10 Bolivianos / 1 Bolivar

Bolivia's 1928 currency reform collapsed the old boliviano system — one new Bolivar equalled one hundred old bolivianos — and this transitional note reflects the awkward dual nomenclature of that moment, when the new unit had legal standing but hadn't yet displaced the old name in everyday use. The Banco Central de Bolivia itself had only been founded in 1928, part of a broader financial reorganisation recommended by the Kemmerer Commission, the American advisory mission that restructured monetary institutions across much of South America during that decade.

Waterlow & Sons printed the series to a high standard, but the Bolivar as a currency unit was short-lived; Bolivia reverted to the boliviano name well before mid-century.