1 000 000 Pesos Bolivianos

Bolivia's 1984 hyperinflation was among the worst in Latin American history — by mid-1985, annual inflation had exceeded 20,000%. This note was a practical necessity, not a policy choice, issued as the purchasing power of lower denominations collapsed faster than new ones could replace them. The one-million peso boliviano denomination, unthinkable a decade earlier, was routine by the time it circulated.

ABNC printed the series in New York, a long-standing arrangement Bolivia maintained even as its domestic economy disintegrated. Within two years of issue, Bolivia replaced the entire peso boliviano currency with the boliviano at a conversion rate of one million to one — effectively confirming this denomination as the floor of a failed system.