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Banco del Ecuador was a private commercial bank operating out of Guayaquil, not a state institution — one of several regional banks authorized to issue currency under Ecuador's 1871 banking law. That arrangement collapsed in 1914 when the government moved toward centralizing note issue, eventually leading to the establishment of the Banco Central del Ecuador in 1927. Notes from this bank issued after 1900 occupy an odd transitional window: printed to professional standards by ABNC yet circulating within a system that was already politically doomed.

The S-prefix Pick number flags this as a private bank issue, not a national series — a distinction that matters for the serious collector.