10 Libras Peruanas de Oro Circular Check; Series L; Law #2776

Law #2776, passed in 1914 as Peru scrambled to manage a wartime liquidity crisis, authorized a consortium of four private banks to issue joint "circular checks" — a deliberately awkward instrument that was neither a government note nor a standard commercial draft. The multi-issuer arrangement was unusual even by Latin American emergency standards: each bank guaranteed the others' obligations, which created legal ambiguities that took years to resolve after the series was retired.

The Series L designation places this among the later printings; ABNC produced the plates in New York, but the four co-issuing banks held signing authority, and notes required countersignatures from representatives of each institution before entering circulation.