Mexico: El Estado de Chihuahua 1 Peso Series Dos Caritas Banknote (1915)
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The 1 Peso banknote issued by the State of Chihuahua during the Mexican Revolution, colloquially categorized within the numismatic community as the "Dos Caritas" (Two Little Faces) series, represents a critical intersection of military logistics, fiat monetary policy, and revolutionary propaganda.1 Authorized under the military decree of February 10, 1914, by the Division of the North (División del Norte) commanded by General Francisco "Pancho" Villa,
This localized currency issue highlights the economic mechanisms utilized to sustain a massive armed rebellion.1 The production, forced circulation, counterfeiting, and eventual demonetization of the Chihuahua 1 Peso note offer a detailed record of the localized monetary policies that defined the Mexican conflict between 1913 and 1915.3 This report provides an evidence-based examination of the specific banknote pictured, integrating its physical characteristics with the broader historical, technical, and market contexts of the series.