20 Pesos

Descrizione del dritto	Black intaglio print on a multicolor guilloche underprint, with red serial numbers. At left, a portrait vignette of Josefa Ortiz de Domínguez rendered in fine line engraving.
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Descrizione del rovescio	Black intaglio print with red seals. At center, a detailed architectural vignette of the interior of the Convent of Saint Augustine in Querétaro.
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Commenti	Banco de México's relationship with the American Bank Note Company ran for decades, but the late 1940s peso series reflects a specific postwar moment: Mexico's economy was expanding rapidly under industrialization policy, and the central bank needed a note series that projected institutional confidence to foreign investors and creditors as much as to domestic users. The ABNC plate work on this series is among the finer intaglio output the company produced for Latin American clients in that period. Collector attention to P#48 tends to focus on ink variation between print runs — differences subtle enough to escape casual notice but consistent enough to suggest multiple plate states.