20 Soles

Perum Peruri — the Indonesian state security printer based in Karawang, West Java — has held contracts with the Banco Central de Reserva del Perú for decades, an arrangement that reflects how thoroughly the market for security printing consolidated around a handful of trusted national printers in the late twentieth century. Peru is far from alone in outsourcing to Peruri; the firm prints currency for numerous countries across Asia, Africa, and Latin America.

The 20 Soles denomination sits in the middle of Peru's current polymer-adjacent cotton series, which retained traditional paper composition while incorporating the color-shifting ink technology more commonly associated with higher-value issues.