1 Peso

Colombia's fiscal situation in 1904 was dire. The country had just emerged from the Thousand Days War (1899–1902), one of the bloodiest civil conflicts in its history, and the currency had been wrecked by runaway government paper emissions during the fighting. This note was part of an effort to restore some credibility to Colombian paper money, with Waterlow & Sons handling production — a reliable London security printer whose work carried implicit assurance the domestic infrastructure could not.

Hernández 783 cross-references this issue to a specific authorization within the post-war monetary stabilization decrees, distinguishing it from the emergency wartime printings that preceded it.