10 Sucres

The Banco Central del Ecuador was established in 1927 as part of the Kemmerer Mission reforms — Edwin Kemmerer, the "Money Doctor," was brought in by the Ecuadorian government to overhaul a banking system riddled with competing private note issuers and chronic currency instability. The new central bank absorbed the note-issuing functions of several private banks, and this series represents some of its earliest independent circulation.

ABNC held the printing contract through much of Latin America during this period, and the Ecuador account was no exception. The watermark security on this issue is modest by later standards — the political pressure to get notes into circulation quickly after the 1927 reorganization likely outweighed any appetite for more complex security printing.