50 Colones

The Banco Internacional de Costa Rica was the country's central bank by another name — established in 1914 to absorb the Banco de Costa Rica and given monopoly note-issuing authority, it functioned as the de facto central bank until the Banco Central de Costa Rica formally replaced it in 1950. By 1933, Costa Rica was deep in the fiscal damage inflicted by the Great Depression, with coffee export revenues — the backbone of government income — having collapsed sharply after 1929.

Waterlow & Sons had a long relationship with Latin American issuers and handled the entire Internacional series. The 50 Colones was a high-denomination note for the period; most transactions and wages were conducted at far lower values, meaning this note circulated primarily in commercial and government banking channels rather than among the general public.