1 Peso

Banco Comercial de Chile was one of several private Chilean banks authorized to issue their own currency under the 1860 Ley de Bancos, a system that produced a crowded and often chaotic note-issuing environment. The bank operated out of Valparaíso, the country's dominant commercial port, and its notes circulated primarily in trade and mercantile contexts rather than interior regions where competing provincial bank paper held sway.

Waterlow & Sons handled a substantial portion of South American private bank printing in this period, and the S151 series reflects their late-Victorian production standards. Chile's private bank era effectively ended with the 1898 currency reform that consolidated note issuance under state control, rendering these notes obsolete within roughly a decade of printing.