The style of this coin is the same as that of the Muera Huerta Peso type 1, and might well have been cut by the same engraver. But the edge is irregular, and the history of this issue cannot be traced back before the late 1920's. It was first mentioned by Sanchez Garza, Historical Notes on Coins of the Mexican Revolution (Mexico, 1932), and appeared at auction (for the first time?) in the Glendining sale of 25 March 1936, lot 9, with the annotation "only three struck".
Sanchez Garza claimed that some of these coins had been distributed by Villa himself, but Carlos Gaytan reported that he had never found anyone associated with the revolution, including the personal secretary of Pancho Villa, who had ever heard of a gold issue (La Revolucion mexicana y sus monedas, Mexico, 1969, pp. 69-70). Also, whereas the silver Muera Huerta Peso was obviously intended to pass equivalent to the circulating Federal Peso, the gold content of the 20-Pesos appears to vary. It is in any case too large for the (as yet unstruck) Mexican Federal 20-Pesos gold, too small to be the equivalent of the United States Double-Eagle. The Muera Huerta 20-Peso gold is doubtless a post-Revolutionary confection intended for collectors.