10 Pesos El Estado de Chihuahua

Chihuahua's wartime paper issues of 1915 came out of a period when the state, under Villista control, was effectively operating as an autonomous financial zone. The federal government in Mexico City had no meaningful authority here, and local commanders were authorizing currency to pay troops and sustain commerce — making this more a military logistics instrument than a conventional banknote.

The S535 series is documented as having been printed locally under extremely rudimentary conditions, which accounts for the variable print registration and paper inconsistencies collectors regularly encounter across surviving examples. Counterfeits circulated almost immediately, a problem serious enough that the issuing authority issued revocation notices within months.