20 Bolivianos - 2 Bolivares 1928

Bolivia's 1928 monetary reform replaced the boliviano with the bolivar at a rate of 1,000 to 1, and this transitional note — denominated in both units simultaneously — was a direct instrument of that conversion. The dual-denomination format was a practical necessity during the changeover period, allowing the note to function under either system without confusion.

Waterlow & Sons handled much of Bolivia's printing throughout the 1920s, and the Pick 131 series is among the cleaner examples of that relationship — workmanlike production, no significant plate wear issues known to affect this type.