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http://www.banxico.org.mx/sitioingles/billetesymonedas/didactico/notesManufactFeaturesHistory/historyMexicanNotes.html#revoluci%F3nBanknotes during the 1910 RevolutionThe revolution against Porfirio DÃaz's government, which began in 1910, would lead Mexico once again to a currency shortage and to a collapse in the acceptance of banknotes. Large quantities of coins were withdrawn from circulation due to the fighting and, if that were not enough, banknotes were rejected again.General Victoriano Huerta led a military coup in February 1913 that resulted in the overthrow and assassination of Francisco I. Madero, the constitutionally legitimate president of Mexico. General Huerta ordered the private banks issuing currency to deliver the metal backing for their banknotes to his government and to issue unusually large quantities of banknotes with no backing. The Mexican banking system, built with great difficulty, thus quickly fell to pieces, along with the use and acceptance of banknotes.Nevertheless, the lack of currency forced municipal authorities, military leaders, merchants, miners and landowners to issue necessity currencies. As a result, from 1913 to 1915, necessity currency reappeared in Mexico: several metallic coins were minted in distinct locations throughout the country, and above all, the issuance of paper money multiplied. The first to issue these currencies was Venustiano Carranza, head of the Constitutionalist Army and leader of the revolt against Huerta who, in turn, authorized several revolutionary leaders to issue their own banknotes, vouchers, and cardboard currencies to collect campaign funds.Banknotes during the 1910 RevolutionAs Carranza's faction consolidated its power, several attempts were made to solve the country's monetary problems: the only valid paper money would be that issued by the Carranza faction and, in order to guard against counterfeiting, more sophisticated banknotes manufactured by the American Bank Note Company in New York City were ordered. These banknotes were put into circulation in May 1916, while former issues were gradually withdrawn. These banknotes were known as "forgery proof," but their fate was no different from that of previous revolutionary issues. They suffered a shocking devaluation, and by the end of that year, they were already useless. In the face of these problems, the only safe currency was the rare and scarce coin, since paper issues were only backed by the force of arms, which, in the event of a military setback, left their holders helpless.
