20 Pesos

Banco de Honduras was a private commercial bank operating under Honduran government concession, not a central bank — its notes circulated as the effective currency of the country during a period when Honduras had no central issuing authority. The American Bank Note Company handled the bulk of Central American private bank production in this period, often recycling plate elements across clients and denominations, which occasionally makes attribution across series more complicated than the catalog numbers suggest.

Pick 26 is scarce in any grade. The political instability of Honduras during the 1910s — coups, foreign debt crises, and United Fruit Company influence over the national economy — disrupted normal banking operations and left many issues with short, chaotic circulation histories.