20 Bolivianos / 2 Bolivares

Bolivia's 1928 monetary reform abolished the Boliviano and introduced the Bolivar at a rate of one Bolivar to one hundred old Bolivianos — which is why this note carries both denominations simultaneously, bridging the transitional period for public comprehension. The Banco Central de Bolivia itself had only been established in 1928 under legislation drafted partly with advice from the Kemmerer Mission, the American financial advisory group that restructured central banking across much of South America during the 1920s.

The sheer number of signature combinations across series A through Z3 reflects a print run that stretched well into the 1930s, outlasting several changes in bank administration. At least nine distinct signatories cycled through the three signature positions — a useful dating proxy when the series letter is legible.