100 Pesos El Banco del Estado de Chihuahua

El Banco del Estado de Chihuahua was a state bank operating under the Porfirian banking framework, but by 1913 that framework was collapsing. The Revolution had already swept Díaz from power, and Chihuahua was Villista territory — Francisco Villa's División del Norte depended on functioning credit instruments to pay troops and move supplies, which gave notes like this an operational role well beyond ordinary commerce.

American Bank Note Company held the contract, as it did for much of Latin America's prestige currency printing at the time. The irony of a Revolutionary-era Chihuahuan obligation being engraved and pressed in lower Manhattan is not incidental — it reflects how thoroughly the pre-revolutionary banking elite had entrenched relationships with New York printers that outlasted the regime itself.