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1 Peso Oro Legal
| Issuer | Banco Industrial, Cartagena |
|---|---|
| Year | 1905 |
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| Value | 1 Peso Oro |
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| Obverse description | The obverse presents a classical allegorical female figure at left, draped in robes and holding a caduceus, with a globe at her feet, rendered in fine intaglio engraving. The upper portion bears the bank title EL BANCO INDUSTRIAL and CARTAGENA-COLOMBIA in bold letterpress, with PAGARÁ AL PORTADOR and the denomination UN PESO / ORO LEGAL in the central panel. Marginal columns on both sides carry annual interest payment schedules, with series and serial number cartouches at upper left and right; the note illustrated is a Specimen with zeroed serial numbers and a red SPECIMEN overprint. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | The reverse is printed in green on white paper and carries a dense typeset legal text within a fine guilloche border. The upper heading reads CONTRATO CELEBRADO ENTRE EL GOBIERNO NACIONAL Y EL BANCO INDUSTRIAL, EL 18 DE MAYO DE 1918, followed by clauses citing Ley 24 de 1905 governing mortgage bond concessions. Two side panels in ornamental cartouches note interest accrual terms and amortization by annual lottery draws over ten years; cancellation punch holes are visible at lower left. |
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| Comments |
Banco Industrial was a short-lived regional bank operating out of Cartagena during Colombia's post-Regeneración banking period — a moment when the country was attempting to stabilize its financial system following the catastrophic monetary expansion of the civil wars and the near-total collapse of paper currency confidence. Regional banks issued their own notes under Law 35 of 1895, though enforcement of redemption obligations was inconsistent at best.
The American Bank Note Company contract for this series is consistent with Colombian practice of the period — ABNC handled a significant share of Latin American regional bank work out of New York. The S554 Pick reference places this squarely in the private commercial bank issues, not government-backed paper.
Banco Industrial folded within a few years of issue, making redemption effectively impossible for any holders still carrying notes after its closure.