General). They were redeemable in multiples of five pesos.
Thereafter the amount in circulation grew. By decree núm. 42, on 20 November 1914, the new governor, Eleuterio Avila authorized a further five million pesos in $1 and $5 notesDiario Oficial, Yucatán, Año XVII, Núm. 5226, 23 November 1914. Later, Alvarado acknowledged four million pesos’ worthDiario Oficial,Yucatán, Año XIX, Núm. 5647, 4 April 1916.
These had similar designs and text but were now signed by Avila as president, together with Gutiérrez. These were printed by the Tipografía "La Moderna".
On 12 December 1914 Carranza, as Primer Jefe, argued that the Comisión Reguladora needed the necessary resources to fulfill its aims and authorized it to issue up to ten million pesos ($3,000,000 in $5; $3,000,000 in $10; $2,000,000 in $20; and $2,000,000 in $50). These would be of forced circulation in Yucatan and in Campeche, if the Comisión Reguladora extended its operations thereDiario Oficial, Yucatán, 16 December 1914. This appears to be part of Carranza’s continuing attempt to keep some sort of federal control over the local issues made in the areas that his forces, at least nominally, dominated. It was only partly successfully because when, on 11 January 1915, by decree núm. 57, Avila added a series of $20 notes, he authorized four million pesos, twice the amount mentioned by CarranzaDiario Oficial, Yucatán, Año XIX, Núm. 5272, 11 January 1915. These $20 notes are still dated 20 November 1914, even though the decree was 11 January 1915.
The vignette on the front is of the Palacio de Gobierno in Merida and reinforces the official status of the issue. The vignette on the back is of a Mayan structure at Chichen Itza called La Iglesia. The signatories are Eleuterio Avila as Presidente,Joaquín Rejón Tejero as Cajero and Ildefonso Gutiérrez as Gerente General. The notes were produced by the Talleres de Fotografía y Fotograbado "Guerra".
According to Ildefonso Gutiérrez, the general manager of the Comisión Reguladora, Series A notes were placed into circulation on 15 January (the same day as the decree) and Series B by 26 January.
On 27 January Avila was suspended for suspected disloyalty (some believed that he had become too close to the henequen oligarchy) and replaced by a new governor, General Toribio de los Santos. Santos dispatched Colonel Abel Ortiz Argumedo to quell an uprising in Temax but Argumedo recruited the rebels and deposed Santos, capturing Merida on 12 February and appointing himself governor.