50 Pesos

The Banco Hipotecario was a mortgage bank, not a central or commercial institution — its notes were backed by real estate collateral rather than specie or government guarantees, a model common across Latin America in the 1870s and 1880s as land-rich but cash-poor economies tried to mobilize property as financial capital. Which country issued this note is unspecified in the catalog data, and several nations operated institutions under this name during the period, so attribution beyond the printer is not possible here.

American Bank Note Company's New York presses handled the job, as they did for a significant share of Latin American paper in this decade. The S-prefix Pick reference places it firmly in the speculative/private bank category.