20 Pesos

The Banco Nacional de Chile was a private commercial bank established in 1865 with substantial backing from Chilean and foreign merchant capital — one of several competing note-issuing banks operating before Chile's 1925 monetary reforms centralized currency authority under the Banco Central. ABNC handled the bulk of Chilean private bank printing during this period, supplying notes from New York that were then signed and serialled locally before release into circulation.

Pick 320 is among the scarcer survivors of this early Chilean private banking era. The 1872 date places it well before the 1878 financial crisis that destabilized several of the country's note-issuing institutions and triggered widespread redemption suspensions.