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20 Bolivianos

正面描述	Intaglio-printed note dated LA PAZ, JUNIO 1° DE 1900, with a central vignette of two allegorical female figures beside barrels and crates symbolising commerce and industry. The bank title EL BANCO INDUSTRIAL DE LA PAZ arches across the top, with the denomination numeral 20 set within an ornate guilloche panel to the right. Serial numbers appear at lower left and right, with three signature lines at the foot.
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背面铭文	BANCO INDUSTRIAL DE LA PAZ, BOLIVIA. American Bank Note Co. New York
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备注	The Banco Industrial de La Paz was one of several regional Bolivian private banks granted note-issuing privileges under the 1890 Ley de Bancos, which attempted to modernize the country's fragmented monetary system by licensing commercial institutions rather than relying on a single state bank. The arrangement was short-lived — Bolivia's 1911 banking consolidation effectively ended private note issue, and the Industrial's circulation period was narrow. ABNC supplied the plates, as they did for most Bolivian private issuers of this period. S154 is scarce in any grade; the bank's total capitalization was modest, and emission volumes reflected that.