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5 Libras Peruanas de Oro Circular Check; Series K; Law #2776
| Issuer | Bancos del Perú y Londres, Italiano, Internacional del Perú y Popular del Perú |
|---|---|
| Year | 1918 |
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| Reference(s) | P#38, TBB#218 |
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|---|---|
| Obverse lettering | CHEQUE CIRCULAR EMITIDO POR LOS BANCOS DEL PERÚ Y LONDRES, ITALIANO, INTERNACIONAL DEL PERÚ Y POPULAR DEL PERÚ, CON ARREGLO Á LA LEY 2776. TIMBRE FISCAL 2 CENTAVOS SERIE K 5 por CINCO LIBRAS PERUANAS DE ORO LIMA, 14 de Setiembre de 1918 PAGADERA CONFORME A LA MISMA LEY POR LA JUNTA DE VIGILANCIA POR LOS BANCOS EMISORES POR LA JUNTA DE VIGILANCIA American Bank Note Company (Translation: Circular Check, issued by the Banks of Peru and London, Italian, International of Peru and Popular of Peru, in accordance with Law No. 2776. Fiscal stamp 2 Centavos. Series K. 5 / For Five Peruvian Gold Pounds. Lima, 14 September 1918, payable in accordance with the same Law. By the Vigilance Committee / By the Issuing Banks / By the Vigilance Committee.) |
| Reverse description | Printed in blue. Two allegorical female figures wearing laurel wreaths are placed at center within a guilloche border; the face value numeral appears in all four corners, with the full denomination in text below the central vignette and the printer's imprint along the bottom edge. |
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| Comments |
Law 2776, passed in 1917, was a wartime emergency measure — Peru's gold reserves had come under pressure as European trade collapsed during World War One, and the government authorized a consortium of four private banks to issue joint circular checks as a fractional substitute for gold coinage. The arrangement was unusual: no single bank bore sole liability. Instead, all four institutions stood behind the paper collectively, a legal hedge that also served as a public confidence signal at a moment when trust in any individual bank was fragile.
The American Bank Note Company printed the series in New York. Series K suggests a relatively late print run within what became an extended issue life — Law 2776 notes circulated well into the early 1920s before Peru stabilized its monetary position.