50 Pesos

The Banco Nacional de la República de Colombia had a turbulent existence — Congress voted to liquidate it in 1894, but the institution limped on through administrative inertia and the catastrophic fiscal demands of the Thousand Days War, which began in October 1899. Notes from 1900 were issued directly into that conflict, a civil war that killed perhaps 100,000 people and left Colombian paper currency in near-total disrepute.

Printing locally at the Litografía Nacional in Bogotá rather than contracting abroad reflects both wartime logistics and the bank's deteriorating financial standing by this date.