20 Bolivianos

Bolivia's hyperinflationary crisis of the mid-1980s was among the worst in Latin American history, with annual inflation briefly exceeding 20,000 percent in 1985. The boliviano introduced in 1987 replaced the peso boliviano at a rate of one million to one — but this 1986-dated note predates that formal changeover, placing it in the transitional period when the new currency framework was being legislated while the old one was still disintegrating.

The Canadian Bank Note Company contract for this series is consistent with Bolivia's long reliance on foreign security printers, the country lacking domestic intaglio capacity.