2 Sucres

Banco del Ecuador was a private commercial bank operating out of Guayaquil, not a central bank — Ecuador had no central bank until 1927. Several competing private institutions held note-issuing privileges simultaneously during this period, which makes attribution of surviving notes genuinely complicated. The ABNC printed for most of them, which means superficially similar designs circulated under different institutional names at the same time.

The S-prefix in the Pick reference flags this as a privately issued note rather than a state emission. Banco del Ecuador eventually lost its issuing rights when the Banco Central del Ecuador was established and the old concession system was dismantled.