20 Bolívares 200th Anniversary of the Battle of Carabobo

The Battle of Carabobo, fought on June 24, 1821, effectively ended Spanish royalist control over Venezuela, and its bicentennial fell during one of the worst economic collapses in Latin American history. By 2021, Venezuela's bolivar had been redenominated twice in the preceding three years — the 2018 "Sovereign Bolívar" had itself already shed five zeros from its predecessor. A commemorative face value of 20 bolívares was, by any practical measure, worthless in circulation.

Watermark-only security on a paper substrate is notably thin protection for a 2021 issue — most contemporary central bank notes of any significance carry polymer substrate or multi-feature security threads at minimum.