100 Pesos

Giesecke & Devrient had already built a substantial reputation printing Latin American currency by the 1890s, and the Uruguayan series of this period reflects their Leipzig house style — fine intaglio work, dense border guilloche, and engraved portraiture sharp enough to discourage local forgery attempts. Uruguay was politically stable enough by 1896 that this wasn't emergency paper, but the Banco de la República Oriental del Uruguay itself had only been founded in 1896, making P#7 among the very first notes it issued as a functioning central institution.

The watermark remains the sole mechanical security feature — modest by later standards, but consistent with G&D's output for second-tier sovereign clients at that price point.