10 Bolivianos

Banco de la Nación Boliviana was established in 1911 as a state-owned institution, consolidating banking authority that had previously been fragmented among private regional banks — this note belongs to the earliest issues of that new entity. The sheer number of signature combinations across series A through P reflects over a decade of continuous reissue, with changes in management tracked directly through the printed signatory panels rather than through new pick numbers.

The shift from black to red series letters at series L marks a production change worth noting for variety collectors. ABNC-printed Bolivian material from this period holds up well structurally, but foxing along fold lines is common given the humidity conditions of highland circulation.