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Sociedad de Zancudo was a mining and smelting operation based in the Cauca region southwest of Medellín — one of the most significant gold-producing enterprises in 19th-century Colombia. Private banks and commercial firms routinely issued their own notes in this period, filling the void left by Colombia's chronically undercapitalized formal banking sector. Zancudo's notes circulated locally among workers and traders connected to the mining economy, functioning as a practical substitute for scarce coin.

American Bank Note Company's involvement was common for Latin American private issuers of means — the prestige of a New York-engraved note was itself a form of credibility in a region where confidence in paper was hard-won.