1 Lempira

The Canadian Bank Note Company held the Honduras printing contract for decades, and this 1 Lempira is firmly within that long run — reliable, uncontroversial production from Ottawa. By 1997, the lempira had been through serious pressure: Honduras faced chronic fiscal deficits and the effects of a structural adjustment program pushed by the IMF through the early 1990s, which drove inflation and eroded confidence in small-denomination notes. A 1 Lempira by this point bought very little.

The watermark is the sole security feature — modest even by the standards of the period.