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1 Centesimo Overprint on 10 Pesos P#120
| Issuer | Banco Central de Chile |
|---|---|
| Year | 1958-1961 |
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| Value | Log in to see details |
| Currency | Escudo (1960-1975) |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | Brown. The bank seal appears at right. A red typographic overprint applied to the original 10 Pesos reverse carries the new denomination in the reformed currency, rendering the underlying Peso inscriptions secondary to the overprinted Escudo value. |
| Reverse lettering | BANCO CENTRAL DE CHILE 1 CENTESIMO DE ESCUDO DIEZ PESOS (Translation: Central Bank of Chile 1 Centésimo de Escudo Ten Pesos) |
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| Comments |
Chile's chronic inflation during the late 1950s forced the Banco Central into the awkward position of issuing fractional centesimo notes — denominations worth a tiny fraction of their face value in real purchasing power terms. This note exists because the 1960 monetary reform replaced the peso at a rate of 1,000 old pesos to 1 new escudo, with centesimos as the subunit; overprinting existing peso stock was cheaper and faster than commissioning an entirely new print run from the Casa de Moneda.
The overprint itself is the whole story here. One centesimo on a ten-peso note is not a correction — it's a ratio of 1:10,000, stamped directly onto circulating stock.