1 Lempira

Banco de Honduras issued this note just as the country was being squeezed between collapsing banana revenues and the broader collapse of commodity prices after 1929. The Lempira had only been introduced as Honduras's national currency in 1931, replacing the Peso, so this 1932 printing came within the currency's first full year of circulation — Waterlow & Sons in London producing the plates before any domestic infrastructure existed to do the work.

Waterlow's contract with Honduran authorities during this period was part of a broader Latin American portfolio the firm managed through the interwar years. The note takes its name from the 16th-century Lenca chieftain who led resistance against Spanish conquest — one of the few cases where a currency denomination and its unit name carry genuine indigenous political weight rather than colonial nomenclature.