A review of the paper written by Monica Gomez titled Why Mexico's 1916 unfalsifiable banknote failed by Monica Gomez and Luis Anaya (El Infalsificable y el fracaso de la estabilización monetaria en el carrancismo. México, 1916)

In 1916, the Constitutionalist government of Venustiano Carranza attempted to resolve Mexico's monetary chaos through the introduction of a new paper currency known as the Infalsificable (Unfalsifiable). Intended to unify more than 20 disparate revolutionary issues and establish economic stability, the reform sought to move the country toward a mixed metallic-fiduciary regime.

The program ultimately failed within six months due to a combination of technical design flaws, insufficient metallic reserves, and deep-seated social distrust. The government’s inability to maintain convertibility led to a rapi ...