20 Bolivianos

The Banco Industrial de La Paz was one of several regional Bolivian private banks granted note-issuing privileges under the 1890 Ley de Bancos, which attempted to modernize the country's fragmented monetary system by licensing commercial institutions rather than relying on a single state bank. The arrangement was short-lived — Bolivia's 1911 banking consolidation effectively ended private note issue, and the Industrial's circulation period was narrow.

ABNC supplied the plates, as they did for most Bolivian private issuers of this period. S154 is scarce in any grade; the bank's total capitalization was modest, and emission volumes reflected that.