1 Sucre

Banco del Pichincha was a regional commercial bank based in Quito, and like several Ecuadorian private banks of the period, it retained note-issuing privileges under the country's decentralized banking system that predated the 1927 Kemmerer reforms. The American Bank Note Company handled the printing, as it did for the majority of Latin American private and state issuers of this era — the relationship was essentially a standing commercial arrangement rather than anything bespoke.

Ecuador's monetary unification under the Banco Central in 1927 ended private bank circulation rights, and most of Pichincha's outstanding notes were redeemed and destroyed. Low survivor rates for this series are a direct consequence of that transition.