20 Pesos

The Banco de México began contracting ABNC for its peso series in the 1920s, and by the mid-1930s the relationship was well established — this 1937 issue falls within a period of relative monetary stability following the turbulent peso devaluations of the Revolution era. Mexico had formally consolidated its central banking structure under the 1925 Ley General de Instituciones de Crédito, and these notes reflect a mature, institutionally confident issue rather than an emergency printing.

Pick 36 is scarcer in circulated grades than many collectors expect, given that 20-peso notes saw heavy commercial use in a country where that denomination carried real purchasing weight in 1937.