10 Nuevos Soles

The nuevo sol was introduced in July 1991 as part of Peru's drastic stabilization program under Fujimori, replacing the inti at a rate of one million to one — a ratio that reflects just how catastrophically the inti had collapsed under hyperinflation that peaked above 7,000% in 1990. This note is among the first printed for the new currency, produced by the Italian state printing works in Rome, which had a long commercial relationship with Latin American central banks.

The security package is modest by later standards — watermark and thread only, with no color-shifting ink or other features added until subsequent series. P#151A denotes the earliest signature variety.