This consists of an image of the bust-head figure of the note that forms part of the paper from the time of its manufacture. It is found at the extreme right of the 20-, 50-, 100-, 200-, 500-, and 1000-peso notes.

In addition, the 200-, 500- and 1000-peso notes have another watermark, called “clear watermark.” As seen from the front of the note, in the 500-peso note, this watermark is Banco de México's logo, located at the extreme left-hand side of the note, beside the perfect register. In the 200- and 1000-peso note, it is the image of the numeral 200 and 1000 respectively, located at the lower right-hand side of the note.

The watermarks can be seen on both sides of the note.

To observe this security feature, you should hold the note against the light.