10 Centesimos Overprint on 100 Pesos P#122

Chile's 1960 monetary reform slashed the peso by a factor of 1,000, converting old 100-peso notes into 10-centésimo instruments through overprint rather than a complete reissue. It was a fiscal shortcut — the Casa de Moneda simply worked through existing 100-peso stock rather than printing an entirely new denomination from scratch, which would have taken time the government didn't have during the reform's rollout.

The overprint method invariably creates condition problems specific to this type: ink strike inconsistencies and misaligned stampings are common enough to be expected rather than exceptional.