1 Quetzal Banco Central de Guatemala, 1st. print, with Law date

Guatemala's Banco Central was established in 1926 as part of a broader monetary reform pushed through under President Lázaro Chacón, replacing the fragmented system of private bank issuance that had persisted since the nineteenth century. This note, from the bank's inaugural print run, carries a law date rather than an actual issuance date — a distinction that matters here because the enabling legislation and the physical notes did not necessarily reach circulation simultaneously.

De La Rue's work for newly centralized Latin American banks in this period was extensive, and Guatemala was one of several countries that turned to London for the credibility that a recognized security printer conferred on an untested institution.