The obverse of this coin has a bow and arrow with the word SUD below. I have seen many different opinions on the meaning of the word. To me the most likely is that it simply means south. Oaxaca is located in south western Mexico. The 3rd image is a modern commemorative similar to our state quarters but in crown size. It features the Oaxaca coat of arms.

During the Mexican War of Independence the government of Oaxaca remained loyal to the Spanish Crown. When representatives of Miguel Hidalgo y Costilla came to meet with them they were hanged and their heads left out in view. Some early rebel groups emerged in the state but they were also eventually executed. After 1812, insurgents began to have some success in the state, especially in the areas around Huajuapan de León, where Valerio Trujano defended the city against royalist forces until José María Morelos y Pavón was able to come in with support to keep the area in rebel hands. After that point insurgents had greater success in various parts of the state but the capital remained in royalist hands until the end of the war.