20 Pesos El Estado Libre y Soberano de Sinaloa

Sinaloa's 1915 emergency emissions came out of the chaotic period when revolutionary factions were still fighting over who actually controlled northern Mexico. Individual states and military commanders issued their own paper because Constitutionalist federal supply lines were unreliable and troops needed to be paid. The S1046 belongs to that flood of provisional state issues — many of which were repudiated, counterfeited, or simply refused by merchants within months of printing.

Sinaloa issues from this period are frequently found with cancellation punches or manuscript invalidations, suggesting a high proportion of survivors were pulled from circulation rather than worn out through use.