20 Lempiras

Waterlow & Sons held the Honduran printing contract through this period, producing a series that predates the more familiar ABNC-printed issues that would follow later in the decade. The Banco Central de Honduras had only been established in 1950, replacing the earlier Banco Central de Honduras y Emisión, so notes of this P#48 series belong to the very first years of the reconstituted central bank's operation — a short window before new security specifications prompted a redesign.

Watermark authentication was the primary security measure, modest even by early 1950s standards. Waterlow itself ceased operations in 1961 following a prolonged decline after the Gustavus Bogle forgery scandal of 1956.