The 50 Pesos banknote of the Gobierno Constitucionalista, authorized under the decree of July 21, 1915, emerged as a direct result of Venustiano Carranza's consolidation of power during the Mexican Revolution1. Carranza's return to Mexico City and his establishment of a unified government were made possible by a series of decisive military victories engineered by General Álvaro Obregón. In the spring and summer of 1915, Obregón's Constitutionalist forces decimated Pancho Villa's División del Norte in the Bajío region, triumphing in the massive Battles of Celaya (April 1915), the protracted Battle of León or Trinidad (where Obregón notably lost his right arm), and finally at Aguascalientes in July2. These victories effectively broke Villa's military supremacy, allowing Carranza's Constitutionalist army to march triumphantly into  ...