10 Pesos

Honduras issued this note under a monetary framework still heavily influenced by the 1922 loan agreement with the United States, which had effectively tied Honduran fiscal policy to American banking oversight throughout the 1920s. The American Bank Note Company held the printing contract for the entire Lempira-era transitional series, though Honduras was still denominating in Pesos at this point — the Lempira wouldn't replace the Peso until 1931.

P#165 is scarce in any grade. The 1927 Peso issues had short circulation windows, and surviving examples in collectible condition are consistently underrepresented at auction relative to the later Lempira series.