25 Pesos

The Junta Nacional de Amortización was not a central bank but a debt-management body — its note-issuing role in early twentieth-century Bolivia was a stopgap arrangement, filling a vacuum that no proper national bank occupied at the time. Waterlow & Sons handled the printing in London, as they did for a significant portion of Latin American fiscal paper during this period.

Hernández 787 is the more useful reference here; Pick's coverage of this series is thin on variety distinctions that Bolivian specialists consider meaningful for attribution.