100 Quetzales

Guatemala's 100 Quetzal note occupies an uncomfortable position in domestic circulation — high enough in face value to matter, but issued during a period when the quetzal had shed most of the purchasing power it held before the late-1980s structural adjustment programs dismantled fixed exchange controls. G&D's Leipzig plant has printed Guatemalan currency across multiple series, a relationship that predates the current republic's constitutional settlement of 1985.

P#104 spans a seven-year print window, meaning date varieties exist and are worth distinguishing. Later dates in the run incorporated incremental security upgrades without a full series redesign.