200 Pesos Uruguayos

Oberthur's contract for the Uruguayan peso series of this period represented one of the French firm's larger Latin American commissions, and the 200-peso denomination sits in an awkward position in the series — introduced as the 100-peso note's purchasing power eroded following Uruguay's 2002 banking crisis, one of the most severe financial collapses in the country's history. The IMF emergency intervention and the peso's sharp devaluation that year effectively forced the central bank to rethink the denomination structure entirely.

Cotton substrate with basic thread-and-watermark security places this squarely in the lower tier of Oberthur's production specifications for the period — adequate for a note expected to turn over quickly in retail circulation.