20 Pesos

Honduras in 1862 had no central bank — the Estado de Honduras issued paper currency directly under government authority, an arrangement reflecting the fragmented monetary infrastructure common to Central American republics in the decades following independence from Mexico. These early Honduran issues are among the rarest of the region; political instability, repeated changes in administration, and the limited penetration of paper money into a predominantly subsistence economy meant survival rates were low even for notes that technically circulated.

The three-signature format — Juan Bautista, Ram. Alvarado, and Celer Mus — indicates manual countersignature at issue, a labor-intensive authentication method that itself hints at very small print runs.