5 Pesos

Chile's Ministerio de Hacienda issued this note directly rather than through the Banco de Chile or any commercial bank, a consequence of the prolonged institutional instability that followed the 1891 Civil War and the subsequent collapse of the Balmaceda administration's monetary architecture. Fiscal notes of this period circulated alongside competing bank-issued paper, and the public frequently discounted both against hard currency.

Printed domestically by the Imprenta Fiscal rather than contracted abroad — unusual for a South American treasury of this period, most of which still relied on Waterlow, American Bank Note, or similar foreign security printers — which raises legitimate questions about the consistency of watermark registration across the four-year emission window.