1 Sol Oro National Defense

Peru's 1932 fiscal crisis, compounded by the collapse of commodity export revenues during the global depression, forced the government to suspend convertibility and scramble for emergency monetary instruments. This piece was issued not by the Banco de Reserva but under a national defense framework, giving it a quasi-official status that sits awkwardly in the regular coinage sequence — which is precisely why it catalogues as a token rather than a standard issue.

KM#Tn4 is genuinely scarce in any grade, with surviving examples suggesting limited circulation before regular coinage resumed.