25 Pesos

Banco Agrícola Mercantil was a Guatemalan private bank operating under the liberal banking legislation of the 1870s and 1880s, a period when concession-based note issuance was the norm rather than the exception. The American Bank Note Company contract work for Central American issuers during this decade was extensive, and the printing quality was generally well ahead of what the issuing institutions themselves could have arranged domestically.

Private Guatemalan bank notes from this period were demonetized following the 1926 nationalization of currency under the Banco Central de Guatemala, which makes survivors genuinely uncommon. The S-prefix in the Pick reference reflects its classification as a private commercial issue rather than a state or central bank obligation.