100 Nuevos Pesos

Uruguay redenominated its currency in 1975, replacing the old Peso at a rate of 1,000 to 1 — the "Nuevo Peso" was the direct result of years of severe inflation that had rendered low-denomination notes nearly worthless. This 100 Nuevos Pesos sat at the upper end of the circulating range when introduced, though inflation steadily eroded that position across the issue's lifespan.

Thomas De La Rue printed the series through a period when Uruguay was under military dictatorship, which ended only in 1985 — meaning the final issues of this note emerged just as civilian government was being restored. The watermark is the sole listed security feature, modest even by the standards of the period.