5 Pesos W&S print

Chile's P#18 was issued across nearly two decades, a span that covered significant monetary turbulence — the country had suspended gold convertibility in 1878 and would not meaningfully restore it until the 1920s, meaning these notes circulated through a prolonged period of paper currency inconvertibility and persistent inflationary pressure.

Waterlow & Sons handled the printing in London throughout the entire series run. Long association between the Chilean government and British security printers was typical of the period, when South American treasuries routinely relied on European firms for engraved currency work rather than developing domestic printing infrastructure.