10 Pesos

The Banco de Londres México y Sud América was the first chartered bank to operate in Mexico, established in 1864 under Maximilian's imperial government and later reconstituted under the restored republic. Its early note issues depended entirely on American Bank Note Company plates — a common arrangement for Latin American banks of the period but one that created practical problems when political tensions made cross-border shipments unreliable.

The S-prefix in the Pick reference places this in the specialized Mexican private bank series, most of which had collapsed or been absorbed by 1884 following the Ley General de Instituciones de Crédito. Surviving examples from this bank are considerably scarcer than catalog frequency suggests — large quantities were formally retired and incinerated rather than worn out in circulation.