50 Pesos

The Aguan Navigation and Improvement Company was a U.S.-backed concession enterprise operating in the Aguán River valley of Honduras during the 1880s, granted rights to develop navigation, land, and infrastructure along that corridor. Private companies holding such concessions occasionally issued scrip or negotiable instruments to facilitate payroll and local commerce where hard currency was scarce or impractical to transport inland.

The American Bank Note Company engraved and printed this note in New York — the same firm producing sovereign currency for multiple Latin American republics at the time. That a private concession company could commission ABNC work speaks to the financial ambitions, and perhaps the short-lived optimism, of the venture.

Pick 107 is among the higher denominations in this obscure series, and surviving examples are rarely encountered at auction.