10 Quetzales

The Banco de Guatemala has issued Quetzal-denominated notes through the Canadian Bank Note Company for decades, a relationship that persisted well into the polymer era adopted by many regional peers. This 2006–2007 issue remains on cotton substrate — Guatemala was notably slower than neighboring central banks to transition away from paper — which makes the security package here relatively lean: watermark and thread, without the optical features that were becoming routine on comparable issues elsewhere in Latin America at the time.

P#111 is a transitional series, squeezed between earlier engraved issues and later upgraded formats. Nothing anomalous about the print run, but the Ottawa origin is worth noting — CBN's work for Guatemala has historically been executed there rather than subcontracted regionally.