25 Pesos

Banco Popular was one of several private commercial banks licensed under Colombia's 1871 banking law, which allowed state-chartered institutions to issue their own currency — a system that persisted until the Banco de la República absorbed those privileges in 1923. The 1882 date places this note squarely in the middle of that free-banking period, before the catastrophic 1885 civil war and the subsequent monetary chaos that rendered much private bank paper worthless or unredeemable.

Domestic printing in Colombia during this period was technically limited, and notes of this type frequently show uneven ink distribution as a result. The S-prefix in the Pick reference reflects its private bank classification.