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Banco de Quito was one of several private Ecuadorian banks granted note-issuing privileges under the 1871 banking law — a deliberately liberal framework that left the country without a central bank until 1927. Charles Skipper & East, the London firm responsible for printing, handled a significant volume of Latin American provincial bank work during this period, often producing runs for institutions whose operational lifespans proved short.

Banco de Quito itself failed in 1894, a casualty of the political and financial turbulence that preceded the Liberal Revolution. Notes from the 1874–1878 issue window survived in small numbers; the bank's collapse ensured most of its paper never returned for redemption.