100 bolivanos 1945
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This is a 1945 100 Bolivanos banknote from Bolivia (Pick P-147) in UNC condition, featuring an impressive multicolor design with ornate decorative borders and fine intaglio work. The obverse displays a portrait of Mayor Gualberto Villaroel in formal military dress with the Bolivian coat of arms, while the reverse showcases an industrial oil refinery at Valle Hermoso rendered in burgundy tones. Despite visible signs of age and handling evident in the visual analysis, the note retains excellent clarity with all text legible and demonstrates the high-quality printing standards of Thomas de la Rue.
Common. Extensive eBay market data demonstrates consistent sales activity across multiple condition grades from 2013-2025, with prices ranging from under $1 to approximately $44 for PMG-graded examples in premium conditions. UNC examples have sold regularly between $1.99 and $8.50 throughout this period, indicating a well-supplied market with stable but modest collector demand. The catalog value of $1.50 in UNC (2016) further confirms this note's common status. The high print run implied by series varieties (A-Z; A1-T1) and consistent availability support this assessment.
Issued under the Law of December 20, 1945, this banknote reflects Bolivia's mid-20th century modernization efforts under the Central Bank of Bolivia's authority. The prominent depiction of Mayor Gualberto Villaroel honors this significant political figure from Bolivia's post-war period, while the Valle Hermoso oil refinery on the reverse symbolizes the nation's industrial development and petroleum sector—key economic drivers during the immediate post-war era. This dual imagery—portraiture and industrial achievement—represents the period's focus on both political leadership and economic progress.
The obverse features a formal portrait of Mayor Gualberto Villaroel positioned at the right side of the note, depicted in dignified military or official dress with high collar characteristic of 1940s formal attire. The left side displays the Bolivian coat of arms, featuring an eagle and shield design representing national sovereignty. The design employs elaborate scrollwork, geometric patterns, and floral elements in a palette of black, gray, red/pink, and blue on a cream background. Large ornamental numerals '100' anchor both left and right sides. The reverse presents a detailed industrial landscape depicting the oil refinery complex at Valle Hermoso with multiple tall smokestacks and towers rendered in burgundy and maroon tones, with mountainous terrain visible in the background—emphasizing Bolivia's petroleum industry. Both sides feature ornamental corner elements and decorative borders framing the central compositions.
FRONT SIDE: 'EL BANCO CENTRAL DE BOLIVIA' (The Central Bank of Bolivia); 'No PAGARA AL PORTADORA LA VISTA' (Pay to the bearer on sight); 'SERIE J1' (Series J1); '3322219' (Serial number); '100 CIEN BOLIVIANOS' (100 One Hundred Bolivianos); 'LA PAZ' (La Paz); 'Ley de 20 de Diciembre de 1945' (Law of December 20, 1945); 'VILLAROEL' (Name of portrayed figure); 'DIEZ BOLIVARES' (Ten Bolivares); 'SUPERINTENDENTE DE BANCOS' (Superintendent of Banks); 'CONTADOR' (Accountant); 'GERENTE GENERAL' (General Manager); 'THOMAS DE LA RUE & COMPANY, LIMITED' (Printer). BACK SIDE: 'BANCO CENTRAL DE BOLIVIA' (Central Bank of Bolivia); '100 BOLIVANOS' and 'CIEN BOLIVANOS' (100/One Hundred Bolivianos); 'DIEZ BOLIVARES' (Ten Bolivares); 'REFINERIA DE PETROLEO (VALLE HERMOSO)' (Oil Refinery/Valle Hermoso); 'THOMAS DE LA RUE & COMPANY, LIMITED' (Printer).
Intaglio engraving (line engraving), characteristic of Thomas de la Rue & Company's high-security banknote production. The fine line work, intricate geometric and floral background patterns, elaborate border work, and detailed architectural rendering of the refinery all indicate traditional intaglio printing methods. The precision and depth of detail visible in both the portraiture and industrial scene reflect the security printer's expertise. The multicolor printing on the obverse (black, red/pink, blue, and gray) was achieved through multiple passes through the printing press using separately prepared intaglio plates for each color layer.
Series J1 observed on the examined specimen. The catalog indicates multiple series (A-Z; A1-T1) and signature varieties exist for this Pick number. Serial number observed: 3322219. Signature varieties are documented but would require comparison with additional examples to definitively classify this specific note. The presence of the Thomas de la Rue printer imprint confirms this as the standard international printing variant, though domestic printing variants may exist for this denomination and period.
