5 Pesos

Chile's 1927 five-peso issue came directly out of the monetary reforms pushed through under President Emiliano Figueroa, as the country attempted to stabilize its currency after decades of inconvertible paper money — the so-called "período de papel moneda" that had plagued Chile since the 1870s. The Banco Central de Chile had only been established two years earlier, in 1925, largely at the insistence of Edwin Kemmerer's American financial mission.

The Santiago mint struck these under tight new banking regulations that finally pegged the peso to gold. KM#173 was produced for only a narrow window before silver coinage of this size became economically unviable.