50 Bolivianos

Bolivia's 1986 redenomination replaced the peso boliviano at a rate of one million to one — a direct consequence of hyperinflation that had peaked at over 20,000% annually in 1985, one of the most severe episodes recorded anywhere in the twentieth century. The new boliviano series, of which this is part, was essentially an emergency reissue stabilization package tied to the government's New Economic Policy under Paz Estenssoro.

The Canadian Bank Note Company contract for this series was unusual given Bolivia's traditional reliance on European printers. Watermark-only security was thin for a post-hyperinflationary reissue, though the economic stabilization program itself was the real counterfeiting deterrent — confidence, briefly, had returned.