20 Pesos

The Dirección del Tesoro was Colombia's treasury note-issuing body during a period of severe monetary instability — the Thousand Days War (1899–1902) wrecked public finances so thoroughly that paper currency issued before, during, and immediately after the conflict became nearly worthless in practical terms. Notes from this series circulated against a backdrop of rampant inflation and a collapsed exchange rate, which means heavily worn survivors are far more common than clean ones.

Waterlow & Sons handled the printing in London, a standard arrangement for Latin American governments that lacked domestic intaglio capacity. The P#23 designation covers the full 1900–1904 span, so date-specific examples are worth distinguishing.