5 Pesos

The P#34 series covers a remarkably long print run — thirteen years during which Mexico was navigating post-Cárdenas economic nationalism, wartime inflation pressures, and the structural changes that followed the 1938 oil expropriation. That the same note design held through all of it says something about institutional inertia at Banco de México during the period.

American Bank Note Company handled virtually all of Mexico's higher-quality printing through this era, a relationship that stretched back decades. Paper quality on this series is a known weak point — humidity damage and toning are endemic to circulated survivors, particularly those from the mid-1940s issues.