20 Pesos

Chile's Treasury — not the Banco de Chile or any commercial issuer — put its name directly on this series, a reflection of the ongoing political friction over which institution should hold monopoly on note issuance in the early republic. The American Bank Note Company held Chile's printing contract through much of this period, producing work of consistently high intaglio quality for a client list that stretched across Latin America.

The 1903–1914 date range spans Chile's nitrate boom years, when the country controlled the bulk of global saltpeter supply and fiscal revenues were running high enough that Treasury paper was genuinely trusted.