What is the Mexico 500 pesos Morelos note?

It is one of the large engraved notes the Banco de México issued while the American Bank Note Company printed its money. The bank began issuing 500 pesos notes in 1931, and from 1935 the American Bank Note Company printed its notes. The Morelos design is catalogued as Pick 51, and banknotes.com describes its example, dated 18.1.1978, simply as Morelos and Palacio de Minería.

The promise on the front reads EL BANCO DE MEXICO S.A. PAGARA QUINIENTOS PESOS A LA VISTA AL PORTADOR: the Bank of Mexico will pay five hundred pesos at sight to the bearer. That is the wording of an era. The Bank of Mexico had been printing its own notes since 1969, starting with the 10 pesos, and in 1979 it issued its own 500 pesos, the successor to the American-printed note.

Our American Bank Note Company guide covers the printer behind this note.

Who is on the Mexican 500 pesos note?

José María Morelos y Pavón, whose engraved portrait sits at right. Born on 30 September 1765 in Valladolid, Michoacán, Morelos was a priest who became one of the military leaders of the insurgent army in the Mexican War of Independence. He died on 22 December 1815, and his resting place is the Angel of Independence monument in Mexico City.

He appeared on Mexican coins too. A portrait of Morelos was placed on the silver 1 peso coin from 1947, so for years a collector could hold the same man on a 1 peso coin and on a 500 pesos note.

What building is on the back of the 500 pesos note?

The Palacio de Minería, the Palace of Mining in Mexico City. The Spanish sculptor and architect Manuel Tolsá designed and built it between 1797 and 1813 to house the Royal School of Mines, and Wikipedia calls it a fine example of Neoclassical architecture in the Americas. It later housed the National University's School of Engineering and the Physics Institute of the National Autonomous University of Mexico, and today it is a museum belonging to the university's Faculty of Engineering.

A priest who led an army on the front, a school for mining engineers on the back: the note pairs the fight for independence with the science that built the country's wealth.

How do Pick 51 dates and letters work?

The base number, 51, identifies the design. The lowercase letter after it marks the variety. As our guide to Pick numbers explains, a suffix letter is added when the same design was issued with different signatures, dates or printings. With a note issued over many years, the letters run deep into the alphabet.

Here are the eight Pick 51 notes Planet Banknote holds, each certified by PMG, with the year and grade as they appear in our listings:

Notice the two 1972 notes, P-51o and P-51p. Same year, different letters. That is the practical lesson of this series: match the full date and the variety on the note to the catalog, not just the year. A date run like this one, from 1961 to 1978, lets you see the design hold steady across seventeen years by our arithmetic.

What is the difference between PMG 65, 66 and 67 EPQ?

All three are uncirculated grades, and the differences are small and specific. PMG's published grading scale defines them this way:

• Superb Gem Unc 67 EPQ: above-average margins and registration. There may be minor handling.
• Gem Uncirculated 66 EPQ: slightly more handling than a 67 EPQ note, with above-average centering.
• Gem Uncirculated 65 EPQ: one or two minor distractions from minor handling, with above-average centering.

EPQ stands for Exceptional Paper Quality. In PMG's words, an EPQ note is completely original, not physically, chemically or materially processed to look better. PMG requires EPQ for every grade from 65 up, so on a Gem or Superb Gem holder it confirms what the number already implies.

When you compare notes in hand, look at the margins first, then the registration of the printing, then the surfaces under raking light. On a large engraved note like the 500 pesos, wide and even margins are what lift a note from 65 toward 67. Our walk-through of how to read a PMG label shows where the Pick number, date and grade sit on the holder, so you can check them against the note.

Frequently Asked Questions

Who is on the old Mexican 500 pesos note?

José María Morelos y Pavón (1765 to 1815), a priest who became one of the insurgent military leaders in the Mexican War of Independence. His engraved portrait appears at right on the front of the Banco de México 500 pesos, Pick 51.

What building is on the back of the Mexican 500 pesos Morelos note?

The Palacio de Minería in Mexico City, a Neoclassical building designed by Manuel Tolsá and built between 1797 and 1813 for the Royal School of Mines. Today it is a museum of the Faculty of Engineering of the National Autonomous University of Mexico.

Who printed the Mexican 500 pesos Pick 51?

The American Bank Note Company, which printed the Bank of Mexico's notes from 1935. The Bank of Mexico later printed its own notes, starting with the 10 pesos in 1969 and reaching the 500 pesos in 1979.

Why do two 1972 Mexico 500 pesos notes have different Pick numbers?

Because Pick suffix letters mark varieties, not just years. A design issued with different dates, signatures or printings receives a separate letter for each, so two notes from 1972 can be P-51o and P-51p.

What does EPQ mean on a PMG holder?

Exceptional Paper Quality. PMG uses it for notes that are, in its graders' opinion, completely original, with no physical, chemical or material processing to improve their appearance. Notes graded 65 and above must qualify for EPQ.

What is the difference between PMG 66 EPQ and 67 EPQ?

According to PMG's grading scale, a 67 EPQ note has above-average margins and registration with at most minor handling, while a 66 EPQ note may show slightly more handling, with centering still above average.