1 Boliviano

Banco de la Nación Boliviana was established by law in 1911 as a state-controlled institution replacing the earlier system of competing private note-issuing banks — this 1 Boliviano was among its earliest issues. The extraordinary number of signature combinations across this single denomination reflects nearly two decades of continuous reissue under shifting administrations, with the progression from large black series letters through to red series suggesting ongoing demand well into the late 1920s.

The shift from large to small series lettering, and eventually to red overprinted letters, tracks not just time but administrative reorganizations within the bank itself. At least seven distinct cashier and management combinations signed off on this note's various printings — an unusually granular record of institutional turnover for a single low-denomination type.