5 Pesos La Tesoreria General del Estado de Oaxaca

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.