20 Quetzales Independence

Guatemala's 20 Quetzal note commemorates independence from Spain in 1821 — but the country's first years of self-governance were anything but stable, cycling through annexation to Mexico, a failed Central American federation, and a long string of caudillo governments before anything resembling modern banking took hold. The Banco de Guatemala itself was only established in 1946, after the 1944 revolution that ousted Jorge Ubico ended fourteen years of authoritarian rule.

G+D's Leipzig facility has supplied Guatemalan paper currency for decades, a relationship that has survived multiple series redesigns. The 2020 paper issue is notable partly because Guatemala has simultaneously maintained polymer versions of some denominations, making the material choice here a deliberate one rather than a default.