5 Quetzales

The Canadian Bank Note Company's contract with Banco de Guatemala produced this series during a period of significant monetary pressure — Guatemala's quetzal had been pegged at par with the US dollar since 1925, but by the late 1980s that arrangement had effectively collapsed under fiscal deficits and a parallel black-market rate running several times the official figure. The 1990–1992 printing dates fall squarely in the transition period before the peg was formally abandoned and a managed float introduced in 1989.

Pick 74 is distinguished from earlier quetzal issues by the addition of an embedded security thread, a response to counterfeiting that had plagued the preceding series. The watermark was retained from earlier printings rather than redesigned.