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1/2 Centesimo Overprint on 5 Pesos P#119
| Issuer | Banco Central de Chile |
|---|---|
| Year | 1960-1961 |
| Type | Standard circulation banknote |
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| Obverse description | Blue intaglio print on cream paper. An intaglio portrait of Bernardo O'Higgins in military uniform is set within an oval medallion at right, captioned "B. O'HIGGINS" beneath. The central field carries the denomination vignette "CINCO PESOS" over a fine guilloche underprint, with the subsidiary legend "MEDIO CONDOR" in a panel below; two facsimile signatures appear at the foot, flanked by the titles PRESIDENTE and GERENTE GENERAL. The oval watermark area at left is left blank for the watermark portrait of Diego Portales. |
|---|---|
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| Reverse lettering | BANCO CENTRAL DE CHILE 5 CINCO PESOS 1/2 CENTESIMO DE ESCUDO (Translation: Central Bank of Chile Five Pesos Half cent of Escudo) |
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| Comments |
Chile's 1960 monetary reform replaced the peso with the escudo at a rate of 1,000 to 1, requiring the central bank to rapidly revalue its entire existing note stock before new designs could be printed. The solution was a nationwide overprint program — existing peso notes had their denominations mechanically restamped to express the equivalent escudo value, producing fractional centesimo denominations that would otherwise never have justified a dedicated print run.
The 1/2 centesimo equivalent — five old pesos — is among the smallest face values the overprint series generated. These circulated briefly; the escudo's own inflation problems meant the lowest denominations became economically irrelevant within a few years.