100 Quetzales Banco de Guatemala, 2nd. type

Waterlow & Sons produced this series during the mid-1950s, a period when the Banco de Guatemala was operating under the monetary framework established by the 1945 Ley Monetaria — the legislation that had formalized the quetzal's one-to-one parity with the US dollar. That parity held, and the 100-quetzal note was a high-denomination instrument rarely seen in ordinary transactions.

Waterlow's contract work for Central American issuers was already winding down by this point; the firm collapsed in 1961 following financial difficulties, and many of its outstanding plate agreements transferred to De La Rue.