25 Pesos

The Banco Nacional del Salvador was the state-chartered institution that held the note-issuing monopoly in El Salvador from 1891, but its position was not uncontested — rival private banks had previously issued their own currency, and the consolidation of that privilege was politically fraught throughout the 1890s and into the early twentieth century. By 1907, the bank was operating under pressure from the government to rationalize the currency supply following years of overissue that had pushed the peso into chronic depreciation against silver.

Pick 164 is among the scarcer denominations in this series. High-value notes of this period in Central American issues rarely returned to the bank for cancellation in an orderly way, and surviving uncancelled examples are genuinely uncommon.