50 Pesos

Banco Agrícola Mercantil was a Guatemalan private bank operating under the liberal banking legislation of the 1880s, a period when the Guatemalan government granted concessions to multiple competing commercial banks, each authorized to issue their own circulating notes. The American Bank Note Company was the prestige choice for such institutions — expensive, but the engraved intaglio work was a credible deterrent against the forgeries that plagued lithographed regional issues.

The S-prefix in the Pick reference places this firmly in the Specialized catalog for private and provincial issues, reflecting its non-government status. Banco Agrícola Mercantil did not survive the 1926 nationalization that consolidated Guatemalan note issue under the Banco Central.