50 Pesos

Honduras issued this note through the Banco Atlántida under government authorization rather than through a central bank — the country wouldn't establish the Banco Central de Honduras until 1950. The American Bank Note Company held a near-monopoly on Central American government printing in the 1920s, and their New York production quality stood in sharp contrast to the fiscal instability most of these states were actually experiencing at the time.

The P#165A designation suggests a plate or signature variety within a small series. High-denomination notes from Honduras in this period rarely survived in quantity — 50 Pesos was serious money in a country where the lempira wouldn't replace the peso until 1931.