By late 1915, Venustiano Carranza's Constitutionalist faction had achieved military dominance over a majority of the republic. However, his government inherited an economy paralyzed by hyperinflation and a populace deeply distrustful of any paper currency. Recognizing that political legitimacy required monetary stability, the Carranza administration engineered a sweeping financial reform intended to unify the currency and restore public confidence.

• First was the decree of July 21, 1915 setting forth the establishment of The Infalsificables (uncounterfeitables) series.
• Second, to orchestrate this massive macroeconomic transition, Carranza issued a foundational monetary reform decree on April 3, 1916, which established the Comisión Monetaria (Monetary Commission) and set a 500 million peso limit for the new  ...