50 Pesos

Banco Nacional del Salvador was the dominant note-issuing institution in El Salvador during the early republic period, though it operated in persistent competition — and occasional conflict — with other concession-holding banks that were also authorized to issue currency. By 1911, that multi-bank issuance system was already under strain; a sweeping banking reform in 1934 would eventually consolidate note issue under the newly created Banco Central de Reserva, rendering all earlier private bank notes obsolete.

Waterlow & Sons had a deep footprint across Latin American note contracts by this period. The 50 Pesos denomination within this series is among the higher face values, and high-denomination notes from Salvadoran private banks of this era routinely saw limited actual circulation — held in interbank settlement rather than retail use — which affects surviving populations in ways that don't always match wear patterns.