COMMERCIAL NATIONAL BANK EL PASO 1916 overprint 1 Peso Chihuahua Pancho Villa

Description

COMMERCIAL NATIONAL BANK of EL PASO, TEXAS promotional overprint Mexico Revolution Chihuahua PANCHO VILLA currency
1 Peso Pick S529 Feb 1914
Series L June 1915
S/N 5781830, IRO-AA 10-20-1915
Stamped in red ink on reverse:
“COMMERCIAL NATIONAL BANK/EL PASO, TEXAS/We Invite your Correspondence/Special Attention to Southwestern Collections/Resources ,000,000.00”
Opening in 1916, the Commercial National Bank of El Paso existed under its original name for less than two years (1916-1918). From 1918 to 1922, it was known as Security Bank & Trust Co. In 1925, the bank became El Paso National Bank, issuing national bank notes for over a decade. Technically, this overprint can be considered an early, if not the earliest, currency-like emission from the organization that would become the El Paso National Bank.
"An economic simpleton, Villa saw no reason why he could not simply print the money he needed, and to an extent the American banks in El Paso colluded with this by accepting his currency at eighteen-nineteen cents on the dollar, on Villa's guarantee. " -
Frank McLynn. in
The E-Sylum: Volume 21, Number 45, November 11, 2018, Article 26
.
Extremely Rare and in choice condition – a problem-free, crisp and clean AU-UNC without creasing, and may be considered UNC.