20 Centavos Estado Libre y Soberano de Mexico

The "Free and Sovereign State of Mexico" designation here refers not to the nation but to the State of México — one of dozens of subnational Mexican entities that began printing their own emergency fractional currency in 1915 as the Revolution's economic collapse made federal coinage and Constitutionalist paper money increasingly unreliable or simply unavailable. Cartones and small-denomination paper notes flooded the country that year, issued by states, municipalities, merchants, and mining companies alike.

The Pick S-prefix confirms revolutionary-era state issue. Survival rates for these fractional notes vary wildly — the lower the denomination, the harder the circulation, and 20-centavo pieces rarely survived long in daily use.