20 Pesos Banco de Santiago

The Banco de Santiago was one of several Chilean private banks authorized under the 1860 Ley de Bancos, which permitted note-issuing institutions to operate with relatively light reserve requirements. By the mid-1880s, Chile's banking sector was crowded and competitive, and the Santiago institution was jostling for position alongside longer-established rivals like the Banco de Valparaíso.

American Bank Note Company handled the bulk of South American private bank printing in this period, and the Chilean private bank issues are among the more technically accomplished of the genre. The S415 designation within the Pick private bank supplemental series reflects surviving documentation rather than confirmed circulation volumes — actual distribution figures for this issue are not recorded.