10 000 Pesos Bolivianos

Bolivia's inflation crisis of the mid-1980s was among the worst in recorded history — annual inflation peaked at roughly 24,000 percent in 1985. This note, issued in 1984, arrived just ahead of that collapse, when the government was still issuing ever-larger denominations rather than confronting the monetary crisis directly. Within two years, the Peso Boliviano itself was abolished and replaced by the Boliviano at a conversion rate of one million to one.

Jeffries Banknote Company of Los Angeles handled the printing — an unusual choice, given that Bolivia had previously relied on European security printers. Jeffries was a smaller operation than the traditional heavyweights, and their Bolivian commissions from this period represent some of the more significant contracts in the company's output.