5 Pesos

Banco del Estado was one of several Chilean provincial banks authorized to issue notes under the 1860 Ley de Bancos, which allowed private and state-chartered institutions to circulate paper backed by metallic reserves. By 1900, that framework was already under serious pressure — Chile had suspended specie convertibility in 1878 and never fully restored it, meaning notes like this one circulated in a de facto inconvertible environment despite the legal fiction of backing.

The S-prefix in the Pick reference places this squarely in the specialized category, reflecting its regional rather than national issuance.