20 Pesos Independence

This note marks a deliberate shift in the 20 Peso denomination, which had long circulated in paper form before Banco de México converted it to polymer — a move partly driven by the brutal attrition rate of low-value notes in everyday Mexican commerce. Banco de México is one of relatively few central banks worldwide that operates its own intaglio printing facility, and this denomination was produced entirely in-house at their Mexico City plant.

The polymer substrate is sourced externally but finished domestically, which is an unusual degree of vertical integration for a Latin American issuer.