10 Pesos La Tesoreria General del Estado

Yucatan's wartime monetary situation in 1916 was tangled. The state government, operating with considerable autonomy under Governor Salvador Alvarado, issued its own paper currency in defiance of competing factions flooding Mexico with worthless revolutionary scrip. Having the Parsons Trading Company in New York handle the printing was a deliberate choice — offshore production meant the plates and paper stock were beyond the reach of any rival faction that might seize local facilities.

Parsons was a commercial trading firm rather than a specialist security printer, which occasionally shows in the execution. The S1138 series circulated alongside several other Alvarado-era emissions, some of which were almost immediately counterfeited or repudiated in neighboring states.