10 Pesos Sociedad de Fomento Territorial

The Sociedad de Fomento Territorial was a Uruguayan mortgage and land development institution, and its circulating notes of the 1860s were an early experiment in quasi-banking by a non-state entity at a time when Uruguay had no functioning central bank. Notes issued by such sociedades operated in a legal grey zone — backed nominally by land assets rather than specie reserves, which made their acceptance in trade genuinely uncertain.

A. Hequet y Cohas was a Montevideo-based lithographic firm, one of the few local printing houses producing financial paper in the Río de la Plata region during this period. The watermark is the sole concession to security on what was otherwise a locally produced note with limited anti-counterfeiting sophistication.