1 Escudo Overprint on 1000 Pesos P#116

Chile's 1960 monetary reform replaced the peso with the escudo at a rate of 1,000 to 1 — one of the more drastic redenominations in South American history, driven by years of accelerating inflation. Rather than wait for entirely new stock to be printed, the Banco Central overprinted existing 1,000-peso notes, effectively converting physical inventory overnight. It was a practical solution, but it meant the public was handling notes that still read "mil pesos" beneath the stamp.

The overprint was applied by Talleres de Especies Valoradas, the state security printing works in Santiago — the same facility responsible for the underlying notes. Overprint adhesion can be uneven across the series, and light strikes are not uncommon.