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2 Pesos

Issuer República de Chile
Year 1920-1922
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Value 2 Pesos
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Obverse lettering REPÚBLICA DE CHILE DOS PESOS CONVERTIBLES EN ORO POR EL ESTADO CONFORME A LA LEI SANTIAGO 9 de Mayo de 1921 IMP FISCAL - CHILE
(Translation: The Republic of Chile Two Pesos Convertible to gold by the state according to the Law Santiago May 9, 1921 State printer - Chile)
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Reverse lettering DOS
(Translation: Two)
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Comments

Chile's Imprenta Fiscal — the government's own printing house in Santiago — handled this series during a period when the peso was under severe strain from post-WWI commodity price swings and chronic monetary instability. Printing domestically rather than contracting a foreign security printer like American Bank Note Company, which handled many earlier Chilean issues, was partly an economy measure and partly a political one.

The watermark is the sole security feature, which reflects the constrained production capabilities of an in-house facility rather than any deliberate design choice. Forgery risk was considered acceptable at this denomination.

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