20 Bolivianos

Banco Francisco Argandoña was a private commercial bank based in Potosí, one of several regional banks operating under Bolivia's 1890 banking law that permitted note-issuing privileges to private institutions. The arrangement was short-lived — by 1911, the Banco de la Nación Boliviana absorbed most of the circulating note business, and many of the private bank issues were called in and destroyed.

Bradbury Wilkinson produced the plates in London, which was routine for South American private bank commissions of this period. Surviving examples from this issuer are genuinely scarce, with the S-prefix Pick reference reflecting its private bank status rather than any central authority backing.