2 Pesos

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.