20 Bolívares

The P#46 series spans an unusually long window for a Venezuelan issue — seven years across two distinct political administrations, covering the presidencies of Leoni and Caldera. Venezuela's oil revenues were climbing steadily through this period, and the 20 Bolívares denomination saw heavy transactional use as a mid-range note in an economy where purchasing power was still relatively stable against the dollar.

Thomas De La Rue produced the series in London throughout its run. The watermark remains the sole security feature — modest by the standards De La Rue was capable of, reflecting a cost and specification decision made by the BCV rather than any limitation of the printer.