20 000 Pesos

The 20,000 peso denomination was introduced by the Banco Central de Chile in 1998 as a high-value note responding to cumulative inflation that had eroded the purchasing power of smaller denominations over the preceding decades — Chile's stabilization program had tamed annual inflation by the mid-1990s, but the denomination structure still needed upward adjustment. Printed domestically by the Casa de Moneda de Chile, this series reflects the central bank's deliberate policy of bringing production fully in-house rather than relying on foreign security printers.

The series ran through 2008, when polymer substrate replacements began phasing out the cotton paper stock across Chile's higher denominations.