100 Bolivianos

Bolivia's hyperinflationary collapse of the mid-1980s was among the worst in Latin American history — peak inflation exceeded 20,000 percent annually by 1985. This note was part of the transitional coinage that followed the emergency monetary reform of that year, when the peso boliviano was replaced at a rate of one million to one, making 100 bolivianos the equivalent of 100,000,000 old pesos.

The Canadian Bank Note Company contract reflected Bolivia's long reliance on foreign security printers; domestic production capacity was never developed to the necessary standard. The watermark remains the sole mechanical security feature — modest even by 1986 standards.