5 Escudos

Chile's escudo replaced the peso in 1960 at a rate of 1,000 to 1, a conversion meant to signal monetary discipline after years of chronic inflation. It didn't hold. By the time this note was in circulation, inflation had resumed its climb, and the escudo itself would eventually be replaced by the nuevo peso in 1975 — at a rate of 1,000 to 1 again.

Printed domestically by the Casa de Moneda de Chile rather than contracted abroad, which was the norm for Chilean issues of this period. The watermark is the sole security feature, modest even by early-1960s standards.