10 pesos 1908

Common. While eBay market prices for this Pick number range widely ($99.99 to $9,499.95), the broad availability of listings and the presence of examples across multiple condition grades indicates this note was produced in substantial quantities. The 1908 date falls within the early but established operations of Banco Nacional del Salvador, and no evidence suggests limited print runs or early recall. The Fair condition example represents typical circulated specimens from this era, which are generally available to collectors at moderate prices. The wide price variance reflects the typical market behavior for early 20th-century currency rather than genuine rarity.

Issued on March 6, 1908, this banknote represents El Salvador's monetary system during the early years of the Banco Nacional del Salvador's operations, when the nation was still developing its modern financial infrastructure. The prominent inscription 'Pagará al portador moneda a la vista y en efectiva' (will pay to bearer in currency on sight) reflects the gold-standard era when banknotes were theoretically redeemable in specie. The use of prestigious London printer Waterlow & Sons Ltd. demonstrates El Salvador's commitment to international-standard security printing for its national currency during this period of Central American nation-building.

The note features a symmetrical design emphasizing ornamental numerals and borders throughout. The obverse displays a prominent large '10' numeral in an elaborate guilloche cartouche at center, surrounded by intricate floral and scrollwork borders in purple and gold tones. Corner pieces incorporate circular emblems bearing the denomination '10'. The reverse maintains the symmetrical layout with a large central '10' denomination in an ornamental frame, surrounded by dark purple-black borders with architectural flourishes and decorative scrollwork. No portraits or specific landmarks appear; instead, the design relies on allegorical institutional emblems and geometric ornamental patterns typical of security printing from this era. The overall aesthetic reflects Art Nouveau-influenced banking security design of the early 1900s.

FRONT: 'BANCO NACIONAL DEL SALVADOR' (National Bank of El Salvador), 'DIEZ PESOS' (Ten Pesos), 'América Central' (Central America), 'Pagará al portador moneda a la vista y en efectiva' (Will pay to bearer in currency on sight and in effective payment), 'SAN SALVADOR' (San Salvador), 'MARZO 6 DE 1908' (March 6, 1908), Serial number '12491', denomination 'DIEZ' (Ten) appears multiple times. BACK: 'BANCO NACIONAL DEL SALVADOR' (National Bank of El Salvador), 'SAN SALVADOR' (San Salvador), 'Waterlow & Sons Ltd., Londres, Impresos' (Waterlow & Sons Ltd., London, Printed).

This note was produced using engraved intaglio (recess printing) by Waterlow & Sons Ltd., the renowned London-based security printer. The fine line work visible throughout the borders, the intricate guilloche patterns in the denomination cartouches, and the complex scrollwork are characteristic of intaglio engraving. The multi-color printing (black, purple, and gold/tan on obverse; black and gray on reverse) indicates multiple passes through the printing press with different color plates, a standard technique for security currency of this period. The precision of the border work and denomination placement reflects the high standards of international security printing established by Waterlow & Sons.

This note is cataloged as Pick P-S163b, representing the 1908-1911 issue period of Banco Nacional del Salvador with black and purple on brown underprint (obverse) and lilac-brown reverse. The visual analysis confirms Series A with printed signature. The specific serial number observed (12491) indicates this is from the regular production run. Per PMG's population report, only one variant exists for this base Pick number, suggesting consistency in the 1908-1911 issue series. The dated inscription 'MARZO 6 DE 1908' confirms the issue date of March 6, 1908.