20 Pesos

Banco de la Unión was a Colombian private commercial bank chartered in 1881, operating during the brief window before the Regeneración government moved to centralize monetary authority. The American Bank Note Company handled the printing of most Colombian private bank issues of this period — the engraving quality is consistently high, though the notes were often issued into a chaotic monetary environment where counterfeiting of the cruder local productions was rampant and public trust in paper varied sharply by region.

Private bank circulation in Colombia effectively ended with Law 57 of 1887, which began consolidating note-issuing privileges toward the Banco Nacional.