5 Colones

The Banco Central de Reserva de El Salvador was itself only established in 1934, making this among the earliest notes issued under its authority. The institution replaced a fragmented system in which private commercial banks had previously held note-issuing privileges — a consolidation driven partly by the economic pressures following the collapse of coffee prices in the early 1930s, which hit El Salvador particularly hard given the country's near-total dependence on that single export crop.

ABNC's engraved work on this series is characteristically fine. The New York plates were used for several Salvadoran issues across the decade.