1 Peso

Chile's 1932 peso arrived in the middle of a severe economic collapse — the Great Depression hit Chile harder than virtually any other country, with export revenues cratering as global demand for nitrates and copper evaporated simultaneously. The government suspended gold convertibility and scrambled to maintain a functional coinage, resulting in this debased billon composition replacing the earlier higher-silver issues. The 1932 date is scarce relative to surrounding years, reflecting drastically curtailed mint output during the worst of the crisis.