The Bill Board, a Numismatic Journey with Banknotes

by Tim Baker

Season 2026

Costa Rica: Banco de Costa Rica 20 Colones Series D (1901)

The turn of the 20th century marked a definitive inflection point for the Republic of Costa Rica, a period characterized by the ascendancy of the "Liberal State" and the aggressive modernization of its economic infrastructure. The banknote we are looking at—the Banco de Costa Rica 20 Colones, Series D, dated 1901 encapsulates the nation’s aspirations toward industrial progress, financial stability, and architectural grandeur. The specific specimen under analysis, identified by Serial Number 04272, belongs to a series of banknotes produced by the American Bank Note Company (ABNC) of New York. By deconstructing its physical composition, iconographic narratives, and institutional origins, we reveal the broader economic tapestry of the "Generation of Olympus" (Generación del Olimpo)—the liberal elite that governed Costa Rica and sought to integrate its coffee-based economy into the gold-standard global markets of Europe and North America.1 This report asserts that the Series D 20 Colones note was designed to function as a "monument in paper." At a time when the Costa Rican Colón (introduced in 1896) was solidifying its value against gold, the Banco de Costa Rica—the nation's premier financial institution—commissioned a currency that visually equated the extraction of mineral wealth (the obverse mining scene) with the solidity of banking institutions (the reverse architectural portrait). The survival of Serial 04272 as a high-grade remainder allows for a pristine view into the engraving mastery of the late Victorian era, offering numismatists and historians alike a tangible link to the zenith of private bank issuance in Central America.

S2026 · E4

Feb 17, 2026

25:14

Costa Rica: Banco de Costa Rica 20 Colones Series C (1906) Banknote

A review of the history of the bank, the iconongraphy on the banknote, the Series C, and the market and technical specs. Did you know there was an American who wanted to establish English speaking colonies and slave states in Latin America and who was celebrated in the U.S>? Listen and find out where he fits in to the story.

S2026 · E3

Feb 16, 2026

30:10

Costa Rica: PMG 65 EPQ Banco National De Costa Rica 5 Colones 1937-1938 (Pick 198a)

The study of Latin American currency provides a unique lens through which to view the economic and political evolution of the region. We are looking at the Costa Rica 5 Colones note of 1937-1938, cataloged in the Standard Catalog of World Paper Money as Pick 198a. This banknote is not merely a medium of exchange; it is a transitional artifact that bridges two distinct eras of Costa Rican banking history: the period of the Banco Internacional de Costa Rica and the subsequent establishment of the Banco Nacional de Costa Rica. This report focuses on a specific, high-grade specimen of this issue: a 5 Colones note graded PMG 65 EPQ (Gem Uncirculated), identified as a "Top Pop" (Top Population) rarity. The existence of such a pristine example is a statistical anomaly given the tropical climate of Costa Rica and the heavy circulation these low-denomination notes typically endured. The note is characterized by its provisional nature—a revalidation of an earlier issue via a typographic overprint—and its striking obverse vignette, familiarly known to collectors as the "Banana Train." The visual narrative of the note, depicting the loading of bananas onto a railway car, encapsulates the "Green Gold" era of Costa Rica, dominated by the United Fruit Company and the Atlantic Railroad. This report will dissect the historical context, technical specifications, security features, and market dynamics surrounding this numismatic treasure, providing a definitive reference for the advanced collector.

S2026 · E2

Feb 15, 2026

29:59

Mexico: José Yves Limantour and the Banking Dispute over Monetary Circulation (1897-1908) by Iliana Zárate

Jose Yves Limantour y la Disputa Bancaria por la Circulacion Monetaria (1897-1908) Iliana Zarate José Yves Limantour: Served as Mexico's Secretary of Finance from 1893 to 1911 during the Porfiriato. Disputa Bancaria (Banking Dispute): Refers to the regulatory conflicts between the federal government and state banks over the right to issue banknotes, culminating in the 1905 monetary reform that established the gold standard in Mexico.

Aug 21, 2026

48:29

The History of the American Banknote Company by William Griffiths

The book has illustrations, better source, I wanted to take a listen before I dive in

Aug 18, 2026

1:15:10

Mexico: República Mexicana Gobierno Constitutionalista 50 Pesos "Infalsificable" Banknote (1915)

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 Mexico City in August 1915 Upon securing the capital, Carranza immediately moved to stabilize a shattered economy plagued by hyperinflation and a chaotic mix of regional fiat currencies. He declared all previously issued paper money from rival factions void and decreed the creation of a single, unified national currency—Los Infalsificables4. However, because these high-quality notes were contracted to the American Bank Note Company (ABNC) in New York, they would take time to print and deliver. Prior to their arrival, the government relied on an interim currency printed domestically at the Oficina Impresora (Government Printing Office), which included small-denomination cardboard cartones and Obligaciones Provisionales del Erario Federal (provisional treasury obligations). To underwrite the creation of the Infalsificables and theoretically guarantee their circulation, Carranza decreed the establishment of a Fondo Regulador (regulatory fund) on April 3, 19168. The following day, April 4, 1916, he published a decree creating the Comisión Monetaria (Monetary Commission) to manage this fund and orchestrate the transition6. The Comisión Monetaria was originally run by a prominent group of Carranza's allies: the Minister of Finance, Luis Cabrera; the General Treasurer of the Nation, Nicéforo Zambrano; and presidentially appointed members Alberto Pani, Ignacio Rivero, Carlos B. Zetina, and Carlos Basave. The commission's daily operations were managed by Eduardo del Raso and Francisco Puga. The first sets of activities undertaken by the Comisión Monetaria focused aggressively on arranging the monetary circulation following the chaos of the revolutionary issues. This monumental task involved exchanging and destroying obsolete currency, officially issuing (and later attempting to withdraw) the Infalsificables, and taking steps to reintroduce metallic gold and silver coins into everyday commerce. To stabilize the money supply and centralize financial power, they also helped the Ministry of Finance wind up private banks of issue, performing credit and banking activities through a newly created network of branches throughout Mexico. As part of the transition mandated by the July 21, 1915 decree, the government required the public to exchange the previously issued Constitutionalist banknotes—primarily the Ejército Constitucionalista and Gobierno Provisional de México (Veracruz) issues. These older notes were mandated to be deposited and exchanged for the newly arriving Infalsificables at a legally established rate of 10 to 1 (ten old pesos for one Infalsificable)9. Despite this highly organized monetary rollout, the Infalsificables ultimately succumbed to the same macroeconomic pressures of the era, depreciating rapidly shortly after entering active circulation.

Aug 17, 2026

30:50

Mexico: Ejército Constitucionalista de México 10 Pesos Banknote (1914)

The issuance of the 1914 10 Pesos banknote by the Ejército Constitucionalista de México represents a critical intersection of military logistics, sovereign financial policy, and economic survival during the Mexican Revolution1. To fund a massive, multi-front armed rebellion capable of defeating the entrenched federal army, Carranza faced an insurmountable logistical challenge. Financing a war required vast amounts of capital to procure food, clothing, livestock, and most importantly, arms and ammunition from international suppliers across the United States border. Requisitioning these supplies directly from the civilian populace through force or confiscation was politically untenable, as such actions would incite severe social unrest and rapidly erode the public support required to sustain the revolution The legal framework validating the creation and forced circulation of this rebel currency was established through a sequence of specific military decrees. The initial legislative authorization occurred on April 26, 1913, when Carranza issued a decree in Piedras Negras, Coahuila. The text of this decree asserted that it was the civic duty of all Mexicans to contribute proportionally to the army's expenses until constitutional order was restored. To enforce this, the decree mandated that all inhabitants of the Republic were legally obligated to accept the Constitutionalist paper money as legal tender, at absolute face value, for all civil and commercial transactions. The decree further promised that once constitutional order was re-established, formal laws would be promulgated to guarantee the redemption of the issued notes2. As the war expanded, the initial capital injections proved insufficient. On December 28, 1913, operating from Hermosillo, Sonora, Carranza issued Decree No. 14, which authorized a second massive issuance of fifteen million pesos. This legislation was particularly notable because it explicitly prohibited the continued use of alternative local scrip (known locally as fichas, tarjetas, or vales), establishing severe punitive measures for any civilian or merchant who issued or utilized unauthorized localized currency. The specific legislation authorizing the banknote under review was Decree No. 18. Signed by Carranza on February 12, 1914, while he was stationed in Culiacán, Sinaloa, this decree expanded the money supply by an additional ten million pesos, bringing the total authorized Constitutionalist fiat currency to thirty million pesos2. The thought process behind the design and physical creation of this specific issue, which eventually became known to the public and numismatists as the "Aguilas Viejas" (Old Eagles) series, was driven by an urgent need for psychological legitimacy. The earliest emergency issues produced by the Constitutionalists (often referred to as the Monclova issue) were poorly printed on low-quality paper and were viewed with deep skepticism by a populace accustomed to the highly secure, beautifully engraved banknotes of the pre-war era2. The leadership recognized that an army could not survive on a currency that looked like a temporary voucher. They required a banknote that possessed a firm, professional appearance and utilized deeply ingrained patriotic motifs to project absolute stability, state authority, and institutional permanence

Aug 15, 2026

28:53

1 of 12

The Bill Board, a Numismatic Journey with Banknotes

Costa Rica: Banco de Costa Rica 20 Colones Series D (1901)

Costa Rica: Banco de Costa Rica 20 Colones Series C (1906) Banknote

Costa Rica: PMG 65 EPQ Banco National De Costa Rica 5 Colones 1937-1938 (Pick 198a)

Mexico: Mexican Currency History from Cacao to Polymer

Mexico: El Banco Mercantil de Yucatán 10 Pesos (1904) Banknote Report

Mexico: A Discussion of the Banking Reform of 1908

Mexico: José Yves Limantour and the Banking Dispute over Monetary Circulation (1897-1908) by Iliana Zárate

The History of the American Banknote Company by William Griffiths

Mexico: República Mexicana Gobierno Constitutionalista 50 Pesos "Infalsificable" Banknote (1915)

Mexico: Ejército Constitucionalista de México 10 Pesos Banknote (1914)