5 Pesos Tesorería General del Estado

Chihuahua's Tesorería General issued this note during the period when the state was effectively the financial engine of the División del Norte — Pancho Villa's military campaign depended heavily on locally printed scrip to pay troops and procure supplies. The Imprenta del Gobierno in Chihuahua was pressed into near-constant service through 1913 and 1914, producing multiple denominations across several series as the revolutionary economy ran on paper rather than specie.

The S554 series is among the earlier Chihuahua emissions and predates the massive inflationary overprinting that would render later Villista issues nearly worthless by 1915.