50 Centavos

Waterlow & Sons produced this note during a period when Banco de Honduras held a de facto monopoly on paper currency issuance — a position it maintained until the Banco Central de Honduras was established in 1950. The 1922 date places it firmly within the post-WWI stabilization period, when Honduran authorities were attempting to regularize a monetary system that had been badly disrupted by wartime commodity price swings, particularly in banana export revenues.

Waterlow's contract work for Central American issuers in the early 1920s was extensive, and Honduras was one of several clients sharing design infrastructure across the region. Low-denomination fractional notes from this series survive in genuinely circulated condition far more often than in high grades — the 50 centavos would have passed through many hands before any thought of preservation.