20 Bolívares

The Banco de Maracaibo was a regional bank operating under Venezuela's free banking period, when multiple state-chartered institutions held the legal authority to issue their own currency. That arrangement ended with the rise of centralized banking in the early twentieth century, making notes from this issuer relics of a short-lived pluralist monetary order. The American Bank Note Company's New York workshops produced paper for dozens of Latin American clients simultaneously during this decade, and the quality of engraving was frequently a selling point used to deter forgery in markets where institutional trust was fragile.

Pick 200 is scarce in any condition — Maracaibo-issued paper had limited geographic reach and never circulated widely outside northwestern Venezuela.