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The Banco del Ecuador was a private commercial bank operating under Ecuador's free banking period, when multiple competing institutions had note-issuing authority. This arrangement collapsed dramatically in 1914 when the government suspended convertibility and effectively handed monetary control to the Banco Comercial y Agrícola de Guayaquil — a crisis that ultimately spelled the end for institutions like the Banco del Ecuador as independent issuers.

The American Bank Note Company's work for South American clients in this period was extensive, and the S152 series reflects their standard contracted output for the region. Pick S152 is scarce in any grade; surviving examples are few enough that auction appearances remain infrequent.