5 Lempiras

Banco de Honduras — not to be confused with the later Banco Central de Honduras, established in 1950 — was a private commercial bank that held government-granted note-issuing privileges. By 1932, Honduras was deep in fiscal crisis, having defaulted on its British bonded debt decades earlier and never fully resolved it. The lempira itself had only been introduced in 1931, replacing the peso, which makes this among the earliest notes of the new currency unit.

Waterlow & Sons produced the plates to their usual high intaglio standard. The series was short-lived; the state would eventually consolidate issuing authority and retire private bank circulation entirely.