20 Pesos La Tesoreria General del Estado de Oaxaca

Oaxaca's state treasury began issuing its own paper currency in 1915 because the broader Mexican Revolutionary monetary collapse had made federal and other regional notes effectively worthless in day-to-day commerce. The Tesorería General del Estado de Oaxaca was one of dozens of subnational bodies forced into emergency emission — but Oaxaca's situation was compounded by the state's political alignment under Governor José Inés Dávila, who was attempting to maintain a degree of autonomy from both Carrancista and Villista pressures simultaneously.

The S959 series is among the more straightforward of the Oaxacan emissions, lacking the complex overprint histories that plague some contemporaneous issues from the same treasury.