50 Pesos

The Banco Nacional de la República de Colombia had a troubled existence — Congress ordered its liquidation in 1894 following accusations of excessive note issuance and currency manipulation, yet notes continued circulating well past that date under government authority. By 1900, Colombia was deep into the Thousand Days War, a civil conflict that would last until 1902 and trigger catastrophic inflation. Emergency printing under these conditions fell to domestic shops rather than European security printers.

Otto Schroeder's Bogotá lithography operation was not a specialist security printer, and notes from this period show it — the lithographic reproduction lacks the intaglio depth that deters counterfeiting.