5 Pesos

Giesecke & Devrient had a long and commercially aggressive relationship with Latin American central banks throughout the interwar period, and Uruguay was a steady client. This 1934 issue arrived during a moment of real institutional strain — the Banco de la República was managing fallout from the 1929 crash while simultaneously defending a currency that had been formally pegged to gold until 1932, when Uruguay, like most of the region, abandoned convertibility under pressure.

Pick 22 is the third type in the banco's 5 Peso series. The Leipzig printing origin is confirmed; G&D retained their Reichsdruckerei-adjacent facilities there until wartime disruption eventually forced Uruguayan contracts elsewhere.