20 Pesos

Banco Otero & Ca was one of several private Mexican banks operating under the loose regulatory environment that preceded the 1897 Ley General de Instituciones de Crédito, which consolidated banking authority and eventually forced smaller private issuers out of the note-printing business. The bank's notes circulated regionally, and surviving examples from this period are uncommon — not because they were well-used, but because most private bank paper was surrendered or destroyed during the nationalization drives of the late nineteenth and early twentieth centuries.

PS designations in the Pick catalog indicate private or semi-official status, and Banco Otero & Ca sits firmly in that category: legitimate at issue, marginal in the longer arc of Mexican monetary history.