5 Pesos La Tesoreria General del Estado de Oaxaca

Oaxaca's state treasury began issuing its own paper currency in 1915 as central authority collapsed during the Revolution and Carrancista forces disrupted trade routes through the region. These notes circulated under the authority of Governor José Inés Dávila, whose administration struggled to maintain a functioning local economy while cut off from Mexico City's financial infrastructure. The emission was a practical necessity — not a political statement — driven by a severe shortage of metallic currency across southern Mexico.

Redemption was never guaranteed. Many revolutionary-era Oaxacan issues were later declared invalid, and survivors reflect that uncertainty.