20 Bolivianos

Bolivia's 1986 monetary reform replaced the collapsed peso boliviano with the new boliviano at a rate of one million to one — among the more extreme redenominations of the twentieth century, triggered by hyperinflation that had peaked at roughly 23,000 percent annually in 1985. This note entered circulation as part of the founding series of that new currency.

Canadian Bank Note Company handled the printing, as they did for much of the initial boliviano issue. A watermark provides the sole documented security feature — modest protection for a country still rebuilding institutional credibility after one of Latin America's worst monetary collapses.