1 Peso

Giesecke & Devrient produced this note during a period when the Banco de la República Oriental del Uruguay was consolidating its role as the nation's sole issuing authority — a function it had held formally only since 1896. The Leipzig connection is worth noting: G&D supplied banknotes to numerous Latin American governments through the interwar decades, and the quality of their intaglio work was the primary reason they kept these contracts despite the obvious logistical complications of transatlantic procurement.

The watermark is the sole security feature — modest by contemporary European standards, though not unusual for low-denomination circulation notes of this period in the region.