2 Colones Banco Internacional de Costa Rica

Waterlow & Sons held the Costa Rican account through several administrations, and this series reflects the bank's transitional status — the Banco Internacional de Costa Rica was itself a state institution created in 1914 to replace the private commercial banks that had previously monopolized note issue. The 1931 start date places the earliest examples squarely in the opening years of the Great Depression, when Central American economies tied to coffee export prices were under serious pressure.

The Banco Internacional was dissolved and reconstituted as the Banco Nacional de Costa Rica in 1936, which is precisely why this series ends that year — not a printing decision but an institutional death.