10 Pesos

Chile's fiscal printing house — the Imprenta Fiscal — handled this series domestically at a time when most Latin American governments still relied on European firms like Bradbury Wilkinson or the American Bank Note Company. That decision reflected the relative stability of Chilean state finances in the early 1920s, not a lack of access to foreign printers.

The watermark is the sole mechanical security measure, which left the series somewhat vulnerable. Chile suffered a serious counterfeit problem during the nitrate boom's decline, when peso depreciation created incentives and the government's ability to police currency was stretched thin.