Bolivia Bicentennial Commemorative note, without face value

Issued to mark Bolivia's 200th anniversary of independence, this note is one of a small but growing number of commemorative polymer issues that deliberately omit a face value — rendering them legally non-negotiable while sidestepping the question of where they fit in the denomination ladder. The Banco Central de Bolivia had previously experimented with polymer substrate on circulating issues, but a zero-denomination commemorative is a different exercise entirely: it is issued to be kept, not spent.

The watermark security feature on a polymer substrate is worth noting — true watermarks require paper fiber, so what appears here is almost certainly a window or shadow watermark effect achieved through the substrate's transparent panel, a technique that mimics the visual cue without the physical mechanism.