The turn of the 20th century marked a definitive inflection point for the Republic of Costa Rica, a period characterized by the ascendancy of the "Liberal State" and the aggressive modernization of its economic infrastructure. The banknote we are looking at—the Banco de Costa Rica 20 Colones, Series D, dated 1901 encapsulates the nation’s aspirations toward industrial progress, financial stability, and architectural grandeur.

The specific specimen under analysis, identified by Serial Number 04272, belongs to a series of banknotes produced by the American Bank Note Company (ABNC) of New York. By deconstructing its physical composition, iconographic narratives, and institutional origins, we reveal the broader economic tapestry of the "Generation of Olympus" (Generación del Olimpo)—the liberal elite that governed Costa Rica and sought to integrate its coffee-based economy into the gold-standard global markets of Europe and North America.1

This report asserts that the Series D 20 Colones note was designed to function as a "monument in paper." At a time when the Costa Rican Colón (introduced in 1896) was solidifying its value against gold, the Banco de Costa Rica—the nation's premier financial institution—commissioned a currency that visually equated the extraction of mineral wealth (the obverse mining scene) with the solidity of banking institutions (the reverse architectural portrait). The survival of Serial 04272 as a high-grade remainder allows for a pristine view into the engraving mastery of the late Victorian era, offering numismatists and historians alike a tangible link to the zenith of private bank issuance in Central America.