100 Bolivianos

Bolivia's 1986 monetary reform replaced the devastated peso boliviano at a rate of one million to one — among the most extreme redenominations of the twentieth century, triggered by hyperinflation that peaked above 20,000% annually in 1985. The boliviano was brought back as the national currency name, last used before 1963, a deliberate historical callback intended to signal a clean break from the collapse.

P#221 belongs to the first boliviano series issued under that reform. The security thread on these early issues is a simple unwindowed filament by later standards, and the watermark registers inconsistently across the run — a known characteristic of the series rather than a defect unique to individual notes.