En resumen
The red 100 peso Carranza note and the 20 peso coin marked Mexico's 1917 Constitution Centennial. Which is which, what makes them collectible, and what they actually sell for.
Most people who find the red 100 peso Mexican note with Venustiano Carranza on it assume it's rare and worth a fortune. In circulated condition, it's worth close to face value, roughly 5 to 6 US dollars. But an uncirculated example with a low or palindrome serial number, or a printing error, can bring several times that. Here's how to tell what you actually have.
In 2017, Mexico marked 100 years of its Constitution, the one adopted in 1917 that still governs the country today. As it does for major anniversaries, the Banco de México (Mexico's central bank) put the celebration on its money: a 100 peso banknote and a 20 peso coin, both commemorative. If one landed in your pocket and you set it aside, this is worth reading.
The 100 peso Constitution Centennial note
The commemorative 100 peso note, red and yellow, entered circulation on February 5, 2017, the exact anniversary of the Constitution's promulgation. It belongs to the Banco de México "F" series and is printed on cotton paper.
The front shows the solemn ceremony in which Venustiano Carranza, as president, takes his oath before the assembly alongside Luis Manuel Rojas, head of the Constitutional Congress. The back shows the delegates of the Constitutional Congress swearing to uphold the new charter. The design isn't decorative, it's documentary: it depicts the exact moment the current Constitution was born.
Here's the point that matters for value: this is not the everyday 100 peso note. The regular circulating note of that era featured Nezahualcoyotl, the poet-king of ancient Texcoco. The commemorative is the red Carranza note, issued in a limited run, and that's why it trades differently. Don't confuse the two.
What it's worth today
The rule that saves you from overpaying or underselling: the asking price online is not the selling price. You'll see this note listed at wild figures on marketplaces. Reality comes down to condition.
- An uncirculated note (no folds, no stains) with a low serial number, a palindrome serial, or a printing error can bring several times face value.
- A worn, ordinary example sells for far less than the internet suggests, often just a small premium over its roughly 5 to 6 US dollar face value.
- The 20 peso coin, being more common, carries a premium mainly when it's uncirculated or in proof quality.
| Piece | Year | Condition | Approximate value (USD) |
|---|---|---|---|
| 100 peso Constitution note | 2017 | Circulated | Near face, about 5 to 6 |
| 100 peso Constitution note | 2017 | Uncirculated, ordinary serial | Roughly 10 to 25 |
| 100 peso Constitution note | 2017 | Uncirculated, low/palindrome serial or error | Higher, sold individually |
| 20 peso coin | 2017 | Circulated | Near face |
| 20 peso coin | 2017 | Uncirculated / proof | Modest premium |
To pin down what yours is worth, use the what's my banknote worth or what's my coin worth tools. If your commemorative has an unusual detail, post it on the forum and the community will tell you what you're holding.
How to identify the commemorative note
It's easy to mix up, so here's how to recognize the Constitution commemorative:
- Red and yellow dominate. The regular Nezahualcoyotl note is also reddish, but the design is completely different.
- It reads "Centenario de la Constitucion" and shows the oath-taking scene, not the poet-king.
- It's printed on cotton paper, not polymer.
- It was issued on February 5, 2017, the anniversary of the 1917 promulgation.
If your note shows Nezahualcoyotl and the Templo Mayor, it's the regular issue and worth face value. If it shows the Congress scene and Carranza, you have the commemorative.
The prize for collectors is an uncirculated example with a low or palindrome serial. Store it flat, in a PVC-free sleeve, away from light and humidity, the way you'd protect any collectible note.
The 20 peso Constitution Centennial coin
The Banco de México paired the note with a commemorative 20 peso coin. The reverse groups Pastor Rouaix, Venustiano Carranza, Francisco J. Mugica, and Heriberto Jara, all figures of the Constitutional Congress, with the original 1917 Constitution cover in the background and the "Mo" mint mark of the Casa de Moneda de Mexico (the Mexican Mint).
Between the two pieces, the note is usually the collector's favorite: more striking, a tighter print run, and more demand. The 20 peso coin is more common, since several batches circulated. Even so, assembling the pair, note plus coin from the same anniversary, is an accessible and satisfying collecting goal.
Why the 1917 Constitution matters
To understand why the central bank devoted a special issue to it, you need to know what this Constitution represents. The 1917 charter wasn't an ordinary reform: it was the first constitution in the world to include social rights, Article 27 on land and Article 123 on labor rights, ahead of many other nations. It came out of the Constitutional Congress that met in Queretaro, with Venustiano Carranza as First Chief of the Constitutionalist Army, and it remains Mexico's supreme law more than a century later.
The note depicts that founding moment, the swearing-in of the new Constitution. The delegates on the reverse are the men who actually signed it.
Who Venustiano Carranza was
The figure on the front, Venustiano Carranza (1859-1920), led the Constitutionalist faction during the Revolution and served as president of Mexico from 1917 to 1920. Born in Coahuila, he headed the fight against Victoriano Huerta's government and convened the Congress that drafted the Constitution. His figure closes the revolutionary cycle and opens the institutional Mexico of the 20th century. Putting him on the Centennial note makes sense: he was the political architect of that Constitution.
Part of a commemorative trilogy
The Constitution note didn't come out alone. It's part of a group of banknotes the Banco de México used to mark Mexico's great anniversaries. The most beloved of them is the 100 peso Centennial of the Revolution note, with its famous locomotive loaded with troops and a soldadera (a woman soldier known as an Adelita).
Together with the 200 peso Independence note featuring Miguel Hidalgo, these three notes commemorate the moments that built modern Mexico: Independence, Revolution, and Constitution.
Keep reading
Read the full guide to the 200 peso Independence note and the 100 peso Revolution note, and our roundup of the most valuable Mexican banknotes in 2026. If paper money is starting to appeal to you, begin with our guide to Mexican notaphily.
Have a Constitution note with an unusual serial or a printing quirk? Post the front and back on our forum and let the community help you value it.
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