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| 背面描述 | Printed in green and black on pink underprint. The issuer's name is set in bold lettering across the upper portion, flanked at the upper corners by spade-shaped guilloche medallions each enclosing the numeral '20'. Two large circular guilloche rosettes occupy the lower left and right corners, also bearing the denomination numeral, while a central ornamental vignette of entwined serpentine scrollwork fills the middle field. The word 'VEINTE' appears twice along the lower border, with the printer's imprint at the foot. |
| 背面铭文 | BANCO NACIONAL DE LA REPÚBLICA ORIENTAL DEL URUGUAY 20 20 VEINTE VEINTE Waterlow & Sons (Limited) Great Winchester Street, Londres, Inglaterra (Translation: Banco Nacional (National Bank) of the Oriental Republic of Uruguay 20 20 Twenty Twenty Waterlow & Sons (Limited) Great Winchester Street, London, England) |
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Waterlow & Sons held a dominant position in South American banknote contracts throughout the late nineteenth century, and Uruguay was among their steadiest clients. This issue predates the formal restructuring of Uruguayan public finance that followed the 1890 Baring Crisis — a regional shock that ultimately destabilized several institutions issuing paper at precisely this denomination range.
The Banco Nacional itself had a troubled run, operating under persistent political pressure before its eventual liquidation. Notes from this period circulated alongside competing issues from other authorized banks, which complicated redemption and left small-denomination paper particularly vulnerable to public distrust.