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20 Pesos

Issuer Banco de México
Year 1972-1977
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Reference(s) P#64
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Reverse description Central vignette presents the Pyramid of Quetzalcóatl at Teotihuacán rendered in detailed intaglio, with a sculptured serpent head of Quetzalcóatl positioned in the right margin. A stylised feathered serpent motif extends along the lower portion of the design, serving as a decorative underprint element referencing the Quetzalcóatl iconography.
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Variants P#64a(1) - 29.12.1972 series A-E blue guilloche at upper left on back
P#64a(2) - 29.12.1972 series F-K mint-green guilloche at upper left on back
P#64a(3) - 29.12.1972 series L-Q gray guilloche at upper left on back
P#64a(4) - 29.12.1972 series R-V violet guilloche at upper left on back
P#64b(1) - 18.07.1973 series W-AA dark olive guilloche at upper left on back
P#64b(2) - 18.07.1973 series AB-AF gray-green guilloche at upper left on back
P#64b(3) - 18.07.1973 series AG-AL gray guilloche at upper left on back
P#64b(4) - 18.07.1973 series AM-AR light-brown guilloche at upper left on back
P#64b(5) - 18.07.1973 series AS-AW green guilloche at upper left on back
P#64b(6) - 18.07.1973 series AX-BB dark-green guilloche at upper left on back
P#64b(7) - 18.07.1973 series BC-BG dark-green guilloche at upper left on back
P#64b(8) - 18.07.1973 series BH-BM brown guilloche at upper left on back
P#64c(1) - 08.07.1976 series BN-BS green guilloche at upper left on back
P#64c(2) - 08.07.1976 series BT-BX light red guilloche at upper left on back
P#64c(3) - 08.07.1976 series BY-CC gray guilloche at upper left on back
P#64c(4) - 08.07.1976 series CD-CH olive guilloche at upper left on back
P#64c(5) - 08.07.1976 series CJ-CN dark violet guilloche at upper left on back
P#64c(6) - 08.07.1976 series CP-CT dark blue guilloche at upper left on back
P#64d(1) - 08.07.1977 series CU-CY red guilloche at upper left on back
P#64d(2) - 08.07.1977 series CZ-DD green guilloche at upper left on back
P#64d(3) - 08.07.1977 series DE-DJ red guilloche at upper left on back
P#64d(4) - 08.07.1977 series DK-DN dark blue guilloche at upper left on back
Comments

Pick 64 runs across a six-year window that coincides with Mexico's post-1970 devaluation pressures and the slow unraveling of the Bretton Woods-era peso stability. The Banco de México had taken over its own printing operations well before this series, making it one of the few central banks in Latin America at the time producing notes entirely in-house rather than contracting to De La Rue or the American Bank Note Company.

The watermark is the sole mechanical security feature — modest by the standards of the period, but consistent with the bank's approach across the lower denominations of this run. Forgery of the 20 Peso denomination was documented during the mid-1970s inflation cycle, which likely accelerated the note's eventual replacement.

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