1 Peso

The Estado Soberano del Cauca was one of nine sovereign states under Colombia's Rionegro Constitution of 1863, which granted each state near-total autonomy including the right to charter its own banks and issue currency. The Banco del Estado operated within this framework, though by 1887 the political ground was already shifting — the Regeneration movement under Rafael Núñez had been dismantling federalism since 1885, and the new centralist constitution was adopted in 1886, the year before this note's issue date.

That this note was still being printed in New York by the American Bank Note Company in 1887 suggests the bank continued operating briefly under the new order, or that the print order predated the constitutional collapse and fulfillment lagged. Either way, the issuing authority it names was legally defunct.