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During the government of José María Orellana from 1921 to 1926: (1) The Bank of Guatemala was established as the only institution authorized to issue currency through the Monetary and Conversion Law of 1924; (2) The first Guatemalan coins were minted in silver and copper with denominations from 1 quetzal to 1 cent; (3) The foundations of the Guatemalan monetary system were laid by designating the quetzal as the national currency.
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