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1 Peso Estado Libre y Soberano de Mexico

Issuer Estado Libre y Soberano de Mexico
Year 1915
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Composition Paper
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Obverse description Printed in blue with a red underprint; red serial numbers. The central vignette presents the Monumento a Miguel Hidalgo y Costilla in Toluca, a sculptural work attributed to Joaquín Solachi Monroy and José María Monroy Briceño. Issuing authority text and denomination appear in bordered panels above and below the vignette.
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Reverse lettering Este billete es de circulación forzosa, por estar garantizado su im porte. conforme al Decreto número 4 de 1° de Marzo de 1915
(Translation: This bill is of forced circulation, as its amount is guaranteed. according to Decree number 4 of March 1, 1915)
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During the Mexican Revolution, individual states — cut off from federal financial infrastructure and desperate for a circulating medium — began printing their own paper money. Oaxaca, operating as the Estado Libre y Soberano, was among the most prolific of these regional issuers in 1915, producing notes across multiple denominations as Carrancista and Villista forces competed for territorial control and federal currency became effectively unusable across large parts of the country.

The S-prefix in the Pick reference places this squarely among Mexico's vast revolutionary state and local issues — a category so large and poorly documented that attribution disputes remain common.