10 Libras Peruanas de Oro

The Banco de Reserva del Perú was established in 1922 — the same year this series began — created specifically to centralize currency issuance and strip the commercial banks of their long-held note-issuing privileges. Those banks resisted. The transition was politically contentious enough that early Reserva notes circulated alongside the legacy commercial issues for a period, creating genuine public confusion about which paper held full backing.

The denomination in libras peruanas de oro rather than soles reflects a monetary unit pegged nominally to the British gold sovereign — a convention Peru maintained well past its practical relevance, finally abandoning it in 1931 during the global financial collapse.