20 Pesos

Banco de Arauco was a short-lived provincial institution operating out of Lebu, Chile, during the brief window when Chilean law permitted regional private banks to issue their own currency. The American Bank Note Company supplied plates and printing to virtually every Latin American bank that could afford the contract during this period, meaning the physical quality of this note far exceeded the financial solidity of its issuer.

The bank collapsed well before Chile's 1878 banking crisis, making survivor notes genuinely scarce rather than selectively so.