20 Pesos Provisional Government

The State of Oaxaca declared itself a "Free and Sovereign" state in 1915, breaking from Carranza's Constitutionalist government and establishing its own provisional administration under Guillermo Meixueiro and the old Porfirian network. This issue was struck to fund that separatist project. The unusually low gold fineness — .175 — reflects wartime material constraints and a mint infrastructure cobbled together under siege conditions rather than any design choice.

Oaxaca's monetary independence lasted only until 1920. Most of these pieces saw hard circulation within the state during those five years.