Articles in English by Cedrian Lopez Bosch
USMEXNA Journal (March), 2023
The cédulas or billetes issued in 1823 to meet the resource needs of the First Empire are widely ... more The cédulas or billetes issued in 1823 to meet the resource needs of the First Empire are widely mentioned in the historical, economic and numismatic literature for being the first attempt to issue paper money of the newly independent state. Despite this, it is striking that there are few in-depth studies on them; most of it is limited to their physical description and
the reproduction of the decrees of 20 December 1822 and 11 April 1823 with which they were issued and demonetized and accepts without questioning the conclusions of various authors of the nineteenth century about their failure due to their short duration, and even attributes some responsibility to them in the fall of the empire. In the following pages I seek to offer a more complete view of the issue, circulation, amortization and destruction of
these certificates, from primary sources of the time and review the interpretation that has been given of them.
USMEXNA Journal (March), 2021
Banknote collectors of private issuing banks in Mexico tend to focus mainly on the vignettes, dat... more Banknote collectors of private issuing banks in Mexico tend to focus mainly on the vignettes, dates and even signatures, but less interest aroused around a feature present in most of their notes, the revenue stamps generally printed on the back. Usually there were two stamps; one with the name of the issuing bank and a revenue stamp certifying the payment of the Revenue Stamp Tax (Impuesto del Timbre or Renta del Timbre). I'll leave the former for a later analysis; in this article I intend to review the latter, explain its origin and show the differences and evolution throughout the issues from the 1870s to 1914, when the last banknotes were issued by the private issuing banks.
To organize this article, as a context, I will make a brief synopsis of the history of the issuing banks, highlighting some passages and characteristics in order, in the second part, to be able to explain how their banknotes intertwine with the emergence and the evolution of the Revenue Stamp Tax.
USMEXNA Journal (June), 2021
Banknote collectors of private issuing banks in Mexico tend to focus mainly on the vignettes, dat... more Banknote collectors of private issuing banks in Mexico tend to focus mainly on the vignettes, dates and even signatures, but less interest aroused around a feature present in most of their notes, the revenue stamps generally printed on the back. Usually there were two stamps; one with the name of the issuing bank and a revenue stamp certifying the payment of the Revenue Stamp Tax (Impuesto del Timbre or Renta del Timbre). I'll leave the former for a later analysis; in this article I intend to review the latter, explain its origin and show the differences and evolution throughout the issues from the 1870s to 1914, when the last banknotes were issued by the private issuing banks.
To organize this article, as a context, I will make a brief synopsis of the history of the issuing banks, highlighting some passages and characteristics in order, in the second part, to be able to explain how their banknotes intertwine with the emergence and the evolution of the Revenue Stamp Tax.
USMEXNA Journal (June), 2019
The Mexican Revolution was full of paradoxes. Example of these were the Obligaciones Provisionale... more The Mexican Revolution was full of paradoxes. Example of these were the Obligaciones Provisionales del Erario Federal (provisional promissory notes of the federal treasury), aka “Carbajal (sic) bonds”. In a period where one side disqualified and did not recognize what the other was doing, paradoxically this single issue linked a few of them; it was planned by Victoriano Huerta, put into circulation by Francisco Carvajal and, finally, recognized and withdrawn by Venustiano Carranza.
USMEXNA Journal (March), 2019
When the Constitutionalist movement seemed to emerge as the triumphant faction of the revolution ... more When the Constitutionalist movement seemed to emerge as the triumphant faction of the revolution by mid 1915, Venustiano Carranza decided to undertake the economic reorganization of the country, starting by a new issue of banknotes to replace all the previous ones legitimately issued by his movement. To guarantee its success, this new issue tried to address two shortcomings of its predecessors: to back this issue in gold and to produce these notes with high security supplies with plates engraved in steel, which would lead the same authorities to call them infalsifcables (uncounterfeitable). However, this effort was premature, fell short and failed to reestablish confidence in this method of payment because. The following article seeks to explain some lesser-known aspects of the preparation, circulation and withdrawal of this issue.
USMEXNA Journal (December), 2016
After the Mexican Constitution was approved in 1917, Venustiano Carranza submitted a bill to crea... more After the Mexican Constitution was approved in 1917, Venustiano Carranza submitted a bill to create a single bank of issue. Some proofs and specimens of its notes are known to the numismatic public, but not so their story. After spending several months researching different sources, normally not reviewed by the numismatic literature, I present here an attempt to explain how these specimens came into existence and why this project was never realized. (USMEXNA Journal, December 2016)
USMEXNA Journal (March 2017)
After failing to introduce the so-called infalsificables in 1916; given the difficulties to creat... more After failing to introduce the so-called infalsificables in 1916; given the difficulties to create the Single Bank of Issue included in the Constitution of 1917; and with the pressing need to replace the silver coins that in the second half of 1919 were disappearing from the circulation because of the rapid increase in international prices, in January 1920 the Monetary Commission issued provisionally paper money in two denominations: fifty cents and one peso. (USMEXNA Journal, March 2017)
Paper Money (November-December), 2016
I recently became intrigued with an item auctioned in Mexico City (figure 1). I’ve never been in... more I recently became intrigued with an item auctioned in Mexico City (figure 1). I’ve never been interested in promotional notes, but this one had something that drew my attention: it looked too similar to the ABNCo.-printed banknotes issued by the Bank of Mexico to be a coincidence. However, in more than two years researching this Bank’s emissions, I didn’t recall coming across the name of the promotional note’s engraver and printer: Fernando Fernández. (SPMC Paper Money #306, November-December, 2016)
IBNS Journal, 2020
When we talk about banknotes issued by the Banco de México (BdM), we normally refer to two differ... more When we talk about banknotes issued by the Banco de México (BdM), we normally refer to two different periods: that of the American Bank Note Company (ABNC) and that of its in house Banknote Factory. However, these are not the only printing companies involved in the production of notes for this Bank, and certainly they were not the only ones interested. When the Numismatic Collection of the BdM was digitized and made public, we were able to see trials and specimens printed by the English company Waterlow and Sons Limited (W&S) unknown to most of Mexican notaphilists and to even W&S’ experts. As in other countries where ABNC practically held a monopoly, multiple companies attempted to wrest part of the market share from it and, as we will see in this article, W&S almost succeeded in Mexico.
USMEXNA Journal (June), 2020
The issue by the Bank of Mexico of the 500 pesos notes with the portrait of Benito Juarez, and of... more The issue by the Bank of Mexico of the 500 pesos notes with the portrait of Benito Juarez, and of 200 pesos notes with those of Hidalgo and Morelos, has again aroused interest in Mexican notaphilia.
The attention paid, particularly on social media, to some of the characteristics of these banknotes such as the commemorative legend on some 200 pesos banknotes, the re-discovery of the signatures of the members of the Governing board, or the existence of a micro-printed binomial on the reverse of both denominations, leads to very interesting results. Intriguingly, despite the growing interest, so far I have not seen any analysis of these characteristics. In the following, I present a suggestion and its possible relation to the serial number of each banknote.
In order to ensure the security of banknotes, the banknote industry used to be a highly secretive... more In order to ensure the security of banknotes, the banknote industry used to be a highly secretive industry. Nevertheless, in the age of digital media this is almost impossible. Nowadays, most companies and issuing authorities explain their production processes through these means, and use them to disseminate to the general public the security features of banknotes. This paper makes a brief account of the value chain of the banknote industry, from the production of inputs to the destruction of unfit banknotes, and includes throughout links to most of the companies related to each of the processes, as well as to the commercial and government printing works in order to facilitate access to anyone interested in this field. (Translated and revised version of the article published in SONUMEX, “El Boletín Numismático” No. 248, July-September 2015 pp. 13-24)
Artículos en español by Cedrian Lopez Bosch
El Boletín Numismático (Enero-Marzo), 2017
En el siglo XIX, después del breve intento de puesta en circulación de cédulas del Imperio de Itu... more En el siglo XIX, después del breve intento de puesta en circulación de cédulas del Imperio de Iturbide y su igualmente efímero reemplazo con cédulas de la República en 1823, tendrían que pasar varias décadas para que se hicieran nuevas emisiones de papel moneda. No obstante, diferentes autoridades federales o centralistas e instituciones comerciales emitieron documentos crediticios, que fueron intercambiados a la vista y al portador. Tal es el caso de estos bonos autorizados por el Congreso del Estado de México en 1848.
El Boletín Numismático (abril-junio), 2021
A inicios de 2021 apareció una enigmática “boleta” de la Compañía Minera del Progreso, Baja Calif... more A inicios de 2021 apareció una enigmática “boleta” de la Compañía Minera del Progreso, Baja California. Esta pieza es interesante al menos por dos motivos: en primer lugar, si bien los principales objetos de atención de la notafilia mexicana son los billetes de los bancos privados y del banco único de emisión, así como el papel moneda revolucionario, también hay vales, bonos, pagarés, entre otros documentos, emitidos a sus trabajadores por haciendas, negociaciones comerciales y compañías mineras que funcionaron como medio de pago y hasta el momento no se conocía ninguna pieza de esta empresa minera. En segundo lugar, la “boleta” en cuestión viene a enriquecer el escaso acervo notafílico de la península de Baja California, particularmente previo a la Revolución Mexicana.
El Boletín Numismático (Abril-Junio), 2019
La Revolución Mexicana estuvo llena de paradojas. Un ejemplo de ellas fueron las Obligaciones Pro... more La Revolución Mexicana estuvo llena de paradojas. Un ejemplo de ellas fueron las Obligaciones Provisionales del Erario Federal, también conocidas como "Bonos Carbajal" (sic). Ésta fue una emisión de deuda planeada por Victoriano Huerta, puesta en circulación por Francisco Carvajal y, finalmente, reconocida y retirada por Venustiano Carranza. En un periodo donde un bando descalificaba y desconocía lo que el otro hacía, paradójicamente esta emisión vinculó a varios de ellos.
El Boletín Numismático (Enero-Marzo), 2017
La Revolución Mexicana fue un periodo convulso en el cual diversos grupos buscaron obtener el pod... more La Revolución Mexicana fue un periodo convulso en el cual diversos grupos buscaron obtener el poder político y económico del país. Unos buscaban cambiar el régimen, otros buscaban restaurarlo. En este proceso, la emisión de papel moneda era un paso casi necesario tanto para financiar su movimiento como para demostrar su solidez y control sobre su territorio. Algunas veces -como el intento del Movimiento Reorganizador Nacional, encabezado por el sobrino de Porfirio Díaz del que se habla en este artículo- fue imprimiendo sus billetes, las más, fue resellando las emisiones de otros grupos o facciones.
El Boletín Numismático (Enero-Marzo), 2018
A partir de la segunda mitad de 1915, cuando el Movimiento Constitucionalista parecía salir como ... more A partir de la segunda mitad de 1915, cuando el Movimiento Constitucionalista parecía salir como la facción triunfante de la gesta revolucionaria, el Primer Jefe del Ejército, Venustiano Carranza, decidió emprender la reorganización económica del país, empezando por ordenar definitivamente la circulación monetaria. Para ello, sugirió poner en circulación una nueva emisión de billetes que sustituyera a todas las anteriores emitidas legítimamente por su movimiento. Con esto pretendía uniformar la circulación monetaria y definir de una vez por todas el monto exacto de la deuda sagrada contraída por su movimiento con la población.
A fin de garantizar su éxito, esta emisión buscaba atender dos deficiencias de sus predecesoras: ofrecer una garantía en oro y manufacturar los billetes en un papel de mejor calidad e imprimirlos con planchas grabadas en acero, lo que llevaría a las mismas autoridades a denominarlos infalsificables.
Sin embargo, este esfuerzo fue prematuro, se quedó corto y no logró reestablecer la confianza en este medio de pago porque, como señalan Mónica Gómez y Luis Anaya, los desafíos técnicos, las resistencias sociales y las carencias económicas, lo superaron. Si bien se ha comentado profusamente su rotundo fracaso, a continuación busca explicar algunos aspectos menos conocidos acerca de su preparación, circulación y retiro.
El Boletín Numismático (Abril-Junio), 2018
Como todo rompecabezas, llega un momento en el que la imagen central toma forma, pero hay algunos... more Como todo rompecabezas, llega un momento en el que la imagen central toma forma, pero hay algunos espacios vacíos y un pequeño grupo de piezas que no sabemos cuál es su lugar exacto. Aquí cinco piezas que emergieron durante la investigación de esta emisión (Publicada en el Boletín Numismático #258).
UNAN Numismatica (Marzo-Abril), Mar 2017
Después de la Promulgación de la Constitución de 1917, Venustiano Carranza presentó un proyecto d... more Después de la Promulgación de la Constitución de 1917, Venustiano Carranza presentó un proyecto de Ley al Congreso para crear el Banco de la República Mexicana, a fin de concretar la aspiración de crear el Banco Único de Emisión. Se conocen algunas pruebas y especímenes de los billetes de este banco, pero no así su historia. Después de varios meses de investigación en distintas fuentes, muchas de ellas no necesariamente consultadas por los numismáticos, presento aquí una propuesta de explicación de cómo aparecieron estos especímenes y pruebas de un banco que nunca llegó a materializarse. (UNAN #17, Marzo-abril, 2017; publicado originalmente en SONUMEX, El Boletín Numismático #253, Octubre-Diciembre 2016)
UNAN Numismática (Septiembre-Octubre), 2017
Después del fracaso de la emisión de billetes llamados infalsificables en 1916, ante las dificult... more Después del fracaso de la emisión de billetes llamados infalsificables en 1916, ante las dificultades para crear el Banco Único Emisor contemplado en la recientemente promulgada Constitución de 1917, y con la imperiosa necesidad de suplir la moneda metálica que en 1919 estaba desapareciendo nuevamente de la circulación por el rápido incremento en los precios internacionales de la plata, en enero de 1920 la Comisión Monetaria emitió provisionalmente papel moneda en dos denominaciones: cincuenta centavos y un peso.
UNAN Numismatica (Mayo-Junio), 2017
Un billete promocional subastado hace unos meses tenía algo particular, se parecía demasiado a lo... more Un billete promocional subastado hace unos meses tenía algo particular, se parecía demasiado a los billetes de un peso elaborados por la American Bank Note Company (ABNC) para el Banco de México entre 1935 y 1970 como para ser una coincidencia. Sin embargo, en más de dos años de investigar sobre este banco no recordaba haberme topado con el nombre del grabador e impresor: Fernando Fernández (UNAN #18, Mayo-Junio, 2017)
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Articles in English by Cedrian Lopez Bosch
the reproduction of the decrees of 20 December 1822 and 11 April 1823 with which they were issued and demonetized and accepts without questioning the conclusions of various authors of the nineteenth century about their failure due to their short duration, and even attributes some responsibility to them in the fall of the empire. In the following pages I seek to offer a more complete view of the issue, circulation, amortization and destruction of
these certificates, from primary sources of the time and review the interpretation that has been given of them.
To organize this article, as a context, I will make a brief synopsis of the history of the issuing banks, highlighting some passages and characteristics in order, in the second part, to be able to explain how their banknotes intertwine with the emergence and the evolution of the Revenue Stamp Tax.
To organize this article, as a context, I will make a brief synopsis of the history of the issuing banks, highlighting some passages and characteristics in order, in the second part, to be able to explain how their banknotes intertwine with the emergence and the evolution of the Revenue Stamp Tax.
The attention paid, particularly on social media, to some of the characteristics of these banknotes such as the commemorative legend on some 200 pesos banknotes, the re-discovery of the signatures of the members of the Governing board, or the existence of a micro-printed binomial on the reverse of both denominations, leads to very interesting results. Intriguingly, despite the growing interest, so far I have not seen any analysis of these characteristics. In the following, I present a suggestion and its possible relation to the serial number of each banknote.
Artículos en español by Cedrian Lopez Bosch
A fin de garantizar su éxito, esta emisión buscaba atender dos deficiencias de sus predecesoras: ofrecer una garantía en oro y manufacturar los billetes en un papel de mejor calidad e imprimirlos con planchas grabadas en acero, lo que llevaría a las mismas autoridades a denominarlos infalsificables.
Sin embargo, este esfuerzo fue prematuro, se quedó corto y no logró reestablecer la confianza en este medio de pago porque, como señalan Mónica Gómez y Luis Anaya, los desafíos técnicos, las resistencias sociales y las carencias económicas, lo superaron. Si bien se ha comentado profusamente su rotundo fracaso, a continuación busca explicar algunos aspectos menos conocidos acerca de su preparación, circulación y retiro.
the reproduction of the decrees of 20 December 1822 and 11 April 1823 with which they were issued and demonetized and accepts without questioning the conclusions of various authors of the nineteenth century about their failure due to their short duration, and even attributes some responsibility to them in the fall of the empire. In the following pages I seek to offer a more complete view of the issue, circulation, amortization and destruction of
these certificates, from primary sources of the time and review the interpretation that has been given of them.
To organize this article, as a context, I will make a brief synopsis of the history of the issuing banks, highlighting some passages and characteristics in order, in the second part, to be able to explain how their banknotes intertwine with the emergence and the evolution of the Revenue Stamp Tax.
To organize this article, as a context, I will make a brief synopsis of the history of the issuing banks, highlighting some passages and characteristics in order, in the second part, to be able to explain how their banknotes intertwine with the emergence and the evolution of the Revenue Stamp Tax.
The attention paid, particularly on social media, to some of the characteristics of these banknotes such as the commemorative legend on some 200 pesos banknotes, the re-discovery of the signatures of the members of the Governing board, or the existence of a micro-printed binomial on the reverse of both denominations, leads to very interesting results. Intriguingly, despite the growing interest, so far I have not seen any analysis of these characteristics. In the following, I present a suggestion and its possible relation to the serial number of each banknote.
A fin de garantizar su éxito, esta emisión buscaba atender dos deficiencias de sus predecesoras: ofrecer una garantía en oro y manufacturar los billetes en un papel de mejor calidad e imprimirlos con planchas grabadas en acero, lo que llevaría a las mismas autoridades a denominarlos infalsificables.
Sin embargo, este esfuerzo fue prematuro, se quedó corto y no logró reestablecer la confianza en este medio de pago porque, como señalan Mónica Gómez y Luis Anaya, los desafíos técnicos, las resistencias sociales y las carencias económicas, lo superaron. Si bien se ha comentado profusamente su rotundo fracaso, a continuación busca explicar algunos aspectos menos conocidos acerca de su preparación, circulación y retiro.
Al igual que en otros países donde la ABNC prácticamente tuvo un monopolio, múltiples compañías trataron de arrebatarle una parte del mercado y, como veremos en este artículo, W&S casi lo logró en México.