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5 Escudos Overprint on 5000 Pesos P#117
| Issuer | Banco Central de Chile |
|---|---|
| Year | 1960-1962 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Escudo (1960-1975) |
| Composition | Log in to see details |
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| Printer | Log in to see details |
| Designer(s) | Log in to see details |
| Engraver(s) | Log in to see details |
| In circulation to | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | BANCO CENTRAL DE CHILE QUINIENTOS CONDORES CONVERTIBLES EM ORO CONFORME A LA LEY CINCO MIL PESOS TALLERES DE ESPECIES VALORADAS - SANTIAGO - CHILE (Translation: Central Bank of Chile Five Hundred Condores Convertibles in gold, in according with the Law Five Thousand Pesos Valued Species Workshops - Santiago - Chile) |
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| Protection type | Watermark |
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| Comments |
Chile's 1960 monetary reform replaced the peso with the escudo at a rate of 1000 to 1 — one of the more dramatic redenominations in South American banking history, driven by chronic inflation that had eroded the peso's purchasing power for over a decade. Rather than printing an entirely new series immediately, the Banco Central authorized overstamping existing 5000 Peso notes with the new denomination, a stopgap that kept currency supply stable during the transition.
The overprint was applied by the same Santiago workshop that had produced the underlying notes, which at least kept the work in-house. These transitional pieces circulated only briefly before purpose-printed Escudo issues rendered them redundant.