20 Bolivianos

The Banco de la Nación Boliviana was established in 1911 as a state banking institution, replacing the fragmented system of private departmental banks that had issued their own competing notes throughout the late nineteenth century. This 20 Bolivianos note belongs to the bank's inaugural issue — the ABNC plates were prepared that same year, making it among the earliest obligations of the new institution.

Four distinct signature combinations across two ink colors suggest the series remained in active use well beyond its initial release, cycling through successive administrations. The shift from black to red series lettering at series C likely reflects a reissue decision rather than a new printing order, as the ABNC plates remained unchanged.