50 Centavos Comision Reguladora del Mercado de Henequen

The Comisión Reguladora del Mercado de Henequén was not a bank — it was a state-controlled monopoly set up by Salvador Alvarado to regulate the export of sisal fiber at a moment when global demand, driven by North American grain harvests requiring binder twine, had made Yucatán's henequen trade extraordinarily lucrative. When the Revolution disrupted the national money supply in 1914, the Comisión issued its own fractional currency to keep the local economy moving, backed not by gold reserves but by fiber contracts.

Both the designer and engraver were local Mérida men — an unusual arrangement for the period, when most Mexican emergency issues went to outside commercial printers.