20 Soles

The Banco Central de Reserva del Perú has issued cotton-paper notes in this denomination continuously across several series, but the P#193 belongs to a run that saw relatively modest security specification by contemporary Latin American standards — watermark and thread only, at a time when polymer substrate adoption was already advancing regionally. Peru had moved some denominations to polymer earlier, making the continued use of cotton paper for this series a deliberate cost-driven holdover rather than a technical preference.

The "Printed: 30.04.1945" field in this catalog entry is almost certainly a data error — no Peruvian central bank note of this design series dates to 1945.