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| 正面描述 | A horse vignette is centered at the top of the note, bisecting the issuer name; the institution's name is additionally printed vertically along the left edge in an elaborate cursive script rotated 90°. Denomination statements appear near the top and along both lateral borders, with the face value also placed to the right of the central vignette. A handwritten serial number occupies the upper left, series letters appear at all four corners, the date of issue is inscribed at the lower center, and the names of the two issuing locations — Carmelo and Nueva Palmira — are noted along the side margins. |
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| 正面铭文 | SOCIEDAD DE CAMBIOS UN PATACON 960 Reis LOS ABAJO FIRMADOS Reconoce este billete por Un Patacon de 960 Reis, Pagadero al portador, y á la vista, en diez y seis billetes iguales por una Onza de Oro; o su equivalente en la misma especie. CARMELO MAYO DE 1856 Y NA PALMIRA (Translation: One Patacon 960 Reis The under signed reckon this note for One Patacon of 960 Reis, payable to bearer, and at sight, in sixteen equal notes for one gold ounce; or its equivalent in same species. Carmelo May, 1856 and Nueva Palmira) |
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The Sociedad de Cambios at Carmelo and Nueva Palmira was a private exchange house operating on the eastern bank of the Uruguay River, issuing notes denominated in both patacones and reis simultaneously — a practical necessity given that Brazilian, Argentine, and Uruguayan currency all circulated freely in the river trade towns along this stretch of the Banda Oriental. The dual denomination was not an affectation; it reflected real transactional reality for merchants moving goods between Montevideo, Buenos Aires, and Porto Alegre.
Provincial private issues from Uruguay's 1850s are among the rarest surviving paper of the region. Few exchange houses maintained reserves adequate to honor redemption for long.