The Banco de Mexico, Mexico’s Central Bank, was finally created on August 25, 1925, after a century of attempts to do so. It was formed eight years after the passing of Mexico’s constitution, which included a clause that all paper money was to be issued by a single government entity. Four years earlier, in April of 1921, a contract had been signed by the Mexican government (already representing the future Banco de Mexico) and the American Bank Note Company of New York to print bank notes in denominations ranging from 5 Pesos to 1000 Pesos. The contract further stipulated that the notes “shall be from the best quality plates, engraved in the best current style.”
This series of banknotes became the first for the newly formed Banco de Mexico when it first commenced operations in 1925. The notes were nicknamed “Los Anchos” or “the Wide Ones,” due to their 3 x 7 inch size. It was expected that acceptance of paper money by the general public of Mexico would be difficult due to the plethora of bank note issues during the Mexican revolution Many of those were not honored afterwards, causing distrust in paper money in general. To prevent this the bank notes were redeemable in gold coin held in the vaults of the Bank of Mexico, which helped acceptance and made the circulation of this series a success.
The first series of the Banco de Mexico is listed in the Pick catalog as Pick-21 through Pick-27. The series would be issued until the mid-1930s with a variety of different dates (and some denominations also without dates) and utilized a wide variety of designs. The front features various vignettes, including a gypsy girl and several allegories, while the back of all denominations is similar, showing the Angel of Independence Monument in Mexico City.
The August 2024 Global Showcase Auction of World Paper Money (Session A) offers an advanced group from this iconic series, including elusive dates seldom seen at public auction as well as notes that are the sole example of that date in the PMG population report. Highlights include:
Lot 30339: 10 Pesos, 1.9.1925. P-22a. M4616a. PMG Very Fine 25.
Lot 30340: 20 Pesos, 1.9.1925. P-23a. M4616a. PMG Very Fine 25.
Lot 30343: 50 Pesos, 30.4.1932. P-24c. M4618c. PMG Choice Very Fine 35.
Lot 30355: 500 Pesos, 7.3.1934. P-26g. M4620g. PMG Choice Very Fine 35.
Lot 30356: 1000 Pesos, 9.8.1933. P-27f. M4621f. PMG Choice Extremely Fine 45.
Stack’s Bowers Galleries is always accepting consignments for upcoming sales. To start the consignment process, please contact Stack’s Bowers Galleries at 800-458-4646 or email Dennis Hengeveld at Dennis@stacksbowers.com.
