was soon exhausted. Another decree of November 28, 1913, raised the total by $20,000,000 Mexican and was soon followed by others necessitated by the continuing needs of the army and the steady decline in the rate at which the bills were currently accepted. Meanwhile Villa, Zapata, and others were issuing rival currencies forced into circulation in the districts they controlled. Later Carranza was forced to retire to Vera Cruz and from that city he issued quantities of "Vera Cruz bills." The value of Carranza paper continued to fall, and counterfeits continued. It was evident that soon the "bilimbiques," as his paper was nicknamed, would be so low in value that they would not circulate at all.
Under these circumstances a decree was issued July 21, 1919, alleging that counterfeits had destroyed the confidence of the people in the paper issued and authorizing another issue of "infalsificable" notes, which were to retire all Carranza paper previously authorized. The issue was of $500,000,000 Mexican and was to be backed by metallic reserves which never were created. These bills were printed in New York and, unlike their predecessors, were well made. Previous issues of the Carranza government, not counterfeits, were to be redeemed at a set rate until June 30, 1916. All paper currencies, except the new issue, were then declared no longer legal tender.
All told there had been some 200 issues of various origins current in the republic, most of which had rapidly declined in value after their appearance—as the "infalsificables" now proceeded to do.
The total paper currency "legal" and "counterfeit"
