Paper Money of Chihuahua

.. by Simon Prendergast

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Home The History El Banco Minero 1888 concession

1888 concession for El Banco Minero

On 22 May 1888 the bank, represented by Enrique Creel, and the Banco Mexicano, represented by Miguel Salas, celebrated a new contract with the Secretaría de Hacienda. This new concession was limited to fifteen years; the banks lost their right to issue notes payable in legal tender but payable in silver at an 8% discount, and all such notes then in circulation were to be withdrawn and destroyed before 30 June 1889; the banks were authorised to issue notes payable in silver (en moneda de plata) in denominations of 25c, 50c, $1, $2, $5, $10, $20, $50, $100 and $500; and the notes payable in silver already in circulation had to be changed for a new issue, with different designs, within a year. The banks had to have a capital of at least 500,000 pesos and at least five shareholdersEl Norte, 5 July 1900. This contract was approved by the Mexican Congress on 4 June 1888.

The bank therefore issued a new series of notes, with the legend ‘Banco Minero’, from 1888 onwards.

 

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