10 Centavos

KM#404 belongs to the Caballito-era precursor coinage struck under the restored republic, before Porfirio Díaz's government commissioned the famous redesigns of the following decade. Mexico's silver supply during this period ran through the Zacatecas, Guanajuato, and Mexico City mints simultaneously, producing minor but collectible assayer-initial variations across the run. The Díaz administration was actively manipulating the silver peso's relationship to gold during these years, part of a broader effort to stabilize exchange rates for foreign investors flooding into the country under his modernization program.

The 1905 date marks the end of this type, cut short by Mexico's monetary reform of that year, which demonetized silver as the basis for the peso.