5 Pesos

The Banco del Estado del Cauca was a departmental institution operating under Colombia's era of free banking, and by 1900 the country was deep into the Thousand Days' War — a civil conflict that devastated the national economy and triggered runaway paper money inflation across both government and regional issuers. Notes printed in-house by the department's own press in Popayán, rather than contracted to an established security printer, reflect exactly the kind of fiscal improvisation that characterized provincial finance during the war years.

Four signatures on a single note is unusual and points to layered accountability — or an attempt to project institutional legitimacy under circumstances where neither was easy to guarantee.