20 Pesos

Pick 23 covers Banco de México's earliest years as a functioning central bank — the institution was only chartered in 1925, and the ABNC contract for this series was among its first major printing commissions. Mexico had endured two decades of monetary chaos following the Revolution, with dozens of competing revolutionary and regional notes flooding and collapsing in turn, so the establishment of a single note-issuing authority was a deliberate act of post-revolutionary financial consolidation.

The eleven-year date range reflects incremental reissues rather than a single print run. Serial letter blocks advanced as supplies were depleted, though precise mintage figures by year have not been fully documented in the published literature.