20 Pesos El Estado de Chihuahua

Chihuahua was the financial engine of the Constitutionalist cause. Governor Manuel Gameros authorized substantial paper emissions in 1914 to fund División del Norte operations — Pancho Villa's army — at a time when the federal Huerta government's currency was actively rejected across the north. These Chihuahua state notes circulated as a de facto military scrip across a wide swath of northern Mexico.

Counterfeiting was rampant within months of issue, and subsequent Villista authorities eventually repudiated earlier emission series as the revolutionary factions fractured. Notes from this period frequently show evidence of rapid, high-volume printing — ink inconsistencies and misaligned borders are common rather than exceptional.