To fund his rapidly expanding military campaigns, purchase munitions from suppliers in the United States, and restore commercial functionality within the vast northern territories he controlled, Pancho Villa required a sovereign currency. Following the capture of Chihuahua City by the División del Norte in late 1913, the revolutionary government seized the assets, properties, and metallic reserves of the state's wealthy elite, utilizing these confiscated estates as the theoretical backing for a new fiat currency

The initial paper money issued by Villa's administration was produced locally and colloquially known as sábanas (bedsheets) due to their unusually large dimensions. These early notes were poorly printed, highly susceptible to counterfeiting, and viewed with deep suspicion by the public. Recognizing that political l ...