100 Pesos El Estado Libre y Soberano de Sinaloa

Sinaloa was one of dozens of Mexican states and revolutionary factions printing their own emergency currency during the Constitutional period of 1913–1917, when Carrancista forces dismantled the old federal monetary system and local authorities scrambled to fill the vacuum. The Estado Libre y Soberano de Sinaloa issues of 1915 were authorized under that revolutionary framework — not issued by a bank, but directly by the state government, which had no printing infrastructure of its own.

These notes circulated in a region where acceptance was largely coerced. Once Carranza consolidated power and moved to unify currency, most state-issued paper became worthless almost overnight, which is why high-denomination examples like this 100 Pesos survived in quantity — they were simply not worth spending.