50 Centavos El Estado de Chihuahua

Chihuahua's state treasury issued this note during the period when the state effectively functioned as an autonomous financial zone under Villista control. With federal currency unreliable and Constitutionalist forces needing to pay troops and suppliers, Chihuahua — and several other northern states — issued their own paper in quantities that varied wildly in quality and backing.

The S-prefix in the Pick catalogue places this firmly in the Mexican Revolutionary emergency issues, a category notorious for counterfeits both contemporary and modern. The 1914 Chihuahua fractional notes in particular circulated hard and were frequently reproduced by rival factions to destabilize purchasing power in Villista-held territory.