15 Pesos

Honduras declared independence from the Central American Federation in 1838, and the Estado de Honduras issues of the 1840s reflect a young republic still without a central bank — notes like this were essentially government obligations backed by little more than political will. The 15 Peso denomination is an odd one, suggesting it may have been tailored to a specific debt obligation or tax instrument rather than general commerce.

The embossed seal was the primary anti-counterfeiting measure available to governments in this period operating without access to sophisticated security printing houses. Given the region's limited printing infrastructure in 1848, the note was almost certainly produced locally.