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Set Description:
El Banco de Tamaulipas
The State of Tamaulipas is on the east coast of Mexico, bordering Texas and therefore facing the middle of the Gulf of Mexico. After a number of failed attempts, the Banco de Tamaulipas was finally established with support of the State Governor, Pedro Argüelles, and a group of local business men from Tampico and Tula. The initial capital raised was $1,000,000, which was increased to $2,500,000 four years later, and as a coin collector a stash of millions of ounces of silver from circulation must have been an impressive sight. The first branch opened in Tampico, which is located in the south-east corner of the state, and is not only a major port but the largest city. Expansion of the banks’ operations resulted in several other branches being opened across Tamaulipas. The notes issued by the various State Banco’s typically bear the State Coat of Arms on them somewhere, however the Banco de Tamaulipas notes do not appear to follow this unwritten (?) rule and it is the Coat of Arms for Tampico which is represented on the back of all the notes no doubt recognising the commercial importance of the city.
The depiction of the boatman and the land are appropriate however the two animals in the foreground on the Coat of Arms are otters as Tampico apparently means 'place of the water dogs' in Huastec, a Mayan derivative language, not surprising given the ideal conditions for the species provided by the marshy coastline. However given the reference to 'water dogs' I guess the American Bank Note Company were not paying complete attention and engraved two 'dogs' instead of two otters!
Looking through my copies of the ‘Standard Catalog of World Paper Money: Specialist Issues’ and ‘Mexican Paper Money’ it was this observation that attracted my attention and thus my first foray into Mexican Banco notes was a 20 Pesos from Tamaulipas (S431s, M522s). However, the arrival of this solitary note, and apparently being afflicted with a ‘collector’ psyche, meant that I had somehow started a ‘set’. Further research highlighted that issued versions of these earlier Mexican notes circulated widely, were largely recalled and incinerated, making the assembly of complete sets a monumental undertaking (e.g. all Series, Dates, Signatures etc). As a result specimens and remainders are often the only realistic option for acquiring high grade notes of the many banks of this period and the Banco de Tamaulipas is no different. As a long standing coin collector, and with a number of ‘in progress’ NGC Registry Sets, this prompted a look at PMG where the complete Set is made up of seven notes:- 5, 10, 20, 50, 100, 500 and 1000 pesos, however the two highest denominations are classed as ‘non-competitive’ no doubt due to their rarity, leaving just five notes. Graded populations were surprisingly high for the 5 pesos note (253) meaning it is readily available, with the total for all the other denominations being 92 (October 2022) so the goal of putting together a set was not an unrealistic task.
The format of catalogs often means that they are not able to include all the information that a collector may seek and they require constant updating as new discoveries come to light. Below is an attempt at a brief summary of the notes and their associated catalog numbers from SCWPM: Specialist Issues (S numbers) and Mexican Paper Money (M numbers) and the possible gaps and inconsistencies particularly for the higher denominations. Fortunately, PMG now include both designations on the label of graded notes which is a great help. Much more detail linking series, serial numbers to signatories, dates of issues and the associated history and documentation is available at the excellent site ‘papermoneyofmexico.com’ which is an invaluable resource for collectors of the earlier Mexican banknotes. All of the banknotes in the Set were printed by the American Bank Note Company in New York, however following a report of counterfeit notes circulating ABNC changed the design slightly from March 1911 by re-engraving ‘Tampico’ and removing the ‘de ___ de 190’ for the date even though the report turned out to be false. Remainders are typically from Series G and Series H and come from this second set of plates.
5 Pesos S429, M520:
Black on green underprint. The note shows an ornate cornice as the backdrop for a central portrait of Guadalupe Obregon, the daughter of Guillermo Obregón Cortina, the lawyer for the bank. The standard design for the back of the note is in green. The note is 184 × 82 mm, with issued examples having printed signatures and control letters O1 to O8.
10 Pesos S430, M521:
Black on orange and light-green underprint. The central vignette is of a herd of cattle highlighting the important role of agricultural production to the State. The standard design for the back of the note is in orange. The note is 184 × 82 mm, with issued examples having printed signatures and control letters C1 to C6. No remainders designated for SCWPM.
20 Pesos S431, M522:
Black on blue and light-green underprint. The vignette of a train at the centre indicates a modern and progressive society and the critical role the rail links play in connecting the in land mines and agricultural areas to the port and thus the export market. The standard design for the back of the note is in blue. The note is 184 × 82 mm, with issued examples having hand written signatures with control letters I1 to I8.
50 Pesos S432, M523:
Black on brown and yellow underprint. Two allegorical female figures representing commerce surrounded by cargo highlighting again the importance of the port at Tampico to the fortunes of the State. The standard design for the back of the note is in brown. The note is 184 × 82 mm, with issued examples having hand written signatures with control letters P1 to P8. It is interesting that Series B is not included in either SCWPM or MPM.
100 Pesos S433, M524:
Black on olive-green underprint. This time the central vignette depicts sailing ships of the period and another essential trade connection in the commercial success of the State. The standard design for the back of the note is in dark green. The note is 184 × 82 mm, with issued examples having hand written signatures with control letters M1 to M8.
500 Pesos S434, M525:
Black on red and yellow underprint. Centre portrait of General Juan de la Garza, the Governor of the State, flanked by dock workers highlighting yet again the critical role played by the port at Tampico. The standard design for the back of the note is in red. The note is 184 × 82 mm, with issued examples having printed signatures with control letters A1 to A8. The note currently missing from the Set.
1000 Pesos S435, M526:
Black on olive-brown underprint. The front of the note has a child at the centre, possibly a representation of the State and its potential. Flanking the young girl are two allegorical female figures illustrating commerce and industry as the origin of future success. The standard design for the back of the note is in brown. The note is 182 × 81 mm, with issued examples having hand written signatures and control letters T1 to T6.
Post-Revolution
A degree of stability was finally brought to Mexico as the Revolutionary Period came to an end, facilitating a consolidation of the banking sector. As part of this process the Banco de Tamaulipas, along with many other banks, had its Federal charter cancelled on 15th December 1915 as it no longer met the asset requirements to issue currency. This suggests that the original capital of millions of ounces of silver had somehow been ‘mislaid’ over the preceding decade! The bank did fare better than some and was converted into a Development Bank, but was finally closed in 1933.
As collecting is a never-ending source of new discoveries, if anyone has any info they are able to share on the Banco de Tamaulipas issues it would be very much appreciated. Hopefully, this will add to the data that long-standing specialist collectors have already made available, is invaluable to new collectors such as myself, and will enable some of the existing gaps in the data to be filled in.
References:
Standard Catalog of World Paper Money: Specialised Issues 12th Edition 2014 (S numbers).
Mexican Paper Money 2017 (M numbers).
Latin America Banknote Records, Ricardo M. Magan, 2005,
Papermoneyofmexico.com (fantastic source of information)
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All Set Notes/Scores
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