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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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| Value | 5 Libras Peruanas de Oro (50 Soles) |
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| Obverse description | Black intaglio printing on multicolor underprint. Central vignette shows a young girl standing in a field of flowers, holding a baby lamb at right; the issuing banks' names appear across the top, with series designation at upper left and lower right, and red serial numbers at upper left and upper right. Face value appears numerically in all four corners and along the sides of the vignette, and in full text below it. Lower zone carries three manuscript signatures with printed titles, issuing location and date at lower left, and the printer's imprint along the bottom edge. |
|---|---|
| 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.) |
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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.