20 Bolivianos

Bolivia's 1986 redenomination replaced the devastated peso boliviano at a rate of one million to one — the boliviano was restored as the national currency after hyperinflation had effectively destroyed the peso during the early 1980s, when annual inflation peaked above 20,000 percent in 1985. The new series was an emergency stabilization measure tied to the government's New Economic Policy, introduced under President Víctor Paz Estenssoro.

Canadian Bank Note Company printed this series from Ottawa. The watermark is the sole security feature — a thin specification for a newly launched currency, though the political priority was speed of deployment over sophistication.