50 Bolivianos Holguin, Series A-C

Bolivia's 1985 monetary reform — which lopped eight zeros off the peso boliviano to create the boliviano — was one of the most dramatic stabilizations of the twentieth century. Hyperinflation had peaked at an annualized rate above 20,000 percent before Jeffrey Sachs-advised shock therapy brought it under control with startling speed. This note belongs to the transitional issue that followed, printed across two countries and across a six-year span as the new currency established itself.

The dual-printer arrangement between Madrid's FNMT and Oberthur in Rennes is unusual for a single series and likely reflects supply capacity rather than policy — high post-reform demand for physically sound currency outpaced what either printer could handle alone.