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| 正面描述 | Black letterpress on cream paper; the Mexican national arms vignette occupies the left panel, with the eagle perched on a cactus clutching a serpent rendered in fine line engraving. The central field carries the issuing authority title and denomination in bold serif type, with red typeset serial numbers appearing twice and a violet official handstamp overlapping the lower centre. Numeral '5' counters appear in ornamental boxes at upper right and lower right, and the place and date of issue, Nochixtlan, 15 March 1916, are set in the lower centre alongside signature lines for El Tesorero and El Contador. |
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| 正面铭文 | La Tesorería General del ESTADO DE OAXACA pagará CINCO PESOS al portador en efectivo. NOCHIXTLAN, Marzo 15 DE 1916 SERIE O $5 El Tesorero, El Contador (Translation: The General Treasury of the State of Oaxaca will pay Five Pesos to the bearer in cash. Nochixtlan, 15 March 1916, Series O, $5, The Treasurer, The Comptroller) |
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Oaxaca's state treasury issued its own paper currency during the revolutionary period when federal monetary authority had effectively collapsed. The Tesorería General notes emerged from a patchwork of regional emisiones — each Mexican state, and in some cases individual municipalities and military commanders, printing their own scrip to meet payroll and procurement needs when Carrancista, Villista, and Zapatista forces all claimed legitimacy over different territories simultaneously.
Oaxaca was particularly assertive in this regard. Governor José Inés Dávila declared the state "sovereign" in 1915, and the treasury emissions that followed were a direct extension of that political posture — local currency as administrative defiance.
P#S954 falls within the broader Pick S series cataloguing Mexican revolutionary state issues, a category notorious for forgeries and contemporary counterfeits produced during the period itself.