40 Centavos Banco de Arequipa

The Banco de Arequipa was one of several private regional banks established in Peru during the 1870s under the banking law of 1873, which allowed provincial institutions to issue their own notes — a short-lived arrangement that collapsed when the War of the Pacific (1879–1884) devastated the Peruvian economy and effectively ended private note issue in the country. Arequipa's commercial elite had long operated semi-independently from Lima, and the bank reflected that regional financial ambition.

The 40-centavo denomination is an odd unit, more consistent with fractional currency needs in a silver-scarce local economy than with standard banking practice. The National Bank Note Company's contract work for Latin American clients was extensive during this period, though the firm had already been absorbed into the American Bank Note Company by 1879.