20 Bolivianos Banco Nacional de Bolivia

The Banco Nacional de Bolivia was established in 1871, and this 1875 issue came during the bank's early years operating under a government concession that gave it significant monetary authority in a country still heavily dependent on silver mining revenues. The American Bank Note Company was the prestige choice for Latin American issuers of this period — not merely for security, but because ABNC-printed notes carried an implicit credibility with a merchant class that had seen too many locally produced issues fail.

Bolivia's monetary system in the 1870s was under sustained pressure from fluctuating silver prices on international markets, and the Banco Nacional's notes circulated alongside a tangle of foreign coins and competing private paper. The bank lost its concession within a decade.