20 Pesos Moneda Boliviano

Banco J. Benites é Hijo was a private commercial bank operating in Bolivia during the brief but chaotic window between independence-era monetary experimentation and the later state banking reforms. The 1867 date places this note squarely in a period when private bank issuance in Bolivia was largely unregulated, and the "Moneda Boliviano" denomination — pegged conceptually to the boliviano rather than the older peso fuerte — reflects the transitional currency nomenclature of the 1860s.

American Bank Note Company's involvement is typical of South American private banking paper from this period; Bolivian institutions routinely contracted New York engravers because no comparable security printing infrastructure existed domestically. The PS prefix in the Pick catalogue indicates this is classified as a private or provisional issue, and surviving examples are genuinely rare — Benites é Hijo's operational lifespan was short, and redemption or destruction of remaining stock would have been thorough.