1 Peso ESTADO DE MORELOS

Morelos was Emiliano Zapata's home state and the operational heart of the Ejército Libertador del Sur throughout the Revolution. These small-format cardstock notes were emergency emissions produced locally by the state government press while federal banking infrastructure had effectively collapsed — the Zapatista movement ran a parallel economy across the south, and Morelos-issued currency was part of that apparatus whether or not it bore his name directly.

Cardstock construction made these far more vulnerable to wear than cotton-fiber notes, and the surviving population reflects it.