5 Pesos

Waterlow & Sons handled this series across a remarkably long span — two decades during which Uruguay weathered the First World War, a major banking crisis in 1914–15, and the consolidation of the Banco de la República as the country's dominant public financial institution. The note's longevity in issue reflects institutional stability rather than inertia; the Banco de la República had been restructured in 1896 specifically to outlast the private bank failures that had plagued Uruguay through the 1890s.

The watermark is the sole security feature, which was not unusual for Waterlow production of this period but left the series vulnerable — forgeries of South American issues from this printer are documented, though no widely reported counterfeiting campaign is specifically associated with P#10.