50 Pesos

The P#37 series was issued during a period when Banco de México was still consolidating its role as the nation's sole bank of issue — a process legally completed in 1932 but practically still unfolding through the late 1930s as older commercial bank notes were finally cleared from circulation. American Bank Note Company had a long relationship with Mexican federal issuers stretching back into the nineteenth century, and the P#37 continues that arrangement through what was, for Mexico, a decade of significant monetary restructuring under Cárdenas.

Notes from the later end of this date range — closer to 1940 — tend to show heavier circulation wear, consistent with the economic pressures of wartime commodity demand that was already beginning to affect Mexico's export economy before formal hostilities reached the Americas.