10 Pesos

Banco Llanquihue was one of the provincial Chilean banks authorized under the 1860 Ley de Bancos, which allowed private regional institutions to issue their own currency backed by specie deposits. The Llanquihue bank drew its name from the southern lake district — a region heavily colonized by German settlers from the 1850s onward, giving this corner of Chile an economic character quite distinct from the Santiago banking establishment.

Waterlow & Sons printed for dozens of Latin American provincial issuers during this period, and the plates were frequently shared or adapted across clients. Worth confirming whether this note carries a series letter or serial range, as some Banco Llanquihue issues were printed in batches across different authorization periods before Chile's 1925 monetary consolidation extinguished all provincial bank circulation rights.