10 Pesos

Banco Constructor Hipotecario was a Argentine mortgage bank operating under the wave of private banking expansion that preceded the catastrophic Baring Crisis of 1890. By 1894, most of the private banks that had fueled that speculative boom were already dead or restructured — the fact that Constructor Hipotecario was still issuing paper this late in the decade is itself worth noting.

Waterlow & Sons printed for dozens of Latin American institutions during this period, and the S-prefix Pick reference confirms private bank status rather than a national treasury issue.