10 Quetzales Banco Central de Guatemala, 2nd. print

Waterlow & Sons held the Banco Central de Guatemala contract through much of the 1930s and into the war years, a period when Guatemala was under the authoritarian rule of Jorge Ubico. The regime's tight control over monetary policy meant these notes circulated within a deliberately constrained banking environment — Ubico distrusted credit expansion and kept the quetzal at strict parity with the U.S. dollar, a policy that defined the entire P#17 series.

The "2nd. print" designation reflects a reorder from Waterlow rather than a redesign — the plates were retained in London and the run continued with minor differences detectable mainly in serial number ranges.