20 Pesos

Banco Nacional de Colombia was abolished by law in 1894, its note-issuing privileges revoked as part of a broader effort to rein in the chronic over-issuance that had been fueling inflation throughout the Regeneration period. The bank limped along in a liquidation phase for years afterward, which makes any note dated 1899 unusual — it falls well into that wind-down, when the institution had no legal authority to issue new currency yet paper continued to circulate under its name.

The "Printed: Colombia" attribution is worth treating with caution; most Banco Nacional issues of this period were printed abroad, and locally produced notes from this era are rare enough to warrant scrutiny of the imprint before accepting that provenance.