1 Quetzal Banco Central de Guatemala, 1st. print, without Law date

Waterlow & Sons printed this series before Guatemala had settled on a permanent legislative framework for its new central bank — hence the absence of a law date, a deliberate omission rather than an oversight. The Banco Central de Guatemala was only established in 1926, replacing the old system of competing commercial bank issuers, and these early Waterlow printings belong to the transitional window before the 1926 Monetary Law was formally cited on circulating notes.

Waterlow's work for Central American issuers in this period was consistent in quality; the paper stock tends to hold up well, though toning along fold lines is common in Guatemalan issues of this generation owing to humid storage conditions in the region.