20 Centavos Emiliano Zapata

The State of Morelos issued copper coinage in 1915 under the authority of the Zapatista movement, one of the few revolutionary factions in Mexico that actually produced its own circulating currency rather than relying on paper promises. Zapata's forces controlled the region with enough administrative coherence to operate a mint, though the operation was rudimentary and dies were cut locally under difficult conditions.

Strike quality varies dramatically across surviving specimens — not as a general grading observation, but because the Morelos mint lacked consistent hydraulic pressure and experienced die failures mid-run. KM#701 pieces from worn or cracked dies are well documented.