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1 Peso overprint on P#S411 - Banco de Santiago
| Issuer | República de Chile (Emisión Fiscal) |
|---|---|
| Year | 1898 |
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| Composition | Log in to see details |
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| Shape | Rectangular |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | UNO BANCO DE SANTIAGO Pagará al portador y á la vista en Santiago de Chile UN PESO MONEDA CORRIENTE Santiago, 25 de Febrero de 1896. Setiembre 14 de 1898. UNO Compañía Americana de Billetes de Banco, Nueva York (Translation: One - Bank of Santiago - Will pay to bearer at sight in Santiago de Chile - One Peso Currency - Santiago, February 25, 1896. September 14, 1898. One - American Bank Note Co., New York) |
| Reverse description | Printed in brown, the reverse is dominated by a central vignette of the Chilean corvette Esmeralda. A black letterpress overprint reading "EMISION FISCAL" is applied across the design, together with the statutory inscription referencing Law 1,054 of July 31, 1898, which authorized the fiscal reissue of private bank notes. |
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| Comments |
Chile's Emisión Fiscal series of the late 1890s arose from the government's decision to nationalize paper currency issuance following years of chaotic competition among private banks, each printing their own notes. Rather than commission entirely new plates, the fiscal authorities overprinted existing private bank stock — in this case, unissued Banco de Santiago sheets — with government authority markings, converting private commercial paper into legal tender at a stroke.
The ABNC's involvement predates the overprint; the original Banco de Santiago plates were their work. The overprinting itself was a domestic operation, applied in Santiago to notes that had never seen circulation in their original form.