20 000 Nuevos Pesos

Uruguay's 1989–1991 period was one of managed recovery following the catastrophic inflation of the mid-1980s, when annual rates had exceeded 100%. The 20,000 Nuevos Pesos denomination — itself a product of redenomination, the "Nuevo Peso" having replaced the old peso at 1,000:1 in 1975 — was already showing the strain: within a few years, Uruguay would abandon the Nuevo Peso entirely, introducing the Peso Uruguayo in 1993 at yet another 1,000:1 conversion.

Thomas De La Rue's production for this series was straightforward, with watermark security the primary anti-counterfeiting measure — modest by the standards of the era, reflecting budget constraints rather than any printing limitation on De La Rue's part.