10 Pesos El Banco Mercantil de Veracruz

The Banco Mercantil de Veracruz operated under the concession framework established by Mexico's 1897 Ley General de Instituciones de Crédito, which restricted note-issuing rights to a small number of state-chartered banks. Veracruz, as Mexico's principal Gulf port and commercial hub, warranted its own institution, though the bank remained firmly secondary to the Banco Nacional de México in terms of circulation reach.

American Bank Note Company handled most of Mexico's state bank commissions during this period — the Mercantil de Veracruz was no exception. The series remained in circulation until the Revolutionary banking crisis forced suspension of redemption obligations after 1913, leaving large quantities of unredeemed notes outstanding when the Carranza government nationalized and wound down the old banking system entirely by 1916.