This extensive research report presents a definitive numismatic and historical analysis of the 10 Pesos banknote issued by El Estado de Chihuahua in 1915, identified in the Standard Catalog of World Paper Money as Pick Number S535a. Belonging to the celebrated "Dos Caritas" (Two Faces) series, this artifact is not merely a piece of currency but a primary document of the Mexican Revolution. It encapsulates the political legitimacy asserted by the División del Norte under General Francisco "Pancho" Villa, featuring the dual portraits of the martyred President Francisco I. Madero and the assassinated Chihuahuan Governor Abraham González.

The report establishes that the specific specimen presented—a Series N note issued in January 1915—represents a critical juncture in the revolutionary war economy. I ...