100 Pesos Uruguayos

This note was issued against a bleak backdrop: Uruguay's 2002 banking crisis, triggered partly by contagion from Argentina's collapse next door, wiped out nearly half the country's deposits and forced an emergency IMF bailout. The 100 Pesos Uruguayos denomination had real purchasing significance in that environment, though chronic inflation steadily eroded it across the series run.

The dual-printer arrangement — G&D in Leipzig and Oberthur in France — was not unusual for Uruguayan issues of this period, with production split across contracts rather than consolidated. Security provision is modest: watermark and thread only, with no optically variable elements.