1 Peso El Estado de Chihuahua

Chihuahua's state government began issuing its own paper currency in 1913–1914 under Governor Manuel Chao and, later, Pancho Villa's División del Norte administration — a direct consequence of the near-total collapse of federally issued money during the Huerta period. The Maverick-Clarke Litho Company in San Antonio was the practical choice: it was close, capable, and operating across the border from a state whose own printing infrastructure was essentially nonexistent during active military campaigning.

These Chihuahua state notes circulated alongside a chaotic mix of revolutionary scrip, and their acceptance was often enforced at gunpoint rather than earned through public confidence. Depreciation was rapid once Villa's military fortunes turned after 1915.