500 Pesos

Guinea-Bissau's post-independence central bank issued this note during a period of acute economic stress — the country had effectively been bankrupt through much of the 1980s, relying on Soviet and Cuban aid that was rapidly drying up as the Cold War wound down. The 500 Pesos denomination sat near the top of the Peso series, a currency that was already losing ground badly against inflation before it was replaced by the CFA Franc in 1997.

Thomas De La Rue produced the series for several West African issuers simultaneously during this period, and the workmanship is characteristically clean. The single-feature security package — watermark only — reflects the budgetary constraints of the issuing authority rather than any printing limitation.