1 Peso La Tesoreria General del Estado de Oaxaca

Oaxaca's state treasury issued a flood of fractional and peso-denomination notes in 1915 as the Constitutionalist-Carrancista conflict with the Soberanistas fractured the country's money supply beyond any central coordination. The Tesorería General del Estado operated under Governor José Inés Dávila, whose administration issued these notes partly to pay state employees and troops loyal to the local government rather than to Carranza's forces sweeping through the region.

Survival rates vary sharply within the S953 series — notes that circulated in the Oaxacan interior were often refused or discounted outside the state, meaning many came back quickly and show heavy use, while others were effectively stranded in remote districts and surface today in surprisingly unhandled condition.