50 Pesos

Banco de México's earliest series, issued from 1925 following the bank's founding that same year, was engraved and printed entirely by the American Bank Note Company in New York — a common arrangement for newly established central banks in Latin America that lacked domestic printing infrastructure capable of producing secure currency.

The P#24 ran across nearly a decade of considerable monetary turbulence, spanning the tail end of the Cristero War's economic disruptions and into the early years of the Great Depression, during which Mexico suspended gold convertibility. Notes from the later dates in this range, post-1931, circulated under a fundamentally different monetary regime than those issued at the series' opening.