Mexico – State of Chihuahua 1914 1 Peso "Dos Caritas" (Pancho Villa Issue)

 Issuing Authority: State of Chihuahua (El Estado de Chihuahua) under General Francisco "Pancho" Villa

• Denomination: 1 Peso (Un Peso)

• Plate Decree Date: 10 de Febrero de 1914 (Chihuahua, Chihuahua, México)

• Series: Serie A

• Catalog Reference: Pick # S534 / S535

• Serial Number: № 7669568 (Printed in red typography at lower left and lower right)

• Face Portraits:

  • Left: Abraham González (Revolutionary Governor of Chihuahua and Villa's mentor, murdered 1913)

  • Right: Francisco I. Madero (President of Mexico, assassinated during the Decena Trágica in 1913)

• Reverse Vignette: The Chihuahua State Government Palace (Palacio de Gobierno)

• Reverse Markings:

  • Red scalloped circular handstamp: Tesorería General del Estado - Chihuahua

  • Red control series overprint: F-GSN on the left flank

  • Center: Plain/undated across the palace courtyard (no central red datestamp like the previous 4-1-15 note)

Historical Context

• Known universally as the "Dos Caritas" (Two Little Faces) banknote, this was the primary circulating currency financing Pancho Villa’s División del Norte.

• Unlike your previous note with the central red 4-1-15 issuance stamp, this example carries a red F-GSN block series overprint alongside the official Chihuahua Treasury seal.

• These variable letter control stamps were used by Villa’s treasury throughout late 1914 and 1915 to track emission batches, manage distribution, and verify genuine treasury issues against the flood of counterfeit scrip produced in border areas.

Technical & Visual Assessment

• Technical Grade: Very Fine (VF 20)

• Preservation Highlights:

  • Paper Body & Folds: Fully intact paper with honest commercial circulation. It displays a defined, somewhat darkened vertical center fold and light secondary handling creases.

  • Margins & Edges: Complete margins on all four sides with no major tears, edge bites, or internal paper splits.

  • Surface Toning: Displays moderate, authentic environmental age-toning and light circulation soiling around the borders, typical of unwashed 1914–1915 revolutionary scrip.

  • Print Clarity: Strong, sharp contrast on the engraved portraits of Madero and González, bold red serial numbers 7669568, and vivid red ink on both the Tesorería General seal and the F-GSN block overprint.